8.9.10.11.(a)Interest expense of $200 has been incurred in January on the notes payable.The insurance for the year 2022 was prepaid on December 31, 2021.The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a$1,600 salvage value.Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax.Your answer is partially correct.Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)No. Account Titles and Explanation1.2.3.Notes PayableInventoryAccounts PayableCashCost of Goods SoldDebit200208,880374,880Credit200208,880352,00012:38 PM1/11/2023 Crane Company's balance sheet at December 31, 2021, is presented below.CashInventoryPrepaid InsuranceEquipment1.2.3.4.5.6.7.CRANE COMPANYBalance SheetDecember 31, 202$24,000 Accounts PayableInterest PayableNotes PayableOwner's Capital24,600Adjustment data:4,800During January 2022, the following transactions occurred. (Crane Company uses the perpetual inventory system.)30,400$83,800$11,00020040,00032,600$83,800Crane paid $200 interest on the note payable on January 1, 2022. The note is due December 31, 2023.Crane purchased $208,880 of inventory on account.Crane sold for $352,000 cash, inventory which cost $212,000. Crane also collected $22,880 in sales taxes.Crane paid $184,000 in accounts payable.Crane paid $13,600 in sales taxes to the state.Paid other operating expenses of $24,000.On January 31, 2022, the payroll for the month consists of salaries and wages of $48,000. All salaries and wages are subjectto 7.65% FICA taxes. A total of $7,120 federal income taxes are withheld. The salaries and wages are paid on February 1.12:37 PM

Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

8. 9. 10. 11. (a) Interest expense of $200 has been incurred in January on the notes payable. The insurance for the year 2022 was prepaid on December 31, 2021. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $1,600 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. Your answer is partially correct. Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation 1. 2. 3. Notes Payable Inventory Accounts Payable Cash Cost of Goods Sold Debit 200 208.880 374,880 Credit 200 208,880 352,000

8. 9. 10. 11. (a) Interest expense of $200 has been incurred in January on the notes payable. The insurance for the year 2022 was prepaid on December 31, 2021. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $1,600 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. Your answer is partially correct. Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation 1. 2. 3. Notes Payable Inventory Accounts Payable Cash Cost of Goods Sold Debit 200 208.880 374,880 Credit 200 208,880 352,000

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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