During the year 2024, a company paid cash for their employees' salaries amounting to $93,800. The year-end balances in the salaries payable account were $31,200 at December 31, 2023, and $35,000 at December 31, 2024. Determine the amount of "Salary Expense" the company would report on its 2024 Income Statement: a) $90,000 b) $97,600 c) $91,800 d) $99,400
Q: General accounting
A: Given:Contribution margin = 40%Expected sales increase = $45,000Promotional cost = $12,000Step 1:…
Q: Can you demonstrate the accurate steps for solving this financial accounting problem with valid…
A: Step 1: Definition of Ending Capital BalanceEnding capital balance represents the owner's equity at…
Q: Need help with this general accounting question
A: Step 1: Define Traditional CostingTraditional costing allocates overhead based on a single cost…
Q: Please help me solve this general accounting question using the right accounting principles.
A: The fixed cost is the cost that does not change with the level of production — it's the cost…
Q: Is the estimated variable delivery cost component per shipment? General accounting
A: Step 1: Definition of Variable Cost per Unit (High-Low Method)The High-Low Method is a widely used…
Q: I am searching for the accurate solution to this general accounting problem with the right approach.
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: I am trying to find the accurate solution to this general accounting problem with appropriate…
A: Step 1: Calculate Budgeted Sales RevenuePlanned sales volume = 4,000 desksBudgeted selling price =…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Direct Materials Price VarianceDirect materials price variance measures the…
Q: Delta's inventory records for February reflect the following details: On February 1, the beginning…
A: Explanation of FIFO (First-In, First-Out):FIFO stands for First-In, First-Out, and it assumes that…
Q: Can you solve this general accounting question with accurate accounting calculations?
A: Step 1: Definition of Total CostTotal cost is the sum of both fixed and variable costs for a…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Step 1: Definition of Free Cash Flow (FCF)Free Cash Flow (FCF) is the amount of cash a business…
Q: I am looking for the correct answer to this general accounting question with appropriate…
A: Step 1: Definition of Cash Flow from Operating ActivitiesCash flow from operating activities refers…
Q: How can I solve this financial accounting problem using the appropriate financial process?
A: Step 1: Definition of Times Interest Earned (TIE) RatioThe Times Interest Earned (TIE) Ratio…
Q: I need help with this general accounting question using the proper accounting approach.
A: Step 1: Definition of Method of ComparablesThe method of comparables, also known as the…
Q: Solution and accounting
A: Step 1: Definition of Interest ExpenseInterest Expense represents the cost incurred by a borrower…
Q: What is the amount of total assets at the present time?
A: Explanation of Assets :Assets are economic resources owned or controlled by a business that are…
Q: Evergreen Manufacturing has the following standards for its direct materials: 1. Standard Cost:…
A: Explanation of Standard Quantity:The standard quantity refers to the amount of direct material that…
Q: General accounting question and answer
A: Step 1: Definition of Current Income Tax ExpenseCurrent income tax expense is the amount of tax a…
Q: General accounting question
A: Definition of Lump-Sum Purchase Allocation:A lump-sum purchase involves buying multiple assets…
Q: Clark Company manufactures a product with a standard direct labor cost of two hours at $16.87 per…
A: Step 1: Definition of Labor Quantity VarianceLabor Quantity Variance (also called Labor Efficiency…
Q: Give correct answer this financial accounting question
A: Step 1: Definition of Interest ExpenseInterest expense is the cost incurred by an entity for…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Total Stockholders' EquityTotal stockholders' equity represents the ownership…
Q: Can you help me solve this general accounting question using the correct accounting procedures?
A: Step 1: Definition of EquityEquity is the ownership interest in a business after all liabilities are…
Q: Please need answer the general accounting question
A: To calculate the variable cost per machine hour using the High-Low method, follow these steps:Step…
Q: Can you help me solve this general accounting problem with the correct methodology?
A: Step 1: Definition of Accounts Payable Turnover RatioThe Accounts Payable Turnover Ratio measures…
Q: The Terra corporation uses the straight-line method to depreciate its machinery. On March 1, 2022,…
A: Explanation of Straight-Line Depreciation :Straight-line depreciation is an accounting method that…
Q: Can you solve this general accounting question with accurate accounting calculations?
A: Step 1: Definition of Gross ProfitGross Profit is the difference between sales and the cost of goods…
Q: Give me Answer
A: page 1page 2
Q: Please help me solve this general accounting question using the right accounting principles.
A: Step 1: Definition of Gain or Loss on Sale of AssetA gain or loss on sale of an asset occurs when…
Q: I need the correct answer to this general accounting problem using the standard accounting approach.
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial performance ratio…
Q: I am looking for the correct answer to this general accounting problem using valid accounting…
A: Step 1: Definition of Direct Labor Cost VarianceThe direct labor cost variance is the difference…
Q: subject general accounting
A: Dividend Yield = Dividend Per Share/Share Price Dividend Yield = 0.60/34 Dividend Yield = 1.8%
Q: Hello tutor solve this question and accounting question
A: Step 1: Definition of Materials Purchase Price VarianceMaterials Purchase Price Variance measures…
Q: How much in fixed assets must krause have purchased ?
A: formatting:To find out how much fixed assets Krause Equipment Ltd. purchased, we use this…
Q: A Statement of Financial Position (Balance Sheet) shows liabilities of $125,000 and assets of…
A: Step 1: Definition of EquityEquity refers to the ownership value in a company, which represents the…
Q: Not Ai solution
A: Concept of Standard Overhead Rate:The standard overhead rate, also called the predetermined overhead…
Q: On April 30, 2014, Tilton Products purchased machinery for $88,000. The useful life of this…
A: Step 1: Definition of Straight-Line Depreciation (Rounded to Months)Straight-line depreciation…
Q: No AI i need help in this accounting qn.
A: Step A: Grasp Basic Data:Our data includes the following: Sales (18,000 units at $12) = $216,000…
Q: Solve this general accounting problem
A: Explanation of Break-Even Point: Break-even point represents the exact volume of sales at which a…
Q: Please provide the answer to this general accounting question using the right approach.
A: To calculate cash received from revenue, you adjust sales revenue by the change in unearned…
Q: What is the contribution margin?
A: Explanation of Contribution Margin:Contribution margin is the amount remaining from sales revenue…
Q: What is the company's working capital is?
A: Explanation of Current Assets:Current assets are the resources a company expects to convert into…
Q: I need help with this general accounting question using the proper accounting approach.
A: Step 1: Definition of Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: Definition of Total Owners' EquityTotal owners' equity, also known as shareholders' equity,…
Q: Provide Answer
A: Provided Data:Direct materials = $2,870Direct labor-hours = 92 hoursDirect labor wage rate = $20 per…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: We are given:Debt = $250,000Total debt ratio = 0.25Asset turnover = 2.5We need to find the annual…
Q: Can you solve this general accounting problem using appropriate accounting principles?
A: Step 1: Definition of Return on Assets (ROA) & Return on Equity (ROE)Return on Assets (ROA) is a…
Q: None
A: Step 1: Definition of Cash Proceeds from Sale of AssetWhen an asset is sold, the cash received is…
Q: Can you help me solve this financial accounting question using valid financial accounting…
A: To break the $610,000 future cash inflow into the three components—initial investment, cost of…
Q: Accounting MCQ 25
A: Explanation of Sustainability integration: Sustainability integration refers to the process of…
The company would report on its 2024 income statement.
Step by step
Solved in 2 steps
- Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.Inko Inc. reported the following balances at the end of each year: 2020 2019Inventory P2,600,000 P2,900,000Accounts Payable 750,000 500,000The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?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.)
- 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.…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%…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…
- 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?The current ratio is defined as current assets divided by current liabilities. On December 29, 2021 Ohio Company had current assets of $200 and current liabilities of $100. On December 30, Ohio paid salary payable int the amount of $50. Calculate the current ratio on December 31, 2021.Sprite Company had the following liabilities at December 31, 2019:Trade accounts payable, net of debit balances totaling P65,000 in supplier’saccounts P1,125,000Accrued expenses 136,000Interest payable 96,000Income tax payable 150,000Mortgage payable due in equal annual instalments until October 31, 2024 750,000Share dividends declared but not yet issued 300,000Notes payable (due on January 1, 2021) 250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?a. P1,722,000 c. P2,207,000b. P1,272,000 d. P2,022,000
- 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…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 $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
