Please Provide Answer During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 atDecember 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014Income Statement:a) $92,000b) $110,000c) $88,000d) $90,000

Step 1: Definition of Accounting for Salary ExpenseSalary expense is the amount of money that a firm…

Answered: During the year 2014 a company paid…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4PA

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The company would report on its 2024 income statement
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Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? A P5,434,000 B) P4,510,000 C) P3,934,000 D) P3,943,000
For 2017, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2017 was $180,000. Prepare Sampsell’s 2017 entry to record a postretirement expense, assuming Sampsell has no OCI amounts.
Shown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000
In 2016, its first year of operations, Wilber Company reported pretax accounting income of $60,000. Included in the $60,000 was an expense for accrued, unpaid warranty costs of $8,000, which are not deductible until paid for income tax purposes. Wilber's income tax rate was 20%. The entry to record the income tax expense would include a credit to Income Tax Expense for $12,000. debit to Deferred Tax Asset for $1,600. credit to Income Taxes Payable for $12,000. credit to Deferred Tax Liability for $1,600.
Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufa
On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.
Brady Corporation is preparing an income statement for year ended 12/31/20. During the final week of 2020, Brady earned revenues of $6,000 on account. It expects to collect the $6,000 on 1/10/21. Brady also incurred $1,500 of payroll costs which will be paid to employees on 1/15/21. Brady also paid cash of $500 for office cleaning services. No other transactions occurred in 2020. What is the net income of Brady Corporation if it uses cash basis accounting?
Virginia Corp. has estimated that total depreciation expense for the year ending December 31, 2017 will amount to $1,280,000, total amortization expense for that period will be $420,000, and employee bonuses for the period will total $320,000. In Virginia’s interim income statement for the six months ended June 30, 2017, what is the total amount of expense relating to these three items that should be reported? $1,010,000 $0 $850,000 $505,000
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Refer to the following list of liability balances at December 31, 2017. Accounts payable Employee health insurance payable Employee income tax payable $ 22,000 $1,450 $ 400 Estimated warranty payable $ 1,200 Long-term notes payable (Due 2021) $ 37,000 FICA-OASDI taxes payable $ 1,560 Sales tax payable $ 1,270 Mortgage payable (Due 2022) $ 7,000 Bonds payable (Due 2023) Current portion of long-term notes payable a. $27,480 $ 53,000 $ 7,500 b. $35,380 c. $26,280 d. $27,880

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