Please Solve In 15mins I will Thumbs-up promise Credit(e).a. Depreciation, $700.b. Prepaid rent expires, $200.1,200Interest expense accrued, $100.d. Employee salaries owed for Monday through Thursday of afive-day workweek; weekly payroll, $14,000Unearned revenue earned, $1,200.f. Office supplies used, $150.C.f. Ofe.chased.)Credit(1) J150PrintDoneRequirement 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as aby $Net income would be

Introduction: The amount earned by an individual or corporation after subtracting costs, allowances,…

1,200 Depreciation, $700. b. Prepaid rent expires, $200 Interest expense accrued, $100. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $14.000 .. Unearned revenue earned, $1,200. Office supplies used, $150. a. C. d. f. Of chased.) f. Credit ()J 150 Print Done Requirement 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as by $ Net income would be

1,200 Depreciation, $700. b. Prepaid rent expires, $200 Interest expense accrued, $100. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $14.000 .. Unearned revenue earned, $1,200. Office supplies used, $150. a. C. d. f. Of chased.) f. Credit ()J 150 Print Done Requirement 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as by $ Net income would be

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.
Find out the amount of bills matured during the year on the basis ofinformation given below ;Bills payable dishonoured........................ 37,000Closing balance of Bills payable................ 85,000Opening balance of Bills payable................. 70,000Bills payable accepted....... 90,000Cheque dishonoured........ 23,000
a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
Stant Company Unadjusted Trial Balance July 31, 2020 Cash $7,500 Accounts Receivable 38,400 Prepaid insurance 7,200 Supplies 1,980 Land 112,500 Building Accumulated depreciation – Building 200,250 $137,550 Equipment Accumulated depreciation - Equipment Accounts payable Salaries and wages payable 135,300 97,950 12,150 Unearned rent 6,750 Tracy Stant, Capital Tracy Stant, Drawing 221,000 15,000 Fees earned 324,600 Salaries and wages expense 193,370 Utilities expense 42,375 Insurance expense Supplies expense Depreciation expense Advertising expense 22,800 Repairs expense Miscellaneous expense 17,250 6,075 $800,000 $800,000 Uce thic trial balanca to iournaliza the following adiuuctina entries
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Op.30.
KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxes
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Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
a-1. Days until overdue a-2. Remittance b-1. Discount offered b-2. Number of days b-3. Remittance c-1. Implicit interest c-2. Days' credit $ 90 days 82,250 2% days days
What are the answerr for questions number 14-16?