5-8 Sunrise Industries paid $60,000 annual factory rent on March 1, 2023. Calculate the prepaid rent amount as of December 31, 2023.
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Calculate the prepaid rent amount
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- Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
- 10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was: Until 30 June 20X3 $8,400 per year $12,000 per year From 1 July 20X3 Rent was paid quarterly in advance on 1 January, April, July, and October each year. What amounts should appear in Jelly Co's financial statements for the vear ended 30 November 20X3? Rent receivable Statement of financial position $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables A $9,900 $9,900 B $10,200 $9,900 Cku.0H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0,6% and SUTA taxes are 5.4%. The company Is preparing its payroll calculations for the week ended August 25. Payroll records show the following Information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 Dali: $ 136,600 Trey: 136,800 Kiesha: 6,900 Chee: 1,250 gross Pav Dali: $ 2,000 Trey: 900 Kiesha: 450 Chee: 400 Current Week Income Tax Withholding Dali: $284 Trey: 145 Kiesha: 39 Chee: 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remalning one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: places.) Compute the following for the…
- During 2025, Blossom Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 2026 $366,300 $831,440 623,700 262,560 297,000 894,000 270,000 816,000 Gross profit recognized in 2025 Gross profit recognized in 2026 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2027 2027 $1,067,000 $ -0- 1,590,000 1,417,000.E10-6A Advance Payment for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. Prepare a journal entry to record the receipt of the subscriptions on January 1. Prepare a journal entry to record one week of earned revenue on March 25.1. What amount of warranty expense should be shown on Crassula's income statement for the year ended December 31, 2021? 2. What amount of warranty liability should be shown on Crassula's statement of financial position as of December 31, 2021?
- In May 2021, Cherry Company relocated an employee from the Manila head office to a branch in Zamboanga City. At the end of the reporting period on June 30, 2021, the costs are estimated at P350,000 analyzed as follows:Cost for shipping goods P 30,000Airfare 10,000Temporary accommodation cost for July and August 80,000Temporary accommodation cost for May and June 90,000Reimbursement for lease break cost paid in July (lease was terminated in May) 20,000Reimbursement for cost of living increases for theperiod May 1, 2021 to May 1, 2022 120,000 1. What amount should be recognized as provision for relocation costs on June 30, 2021?During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date Ⓡ 2025 $393,900 $889,380 Gross profit recognized in 2026 616,100 Gross profit recognized in 2027 303,000 273.000 Gross profit recognized in 2025 $ 2026 $ $ 208,620 902,000 814,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,061,000 -0- 1,620,000 1,418,000During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Costs incurred to date. Estimated costs to complete Billings to date. Collections to date. 2026 $393,900 $889,380 616,100 208,620 303,000 902.000 273,000 814,000. 2025 2027 $1,061,000 -0- 1,620,000 1,418,000
