Deferring December’s routine monthly maintenance on packaging equipment by an independent contractor until January of next year
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Deferring December’s routine monthly maintenance on packaging equipment by an independent contractor until January of next year
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- On January 1, SaLow Company enters into a contract to provide custom-made equipment to ByHi Corporation for $100,000. The contract terms allow cancellation without penalty by either party at any time prior to delivery of the goods. The contract specifies a delivery date of March 15 but the equipment was not delivered until April 10. The contract required full payment within 30 days after delivery. When should revenue be recognized for this contract? April 10 March 15 Never, because it includes a termination agreement. May 10Please answer these correctlyEhrlich Co. began business on January 2. Salaries were paid toemployees on the last day of each month, and social security tax,Medicare tax, and federal income tax were withheld in the requiredamounts. An employee who is hired in the middle of the month receiveshalf the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by thecompany for the calendar year. Early in the following year, before theWage and Tax Statements (Form W-2) could be prepared for distributionto employees and for filing with the Social Security Administration, theemployees' earnings records were inadvertently destroyed.None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax waswithheld at the rate of 6.0% and Medicare tax at the rate of 1.5% onsalary. Data on dates of employment, salary rates, and employees'income taxes withheld, which are summarized as follows,…
- On July 1, City Hospital leased equipment from MedTech Instruments for a period of five years. The lease calls for monthly payments of $2,000, payable in advance on the first day of each month, beginning July 1.. Prepare the journal entry needed to record this lease in the accounting records of City Hospital on July 1 under each of the following independent assumptions (a) The lease represents a simple rental arrangement. (b) At the end of five years, title to this equipment will be transferred to City Hospital at no additional cost. The present value of the 60 monthly lease payments is $90,809, of which $2,000 is paid in cash on July 1.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…A 1,000-square-foot office space is leased at $15.00 per square foot during the first year with $2.00 step-up provisions each of the following years. The lease is gross with an expense stop set at $6.65 per square foot, and yearly expenses per square foot are as follows: $6.00, $6.65, and $7.05. The lease provides for two months of free rent at the end of the lease term. If the lease term is three years and the discount rate is 10 percent, what is the effective rent per square foot?
- Please help meShields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000Help with questions 14,15,16,17
- ssYear-end adjusting journal entries Prepare budgetary and proprietary journal entries to record the following year-end adjustments: Note: If a journal entry is not required, select No entry as your answers and leave the Debit and Credit answers blank (zero). 4. The agency recorded depreciation of $25,000 on its equipment.On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $800 per week Nine hundred vacation weeks earned in 2024 were not taken during 2024 Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $31 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.
