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: a) $92,000 b) $110,000 c) $88,000 d) $102,500
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- For the year ended December 31, 2022, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Deductions: Total FICA taxes Federal income taxes withheld State income taxes withheld (3%) V United Fund contributions payable Health Insurance premiums Total (a) (b) Oriole'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 $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. No. Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable (Round answers to 0 decimal places, eg.…Please explain how you get the journal entries below. The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 355,000 2022 275,000 2023 345,000 2024 385,000 Included in the income of 2021 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2022, $15,000 in 2023, and $3,000 in 2024.Included in the 2023 income was $10,000 interest from investments in municipal governmental bonds.The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.Required:Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021 $144,000 Life insurance premium on officer $30,000 Depreciation for ta purposes in excess of book depreciation $90,000 Prepaid insurance for 2021 $75,000 Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability Balance is :
- Kingbird, Inc. reported income taxes of $421,800,000 on its 2022 income statement and income taxes payable of $315,780,000 at December 31, 2022, and $601,920,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes $For the year ended December 31, 2023, Bramble Ltd. reported income before income taxes of $90,000. In 2023, Bramble Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $72,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bramble Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $34,000, of which $26,000 was actual repairs for 2023 and the remaining $8,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $22,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $230,000. Capital Cost Allowance (CCA) claimed for the year was $252,000. Bramble was subject to a 20% income tax…For the year ended December 31, 2023, Tamarisk Ltd. reported income before income taxes of $98,000. In 2023, Tamarisk Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $68,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Tamarisk Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $42,000, of which $35,000 was actual repairs for 2023 and the remaining $7,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $20,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $223,000. Tamarisk was subject to a 20%…
- 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of P2,000,000. The company's tax rate for 2019 is 30%. The following items are treated differently on the tax return and in the accounting records: Tax Return P140,000 560,000 Accounting Records Rent revenue Depreciation expense Premium on officers' life insurance P240,000 440,000 180,000 The records also show that the gross sales is P60M; cost of goods sold is P29M; sales returns and allowances, P450,000; & sales discounts, P550,000. What is the income tax payable for 2019? В. Р588,000 A. P534,000 С. Р600,000 D. P720,000BholaFor the year ended December 31, 2023, Bonita Ltd. reported income before income taxes of $100,000. In 2023, Bonita Ltd. paid $66,000 for rent; of this amount, $22,000 was expensed in 2023. The remaining $44,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $66,000 was deductible for tax purposes in 2023. The company paid $76,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bonita Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $43,000, of which $27,000 was actual repairs for 2023 and the remaining $16,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $21,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $170,000. Capital Cost Allowance (CCA) claimed for the year was $200,000. Bonita was subject to a 20% income tax…
- Wise AG began operations at the beginning of 2019. The following information pertains to this company 1. Pretax financial income for 2019 is €100,000. 2. The tax rate enacted for 2019 is 30% 3. Tax rate for future years is 40%. 4. Differences between the 2019 income statement and tax return are listed below: a. Warranty expense accrued for financial reporting purposes amounts to €7,000. Warranty deductions per the tax return amount to €2,000. b. Income on construction contracts using the percentage-of-completion method per books amounts to €92,000. Income on construction contracts for tax purposes amounts to €67,000. c. Depreciation of property, plant, and equipment for financial reporting purposes amounts to €60,000. Depreciation of these assets amounts to €80,000 for the tax return. d. A €3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income. e. Interest revenue recognized on an investment…A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 62,000 Cr. Deferred Tax Liability 11,000 Cr. Income Tax Payable 536,000 On the income statement, the current portion of income tax expense for 2021 appears as: _______________.Ivanhoe pays a weekly payroll of $250000 that includes federal income taxes withheld of $38100, FICA taxes withheld of $23970, and 401(k) withholdings of $26500. What is the effect on assets and liabilities from this transaction? Assets decrease $187930 and liabilities decrease $62070. Assets decrease $187930 and liabilities increase $62070. Assets decrease $161430 and liabilities increase $88570. Assets decrease $250000 and liabilities do not change.
