23. A law firm began November with office supplies of P1,600. During the month, the firm purchased supplies of P2,900. At November 30 supplies on hand total P2,100. Supplies expense for the period is?
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23. A law firm began November with office supplies of P1,600. During the month, the firm purchased supplies of P2,900. At November 30 supplies on hand total P2,100. Supplies expense for the period is?
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- Using the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to searchFinch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June $155,600 $192,800 $213,600 Manufacturing costs* Insurance expense** 880 Depreciation expense 2,180 Property tax expense*** 590 *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $880 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November. 880 2,180 590 880 2,180 590 The cash payments expected for Finch Company in the month of May are O a. $183,500 O b. $144,600 Oc. $38,900 O d. $222,400Zeta Company has 12 workers who each earn $15 per hour and generally work a 40-hour workweek, although at times overtime work is required, for which workers are paid 1.5 times their regular hourly wage. Zeta pays wages in cash on Friday of each week for work performed that week. Zeta's Wages Expense ledger account for May is shown below. Account: Wages Expense Account Number 65 Balance Date Item Post. Ref. Dr. Cr. Dr. Cr. May 5 32 7,200 7,200 May 12 33 9,360 16,560 May 19 35 7,200 23,760 May 26 37 8,010 31,770 May 31 Adjusting 38 4,320 36,090 May 31 Closing 38 36,090 - - During the period May 27 through June 2, Zeta's workers worked a regular 40-hour week. 1. If Zeta Company uses reversing entries, journalize the entry made when payroll is paid in cash on June 2, assuming that appropriate reversing entry(ies) have been made at the beginning of June. You may omit posting references. If an amount box does not require…
- Dec 2 Hired two employees to begin work on December 6. Each employee is to receive a weekly salary of $600 for a five-day work week, payable every two weeks. Dec10 Sold 4,000 led light bulbs at $6 each on credit, terms 2/10, n/30, FOB shipping point.A company began operations in March with cash and common stock of $36,000. The company made $582,000 in net income in its first month. It performed print jobs for customers and billed these customers $900,000. The company collected half of its receivables by the end of the month. The company had a cost of goods sold of $162,000 paid for in cash and $6,000 inventory left over at the end of the month. The company's employees earned wages but those are not paid until the first of April. This was the company’s only liability. How would I calculate the income statement and balance sheet for the end of March?Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: June $201,000 Manufacturing costs" Insurance expense** April May $157,200 $197,600 970 970 2,200 420 2,200 420 970 Depreciation expense Property tax expense*** "Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $970 a month; however, the insurance is paid four times yearly in the first month of the quarter, (.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of May are O&$187.500 b. $39,300 Oe5148,200 Od $226,800 2,200 420
- For February, sales revenue is $610,000, sales commissions are 7% of sales, the sales manager's salary is $91,600, advertising expenses are $92,700, shipping expenses total 3% of sale, and miscellaneous selling expenses are $2,200 plus 1/2 of 1% of sales. Total selling expenses for the month of February are a.$247,500 b.$250,550 c.$186,500 d.$229,200Using the following information: a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $134,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $43,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for 81,000 309,000 390,000 Direct materials 134,000 Direct labor 73,000 Overhead 43,000 Sales commissions 8,000 Interest on loan 130 Total cash payments 258,130 Ending cash balance $ 131,870 Loan activity Beginning cash balance 13,000 Repayment of Bank loan 118,870 Loan balance, end of month %24Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31? Yanıtınız: S800,000 $12,000 $18,000 O $30,000
- Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April. Employees work 5 days a week and the company pays $1.330 a week in wages. What will be the amount of accrue wages expense at the end of March?For February, sales revenue is $606,000; sales commissions are 5% of sales; the sales manager's salary is $91,600; advertising expenses are $81,900; shipping expenses total 4% of sales; and miscellaneous selling expenses are $3,000 plus 1/2 of 1% of sales. Total selling expenses for the month of February are Oa. $176,500 Ob. $206,800 Oc. $234,070 Od. $231,040BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 1,900 b. 2,800 2,900 c. 128,600 10,000 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.
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