a. Salaries already due but not yet paid as of December 31, amounted to P 12,000. b. The unearned rent has a balance of P 6,800. Of this amount, P 1,500 has already been earned as of December 31. c. The prepaid insurance account amounted to P 6,000. Of this amount, P 2,000 expired as of December 31. d. The Unearned Subscription has a balance of P 9,800. Of this amount P 5,000 has already been earned as of December 31. e. Interest earned but not yet collected on notes receivable outstanding, p 5,200. f. Interest due on notes payable outstanding, P 6,500. g. Interest paid in advance on a bank loan was debited to prepaid interest account, P980. The loan will run for a period of 90-day starting from December 1. h. Interest collected and credited to unearned interest P 1,400. This represents interest for a 45-day period effective December 18. i. Store supplies debited to Store supplies expense, P 6,600. As of December 31, P 2,250 store supplies are used. j. Accounts receivable of P250,000 is only 5% is uncollectible. k. Building of P300,000 have an estimated useful life of 30 years with scrap value of P25,000 and was acquired on April 1.

a. Salaries already due but not yet paid as of December 31, amounted to P 12,000. b. The unearned rent has a balance of P 6,800. Of this amount, P 1,500 has already been earned as of December 31. c. The prepaid insurance account amounted to P 6,000. Of this amount, P 2,000 expired as of December 31. d. The Unearned Subscription has a balance of P 9,800. Of this amount P 5,000 has already been earned as of December 31. e. Interest earned but not yet collected on notes receivable outstanding, p 5,200. f. Interest due on notes payable outstanding, P 6,500. g. Interest paid in advance on a bank loan was debited to prepaid interest account, P980. The loan will run for a period of 90-day starting from December 1. h. Interest collected and credited to unearned interest P 1,400. This represents interest for a 45-day period effective December 18. i. Store supplies debited to Store supplies expense, P 6,600. As of December 31, P 2,250 store supplies are used. j. Accounts receivable of P250,000 is only 5% is uncollectible. k. Building of P300,000 have an estimated useful life of 30 years with scrap value of P25,000 and was acquired on April 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
Form 940 for 2020 (IRS), how do I determine the total payments to all employees?
Permanent adjustments on Schedule M-1 (Form 1065) include: Premiums paid for life insurance policies on key employees, lobbying expenses, and tax exempt interest. Start up costs, depletion, and inventory costs. Section 179 expensing, uniform capitalization adjustments, and expenses related to tax exempt income. Depreciation, amortization, and depletion.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
57. What is the adjustment that must be made to taxable income in computing alternative minimum taxable income for 2020, assuming that an individual purchased an office building on january 8 for $400,000?
Question 7: What is the highest number of withholding allowances an employee using the wage-bracket method can claim on a pre-2020 Form W-4? Answer: А. В. С. 10 D. 480
In 2020, Schedule 1 of Form 1040 is used to report: a.Salary income. b.Unemployment compensation. c.Capital gains and losses. d.Withholding on wages.
SCHEDULE 1(Form 1040)Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income ► Attach to Form 1040.► Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 2018 AttachmentSequence No. 01 Name(s) shown on Form 1040Noah Yobs Your social security number 123-45-6789 Additional Income 1-9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ► ◻ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . 14 15a…
please
Instructions: 1. Download BIR Forms 1701 Version 2018 at www.bir.gov.ph. 2. Compute the income tax payable, if any for taxable year 2021. YOU are engaged in the merchandising business and at the same time employed by PA-MINE Corp. as an Accountant for the TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: You chose graduated tax rate You opted for itemized deduction Your financial records showed the following: Gross Sales – Php 4,000,000 Cost of Sales – Php 2,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php…
Fica Deductions for current pay of $583.16. Prior year earnings was $30,411.18. Using 2019 tax rates for FICA deductions.