During the year, Salaries Payable decreased by $6,000. If salary Expense amounted to $170,000 for the year, the cash paid to employees (including deductions from gross pay) is: A) $176,000 B) $170,000 C) $164,000 D) $182,000
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- Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?The PBO was $100 million at the beginning of the year and $106 million at the end of the year. Service cost for the year was $12 million. At the end of year, pension benefits paid by the trustee were $8 million. The actuary's discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in the compensation levels in upcoming years. What was the amount of the gain or loss in the estimate change caused? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).Consider the following information: Service Revenue for the year = $81,000. Of this amount, $70,500 is collected during the year and $10,500 is expected to be collected next year. Salaries Expense for the year = $41,000. Of this amount, $35,500 is paid during the year and $5,500 is expected to be paid next year. Advertising Expense for the year = $10,500. All of this amount is paid during the year. Supplies Expense for the year = $4,500. No supplies were purchased during the year. Utilities Expense for the year = $13,000. Of this amount, $11,500 is paid during the year and $1,500 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,500.
- 17 )You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%.Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is nonrefundable)is $700,000. The tax refundable for this company is.a. $950,000b. $500,000c. $250,000d. $200,000Computer World reports income tax expense of $340,000. Income taxes payable at the beginning and end of the year are $60,000 and $75,000, respectively. What is the cash paid for income taxes during the year?
- Consider the following information:1. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year.2. Salaries Expense for the year = $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid next year.3. Advertising Expense for the year = $10,000. All of this amount is paid during the year.4. Supplies Expense for the year = $4,000. No supplies were purchased during the year.5. Utilities Expense for the year = $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year.6. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,000.Required:1. Calculate operating cash flows.2. Calculate net income.3. Explain why these two amounts differ.Ammer Products has an average accounts payable balance of $850,000 and its annual cost of goods sold is $8,750,000. Assume there are 365 days per year. What is Ammer's payables deferral period? * 50.00 days O 35.46 days O 25.50 days O 30.50 days O 42.33 daysYou have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a. $500,000 b. $1,100,000 c.$750,000 d. $200,000
- Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?J. After a rise of 7½%, a person's salary was $ 5,807.15. How much did he earn before the increase?ABC Co. distributes annual bonus to its sales manager. The company reported P2 million profit for 2021 before bonus and income tax. Income tax of ABC Co. is 25%.What is the amount of bonus if bonus is computed at 10% of profit after taxes and bonuses?
