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PAYROLL ACCT.,2019 ED.(LL)-TEXT

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 17PB

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During the year 2024 a company paid cash for their employees
salaries amounting to $100,500. The year-end balances in the
salaries payable account were $34,000 at December 31. 2023
and $36,000 at December 31. 2024. Determine the amount of
"Salary Expense" the company would report on its 2024 Income
Statement:

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During 2021, Smooth Ride Airlines paid salary expense of $38.3 million. At December 31, 2021, Smooth Ride accrued salary expense of $2.2 million. Smooth Ride then paid $2.9 million to its employees on January 3, 2022, the company's next payday after the end of the 2021 year. For this sequence of transactions, show what Smooth Ride would report on its 2021 income statement and on its balance sheet at the end of 2021. Complete the table below to show what Smooth Ride would report on its 2021 income statement. (Enter amount in millions as provided to you in the problem statement, $X.X.) Income Statement account 2021 (amount in millions) Complete the table below to show what Smooth Ride would report on its 2021 balance sheet. (Enter amount in millions as provided to you in the problem statement, $X.X.) Balance Sheet account 2021 (amount in millions)
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Winter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the $425,000 on account, $140,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $240,000 in 2020 and made payments of $120,000 towards the expenses in 2020. What is net income in 2020 under accrual accounting?

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