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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- 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.
- Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.$fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment…ku.0Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$_________
- Allison Hardware Company’s payroll for November 2022 is as follows: factory, €140,000; sales, €32,000; and administrative, €36,000. The Social Security rate is 8% on an employee’s wages. Income tax withheld amounts to €16,000 for factory, €7,000 for sales, and €6,000 for administrative. Instructions a. Prepare a schedule showing the employer’s total cost of salaries and wages for November by function. b. Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer’s payroll taxes.On May 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in 12 months. Nees has a December 31 year-end. Calculate the amount of interest revenue Nees will report in its 2021 and 2022 income statements. a. 2021 = $300; 2022 = $600.b. 2021 = $600; 2022 = $300.c. 2021 = $900; 2022 = $0.d. 2021 = $0; 2022 = $900.1. 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?
- E11-19 Recording employer payroll taxes and employee benefits Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense). Requirements 1. Journalize Ricardo's expenses for employee benefits and for payroll taxes. Explanations are not required. 2. What was Ricardo's total expense for 2018 related to payroll?The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using the predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold, P880,000…A company uses the percentage-of-completion method of accounting. In 2020, the company began work a project, which had a contract price of $23,700. Other details follow: 2020 2021 Costs incurred to date $6,000 $18,000 Estimated costs to complete, as of December 31 14,000 -0- Billings to date 11,350 17,460 Collections to date 9,390 16,260 At the end of 2020, what is the inventory/current liability related to the construction of this project? (Very important: if the company reports a current liability, then put a minus sign in front of the amount. If the company reports an inventory, then no plus or minus sign is needed.) (Do not round your answers in any part of the computation.)
