1. The following are the accounts of Lordinel Architectural Services for December 31, 2019 Professional Fees 800,000 Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense 80,000 120,000 96,000 64,000 32,000 144,000 Required: 1. Determine the net income
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- Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity..... ....$30,000 Employee federal income taxes payable $9000 Equipment... Salaries payable ..... 40,000 Federal unemployment taxes payable ... 200 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable .. . 50,000 Employee medical insurance payable ... . 4,000 State unemployment taxes payable.. 10,000 Sales tax payable (due in 2 weeks) ..... . 725 Accounts receivable . .3,100 Cash... .2,000 Curent portion of long-term debt. Notes payable (due in 6 years) .. 1,800 ..... ....... .275A corporation has the following account balances on December 31, 2019: Accounts receivable 4,200 Advertising expense 450 Cash $500 Interest expense 400 Wages expense 2,200 Service revenue 4,500 Supplies used 240 Unused supplies 200 Net income for 2019 is:Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.
- Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…The following items were reported on Kevin Company's statement of comprehensive income for the year ended December 31, 2021: Legal and audit fees-P170,000; Rent expense-P240,000; Interest expense-P210,000; Loss on sale of equipment-P35,000. The office space is used equally by Kevin's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses? A P325,000 B) P500,000 P290,000 D) P410,000Exercise 3-07 A partial adjusted trial balance of Concord Company at January 31, 2020, shows the following. CONCORD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit Supplies $840 Prepaid Insurance Salaries and Wages Payable 3,240 $940 Unearned Service Revenue 890 Supplies Expense 950 Insurance Expense 540 Salaries and Wages Expense 1,940 Service Revenue 2,140 Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? Beginning balance of supplies If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? Total premium $
- The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company’s 2021 income statement?need help preparing an statement table The following information relates to Oriole Co. for the year 2020. Owner’s capital, January 1, 2020 $53,827 Advertising expense $ 2,019 Owner’s drawings during 2020 6,728 Rent expense 11,663 Service revenue 71,321 Utilities expense 3,476 Salaries and wages expense 33,081The completed financial statement columns of the worksheet for Crane Company are shown as follows: Crane Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 3,000 157 Equipment 24,500 158 Accumulated Depreciation-Equip. 4,600 201 Accounts Payable 9,200 2,600 Salaries and Wages Payable Owner's Capital 212 20,000 301 306 Owner's Drawings 12,100 60,500 400 Service Revenue 622 Maintenance and Repairs Expense 1,600 3,100 Depreciation Expense Insurance Expense 711 1,800 722 29,800 Salaries and Wages Expense Utilities Expense 726 1,400 732 37,700 60,500 59,200 36,400 Totals 22,800 Net Income 22,800 60,500 60,500 59,200 59,200
- The following information is available from the financial statements of Akerley Hospitality 2017 2018 2019 Total assets, December 31, Net income $608,000 $330,000 $1,456,000 59,400 62,400 56,800 a) Calculate Akerley's return on total assets for 2018 and 2019. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) b) Determine if the change in Akerley's return on total assets is favorable or unfavorable.The following information is taken from the 2020 general ledger of Swisher Company. Rent Rent expense $39,200 Prepaid rent, January 1 6,300 Prepaid rent, December 31 8,400 Salaries Salaries and wages expense $65,000 Salaries and wages payable, January 1 10,800 Salaries and wages payable, December 31 8,000 Sales Sales revenue $170,200 Accounts receivable, January 1 20,000 Accounts receivable, December 31 6,500 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method. Cash payments for rent $ Cash payments for salaries $ Cash receipts from customers $On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.