Dyer, Incorporated, completed its first year of operations on December 31, 2021, Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: Income Statement, 2021 Rent Revenue Expenses Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Total Expenses Income $29,500 13,000 9,000 4,000 3,000 $114,000 $1,500 56,500 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: a Wages for the last three days of December amounting to $310 were not recorded or paid. b. The $400 telephone bill for December 2021 has not been recorded or paid c. Depreciation of equipment amounting to $23,000 for 2021 was not recorded. d. Interest of $500 was not recorded on the notes payable by Dyer, Incorporated. e. The Rental Revenue account includes $4,000 of revenue to be earned in January 2022. f Supplies costing $600 were used during 2021, but this has not yet been recorded. g. The income tax expense for 2021 is $7,000, but it won't actually be paid until 2022.

Dyer, Incorporated, completed its first year of operations on December 31, 2021, Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: Income Statement, 2021 Rent Revenue Expenses Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Total Expenses Income $29,500 13,000 9,000 4,000 3,000 $114,000 $1,500 56,500 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: a Wages for the last three days of December amounting to $310 were not recorded or paid. b. The $400 telephone bill for December 2021 has not been recorded or paid c. Depreciation of equipment amounting to $23,000 for 2021 was not recorded. d. Interest of $500 was not recorded on the notes payable by Dyer, Incorporated. e. The Rental Revenue account includes $4,000 of revenue to be earned in January 2022. f Supplies costing $600 were used during 2021, but this has not yet been recorded. g. The income tax expense for 2021 is $7,000, but it won't actually be paid until 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month Worldwide incurred payroll tax expense on Wallace for FICA tax . The company also paid state unemployment tax and federal unemployment tax . Requirement 3. Make the journal entry to record Worldwide's expense for Wallace's total earnings for the year, his payroll deductions and net payDebit Salaries Expense and Bonus Expense as appropriate Credit liability accounts for the payroll deductions and Cash for net pay. An…
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