Question related to accounting During the year 2024 a company paid cash for theiremployees salaries amounting to $100,500. The year-endbalances in the salaries payable account were $34,000 atDecember 31. 2023 and $36,000 at December 31. 2024.Determine the amount of "Salary Expense" the companywould report on its 2024 Income Statement:a) $92,000b) $110,000c) $88,000d) $102,500

Explanation of Salary Expense:The Salary Expense is the total amount a company records on its income…

Answered: During the year 2024 a company paid…

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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Current Attempt in Progress For the year ended December 31, 2022, Sheridan Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums (a) (b) Total $204,000 358,000 $562,000 $37,785 171,500 16,860 27,114 19,000 $272,259 Sheridan's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $478,000, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132,900 limit related to FICA taxes. Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to 0 decimal…
1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? C. 95,000 and 35,000 D. 130,000 and 35,000 A. 60,000 and 70,000 B. 95,000 and 70,000
The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500.
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
Cornhusker Company provides the following information at the end of 2021.Cash remaining $ 4,800Rent expense for the year 7,000Land that has been purchased 21,000Retained earnings 12,400Utility expense for the year 4,900Accounts receivable from customers 7,200Service revenue recognized during the year 37,000Salary expense for the year 13,300Accounts payable to suppliers 2,200Dividends paid to shareholders during the year 3,200Common stock that has been issued prior to 2021 16,000Salaries owed at the end of the year 2,400Insurance expense for the year 3,500Retained earnings at the beginning of the year 7,300Required:Prepare the income statement, statement of stockholders’ equity, and balance sheet for Cornhusker Company on December 31, 2021. No common stock is issued during 2021.
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: b. Calculate the company's net income for 2019. Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss from discontinued operations, net of tax savings of $8,000 24,000 Provision for income taxes 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 Cost of goods sold 521,000
KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxes
ZETA Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should ZETA Company report as revenue for 2020?
ABC Corporation reported the following income and expenses from business for year 2018: Cash sales P 2,000,000 Sales on account 520,000 Advances from customers 400,000 Cost of sales 1,200,000 Operating expenses (30% prepayments) 600,000 How much is the taxable income for year 2018?
During 2021, Bycomb Company generated revenues of £300,000 for services rendered of which £70,000 was owing as of December 31, 2021. How much should be reported as service revenues in the 2021 Income Statement? a) £280,000b) £300,000c) £320,000d) £420,000
Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)
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