f) Paid $10,646 million cash related to accounts payable due to suppliers.g) Received $480 million in cash from customers purchasing gift cards.h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period.i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the currentperiod and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was stilltrepaid at the end of the period).j) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48million was still owed at the end of the period.k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 millionrelated to prior period employee service and $1,144 million related to current period employee service.

Journal entry: A journal entry records a business transaction in the accounting system for an…

f) Paid $10,646 million cash related to accounts payable due to suppliers. g) Received $480 million in cash from customers purchasing gift cards. h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period. i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still +repaid at the end of the period). i) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538 million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48 million was still owed at the end of the period. k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 million related to prior period employee service and $1,144 million related to current period employee service.

f) Paid $10,646 million cash related to accounts payable due to suppliers. g) Received $480 million in cash from customers purchasing gift cards. h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period. i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still +repaid at the end of the period). i) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538 million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48 million was still owed at the end of the period. k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 million related to prior period employee service and $1,144 million related to current period employee service.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter. Which of the following items would be increased by this cash collection transaction? (check all that apply) Cash from Operations Accounts Receivable Current Assets Cash Revenue
If Service World has $1,950 cash, $400 of government Treasury bills purchased last month with a six-week maturity, and $940 of cash set aside for legal reasons, how much will the company report on the balance sheet as “Cash and Cash Equivalents”?
Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of year 1, accounts receivable were presented in the company's balance sheet as follows. Accounts receivable from clients Less: Allowance for doubtful accounts $3,100,000 80,000 During year 2, $190,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $14,000 were subsequently collected. At the end of year 2, an aging of accounts receivable indicated a need for a $256,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. Required: a. Prepare the following general journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. One entry to summarize all accounts written off against the Allowance for Doubtful…
2. If HHC has $1,150 cash, $500 of government Treasury bills purchased four months ago, $780 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents
am. 123.
10. AB Company's register tape shows $4800 in sales. This includes sales tax collected at a 10% rate. Complete the journal entry for the sales. Account Debit Credit 11. AB Company owes wages in the amount of $40,000. Withholdings for these wages were $3060 for FICA, $4000 for federal income tax and $2000 for state income tax. Unemployment tax costs were $140 for federal unemployment and $80 for state unemployment. Prepare the journal entries for salaries and wages and the employer tax expense Account Debit Credit