Gerdes Psychological Services, Inc., closes its temporary accounts once eachyear on December 31. The company recently issued the following incomestatement as part of its annual report:GERDES PSYCHOLOGICAL SERVICES, INC.Income StatementFor the Year Ended December 31, 2015Revenue:Counseling revenue$225,000Expenses:Advertising expense$1,800Salaries expense94,000Office supplies expense1,200Utilities expense850Malpractice insurance expense6,000Office rent expense24,000Continuing education expense2,650Depreciation expense: fixtures4,500Miscellaneous expense6,000Income taxes expense29,400 170,400Net income$ 54,600The firm's statement of retained earnings indicates that a $6,000 cash dividendwas declared and paid during 2015.a. Prepare the necessary closing entries on December 31, 2015.Questions:Solve by factoring.1.3m2+7m-10=02.25x2-10x-483.f(x) = x2 +11x 102/x2-8x+12

At the end of each fiscal year, companies must close out their temporary accounts and transfer the…

Answered: Gerdes Psychological Services, Inc.,…

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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what am i supposed to start my journal entry with ? forUrban Window Company had gross wages of $360,000 during the week ended July 15. The amount of wages subject to social security tax was $360,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $48,000.
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 expenses and the cash payment of all liabilities…
Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)
Ernie Upshaw is the supervising manager of Sleep Tight Bedding. At the end of the year, the company’s accounting manager provides Ernie with the following information, before any adjustment.Accounts receivable $500,000Estimated percent uncollectible 9%Allowance for uncollectible accounts $20,000 (debit)Operating income $320,000In the previous year, Sleep Tight Bedding reported operating income (after adjustment) of $275,000. Ernie knows that it’s important to report an upward trend in earnings. This is important not only for Ernie’s compensation and employment, but also for the company’s stock price. If investors see a decline in earnings, the stock price could drop significantly, and Ernie owns a large amount of the company’s stock. This has caused Ernie many sleepless nights.Required:1. Record the adjustment for uncollectible accounts using the accounting manager’s estimate of 9% of accounts receivable.2. After the adjustment is recorded in requirement 1, what is the revised amount…
If any math is done, please tell me how you did it so I can understand. Thank you! Please Do not Give image format
TRUE OR FALSE?? The Commissioner can estimate the income and expense of a taxpayer.
Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense $400,000 Federal and state income tax withheld 80,000 Federal unemployment tax rate 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social Security (FICA) tax rate 7.65% Required: Record salaries expense and payroll tax expense for the January pay period. Record the employee salary, withholdings, and salaries payable. Record the employer payroll tax expense.
Below is a list of accounts for Currie Hospital for December 2013 (annual amounts). Prepare a statement of operations for 2013 in good form. Account Amount Administrative expenses $80,000 Net assets released from temporarily restricted accounts for operations 120,000 Labor expense 260,000 Interest expense 12,000 Net patient service revenue 840,000 Supply expense 88,000 Transfer to parent corporation 10,000 Bad debt expense 40,000 Depreciation expense 50,000
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2015. Using the information presented below, complete Part 1 of Form 941 # of employees for pay period that included September 12-14 employees Wages paid third quarter- $79,750.17 Federal income tax withheld in the third quarter- $9,570.00 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter-$21,771.83
Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings $70,000 Employee FICA tax $5,355 Federal income tax $13,000 State income tax $1,300 Employer FICA tax $5,355 Federal unemployment tax $300 State unemployment tax $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15
The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,245. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222 Social Security Tax Payable 223 Medicare Tax Payable 224 Employees Federal Income Tax Payable 225 Employee…
Charles Whyte commenced business on May 1 2019, making up his accounts to September 30 annually. The statement of the Profit or Loss Account for the first 17 months ended September 30,2020 is as follows: Gross Profit Less: Repairs and maintenance. Local transport and travelling Salaries and wages Provision for bad debts Preliminary expenses Depreciation Bank interest and charges Legal and professional charges General expenses (Allowable) Clearing expense on motor vehicle Bad debt Amounts written off Loan to absconded employee (ii) (iii) (iv) (1) You are also given the following additional information. Bad debt £ (v) £'000 30/10/2018 1/1/2019 1/5/2019 1,500 2,450 6,500 1,350 960 1,630 1,520 1,380 1,870 685 2,800 Building Motor Vehicle Furniture and fittings Legal and professional charges were: Salaries and wages: The following qualifying capital expenditures were acquired on: Fines for contravention of the law Legal expenses for tax appeal Audit and accountancy charges £'000 19,300…

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