On January 1 payable in three equal annualTransactions during 2020 and other information relating toon June 30, 2020. The note is dated CProblem 8-11 (AICPA Adapted)The first interest and principal paMann Company reported a 10% note paand bears a 12% interest. The note is dated April 1, 2019and is payable in four equal annual installments beginningOn January 1,to bank in the amount P2,800,000.2. Whaa. 259,200b. 187,200360,000d. 457,200expenseliabilities are:с.a. Principal amount of the note payable to bank is P2,800,000and bears a 12% interest. The note is dated April 1, 2010and is payable in four equal annual installments beginningApril 1, 2020. The first principal and interest payment.was made on April 1, 2020.Problem 8-11 (AICPA Adapted)b. On July 1, 2020, the entity issued for P1,774,000 a P2,000,000face amount note to a wealthy shareholder. The note wasdated July 1, 2020 and matures on July 1, 2021. No explicitinterest rate is stated in the note and the entire face amountof the note is payable at maturity date.paymentinterest.October 1, 2019.On June 30, 2020, what amountaccrued interest payable for this noRequired:a. Prepare journal entries for 2020.b. Compute the total current liabilities on December 31, 2020.c. Determine the interest expense to be reported in 2020.270,000b. 180,00090,000d.a.С.60,000292293

A journal entry is a method of recording a business transaction in a company's accounting records.…

and is payable in four equal annual installment April 1, 2020. The first principal and intere was made on April 1, 2020. On July 1, 2020, the entity issued for P1,774,000: face amount note to a wealthy shareholder. T dated July 1, 2020 and matures on July 1, 2021 interest rate is stated in the note and the entire of the note is payable at maturity date. quired: Prepare journal entries for 2020. Compute the total current liabilities on Decem Determine the interest expense to be report

and is payable in four equal annual installment April 1, 2020. The first principal and intere was made on April 1, 2020. On July 1, 2020, the entity issued for P1,774,000: face amount note to a wealthy shareholder. T dated July 1, 2020 and matures on July 1, 2021 interest rate is stated in the note and the entire of the note is payable at maturity date. quired: Prepare journal entries for 2020. Compute the total current liabilities on Decem Determine the interest expense to be report

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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In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 55,200 Wie, Pam, VP Personnel 45,600 Grant, Mary, VP Secretary 37,200 b. December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 55,200 Wie, Pam, VP Personnel 45,600…
An employer is subject to FUTA requirements when its wages paid for the quarter exceed: a. 51,300 b. 5,000 c. 1,500 d. 3,000
December 31 The final pay period of the year will not be paid to employees until January 4, 2023. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays holiday pay for December 26, 2022. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. • Complete the General Journal entries for the December 31 payroll. Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period…
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800 Grant, Mary, VP Secretary 45,600 b. December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800…
1. During 20--, Garr was paid a weekly salary of $2,540. The amount of FICA to be withheld from the following payments is: OASDI? HI?(a) For the 50th week (b) For the 51st week (c) For the 52nd week
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Subject: acounting
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