QUESTION 8For the year ended December 31RevenuesExpensesNet IncomeAt December 31Year 2$8,5005,500AYear 2$15,5002Year 1300$6,5004,000NAssetsLiabilitiesStockRetained EarningsAssume Year 1 is the company's first year of business and there was a $100 dividend in Year 1 and Year 2. After determining themissing amounts ($in the above financial statements, calculate and type in the December 31, Year 1 Retained EarningsYear 1$9,000300

Net income is the difference between revenues and expences during an acounting period. It is a…

Answered: For the year ended December 31 Revenues…

Business

Accounting

For the year ended December 31 Revenues Expenses Net Income At December 31 Year 2 $8,500 5,500 12 Year 2 $15.500

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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Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts $ March 49,600 $ 8,928 April 60,300 $ 10,854 $ $ CA 69 $ GA May 69,900
Wages $300 before any deductions Income tax withholding 10% FICA 6.2% Med 1.45% FUTA 0.8% SUTA 5.4% Required 1. Provide journal entry 2. Record the payroll 3. Record employment taxes
Sales Revenue Cost of Goods Sold Income from Operations Selling and Administrative Expenses Budgeted Income Statement For the Year Ending December 31, 2022 Income from Operations Interest Expense Income before Income Taxes Interest Expense Not Income (Loss) $ 326,400 (166,380) i 160,020 88,500 i 71,520 (4,130 67,390 (13,478 53912
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What is the Operating Expense for 2020 and 2019?
Current Year Current Year Prior Year Prior Year Amount Percent Amount Percent Revenues: Admissions $90,639 fill in the blank % $100,694 fill in the blank% Event-related revenue 136,900 fill in the blank % 146,980 fill in the blank% NASCAR broadcasting revenue 224,227 fill in the blank % 217,469 fill in the blank% Other operating revenue 60,390 fill in the blank % 31,320 fill in the blank% Total revenues $512,156 fill in the blank % $496,463 fill in the blank% Expenses and other: Direct expense of events $(102,786) fill in the blank $(104,303) fill in the blank NASCAR event management fees Other direct expenses (137,727) fill in the blank (133,682) fill in the blank (43,784) fill in the blank (19,541) fill in the blank General and administrative (166,663) fill in the blank (285,166) fill in the blank Total expenses and other Income from continuing operations $(450,960) fill in the blank $(542,692) fill in the blank $61,196 fill in the blank% $(46,229) fill in the blank
WELL8 TECHNICAL INBTITUTE Income statement For Year Ended December 31
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
2019 2018 Revenue 28,433,361 28,264,711 Cost of sales (23,661,338) (27,476,274) Gross Profit 4,772,023 788,437 Other income 983,548 825,880 Selling and distribution cost (265,996) (441,622) General and admin expenses (4,811,357) (4,462,336) Impairment loss on trade and receivables (418,860) (164,745) Operating profit/(loss) 259,358 (3,454,386) Finance income 6,060 52,495 Finance cost (4,573,435) (3,813,211) Loss before tax (4,308,017) (7,215,102) Income tax expense 945,908 (4,796,545) Loss of the year (3,362,109) (12,011,647) Other comprehensive income Revaluation of PPE 19,470,901 - Remeasurements of defined benefit liability (1,374,562) 89,638 Related tax (3,216,132) 119,050 Other comprehensive income 14,880,207 208,688 Total comprehensive income 11,518,098 (11,802,959) 2019 2018 Assets…
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…