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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- 1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% View transaction list Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. No 1 $ 6,560…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 $
- NV Corp. has a total current liabilities of 5,480,000 as of December 31, 2021 before recording the following items: December 2021 utilities of 50,000 were recorded and paid on January 7, 2022; Cash dividends of 290,000 were declared and paid in January 2022. NV Corp. 2021 financial statements were authorized for issue on February 14, 2022; Employee taxes in 2021 were understated by 20,000 What is the current total current liabilities as of December 31, 2021?CopOn July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Walker Inc. should report on its income statement for the year ended December 31, 2021. (round to the nearest dollar)
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- Given answer accounting questionsThe following payroll liability accounts are included in the ledger of Ayayai Company on January 1, 2020: FICA Taxes Payable $1,575 Federal Income Taxes Payable 3,600 State Income Taxes Payable 599 Federal Unemployment Taxes Payable 158 State Unemployment Taxes Payable 1,071 Union Dues Payable 360 Health Insurance Payable 4,500 U.S. Savings Bonds Payable 1,350 In January, the following transactions occurred: Jan. 9 Sent a check for $4,500 to Blue Cross and Blue Shield. 11 Deposited a check for $5,175 in Federal Reserve Bank for FICA taxes and federal income taxes withheld. 14 Sent a check for $360 to the union treasurer for union dues. 18 Paid state income taxes withheld from employees. 21 Paid state and federal unemployment taxes. 22 Purchased U.S. Savings Bonds for employees by writing a check for $1,350. 1 . Journalize the January transactions. (Credit account titles are automatically indented when the amount is…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…
