not use ai please Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have theirnormal debit or credit balance. Supplies, $1,000; Buildings, $52,000; Salaries Payable, $500; Common Stock, $32,000; AccountsPayable, $2,050; Utilities Expense, $3,400; Prepaid Insurance, $1,200; Service Revenue, $19,200; Accounts Receivable, $3,900; Cash,$3,200; Salaries Expense, $6,100; Retained Earnings, $17,050.Required:Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.COBRAS INCORPORATEDTrial BalanceAccountsMarch 31DebitCreditTotals$0 $0

Step 1:Trial Balance is the summary list of all Ledger account balances. In the Trial balance,…

Answered: Below is the complete list of accounts…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?
On December 31 of last year, the balance sheet of Union Company had accounts receivable of $74,5000 and a credit balance in Allowance for Uncollectible Accounts of $5,075. During the current year, Union's financial records included the following selected activities: Sales on accounts $298,750 Sales returns and allowances, $18,250 Collections from customers, $287,500 Accounts written off as worthless, $4,000 1) Prepare T accounts for Accounts receivable and Allowance for uncollectible accounts. Enter the beginning balances and show the effects on these accounts of the items listed above. Determine the ending balance of each account.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
What is the accounts receivable balance?
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred dur ing December:Dec 2. Issued Chedc No. 410 for $3,400 to Jay Bank to purchase U5. savings bonds for employees.2. Issued Check Na 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees'federal income tax due. Dec. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll.13. Journalized the entry to record payroll taxes on employees' eamings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax. $125.16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social security tax. $2316 of Medicare tax. and…
On September 30, Valerian Co. had a $105,000 balance in Accounts Receivable. Please provide answer this general accounting question?
Sheridan Company obtains $36,800 in cash by signing a 7%, 6-month, $36,800 note payable to First Bank on July 1. Sheridan's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? In the balance sheet, Notes Payable of $ reported as In the income statement, Interest Expense of $ and Interest Payable of $ should be reported under should be
The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 8. Received a $33,000, 5%, 60-day note on account.31. Received an $80,000, 7%, 90-day note on account.May 7. Received $33,275 on note of March 8.16. Received a $72,000, 7%, 90-day note on account.June 11. Received a $36,000, 6%, 45-day note on account.29. Received $81,400 on note of March 31.July 26. Received $36,270 on note of June 11.Aug. 4. Received a $48,000, 9%, 120-day note on account.14. Received $73,260 on note of May 16.Dec. 2. Received $49,440 on note of August 4. Instructions Journalize the entries to record the transactions.
The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,245. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222 Social Security Tax Payable 223 Medicare Tax Payable 224 Employees Federal Income Tax Payable 225 Employee…
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.

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