How much cash payment for salaries will be presented of Robinson Company: Rent Expense Prepaid Rent, January 1 Prepaid Rent, December 31 P 3,100,000 500,000 720,000 Rent: Salaries Expense Salaries Payable, January 1 Salaries Payable, December 31 P 5,400,000 50,000 120,000 Salaries: Sales Revenue Accounts Receivable, January 1 Accounts Receivable, December 31 P18,000,000 1,500,000 800,000 Sales: P 2,000,000 320,000 190,000 Commission: Commission Income Unearned Commission, January 1 Unearned Commission, December 31 Required: In the cash flow statement, how much will be presented as collections from customers during 2018? (a) How much cash payment for rental will be presented under operating activities? (b) (c) under operating activities?

How much cash payment for salaries will be presented of Robinson Company: Rent Expense Prepaid Rent, January 1 Prepaid Rent, December 31 P 3,100,000 500,000 720,000 Rent: Salaries Expense Salaries Payable, January 1 Salaries Payable, December 31 P 5,400,000 50,000 120,000 Salaries: Sales Revenue Accounts Receivable, January 1 Accounts Receivable, December 31 P18,000,000 1,500,000 800,000 Sales: P 2,000,000 320,000 190,000 Commission: Commission Income Unearned Commission, January 1 Unearned Commission, December 31 Required: In the cash flow statement, how much will be presented as collections from customers during 2018? (a) How much cash payment for rental will be presented under operating activities? (b) (c) under operating activities?

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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Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…
1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
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Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
Employee Details Employee Name: Miguel Cabrera Employee ID: 12345 Hire Date: 11 October 2021 Bank Account numben 12345678 Department Sales Tob Title: Sales Manager Payments Taxable Income Basic Salary Commission Over time pay Gross Taxable Income Deductions SSS Contribution Pag-ibig Contribution PL125 100 770 P1,995 PhilHealth deduction SSS Deduction P44,000 37,500 10,000 P91,500 PhalHealth Contribution Total Pag-ibig deduction Non-Taxable Income BIR Withholding Tax Computation Gross Taxable Income Less: Total Deductions Taxable Income Tax Due P91,500 1,995 P89,505 17,684.73 Rice Allowance Laundry Allowance Clothing Allowance Transportation Allowance Total Non-Taxable Income 2,000 250 50 2.000 P4,750 Net pay Tаx due NET PAY Taxable Income Miguel Cabrera's Particulars of Salary Non-Taxable Income Less: Tax Due P09,50S 4,750 17,684.73 SSS Deduction Pag-ibig deduction PhiHealth deduction Tax due Net pay Net pay P76,570.27
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Salaries and wages $72,000 FICA taxes withheld 5,508 Income taxes withheld 15,000 Medical insurance deductions 2,700 Federal unemployment taxes 192 State unemployment taxes 1,296 The entry to record the payment of net payroll would include a Select one: a. credit to Cash for $54,300. b. debit to Salaries and Wages Payable for $47,304. c. debit to Salaries and Wages Payable for $48,792. d. debit to Salaries and Wages Payable for $43,284. e. The answer does not exist
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
July DATE 14 CASH PAYMENTS JOURNAL ACCOUNT TITLE Salary Expense Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Directions for Assignment A: Salary Expense CK. NO. 521 Medicare Tax Payable DEBIT GENERAL 3,149.00 2 CREDIT 283.41 195.24 45.66 3 ACCOUNTS PAYABLE DEBIT Federal Income Tax Payable I Cash PAGE 4 PURCHASES DISCOUNT CREDIT 8 5 Geeknet Company's payroll register has the following totals for the weekly pay period August 1-7. Record and journalize the following payroll items. Total Earnings = $8250.00; Federal Income Tax Withheld = $742.50; Social Security Tax Withheld = $511.50; Medicare Tax Withheld = $119.63 1. Use the T-Accounts to analyze Geeknet's payroll. 2. Journalize the payment of Geeknet's payroll on page 12 of the Cash Payments Journal. The payroll was paid on August 7 using check #122. CASH CREDIT 2,624.69 Social Security Tax Payable
Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the month of December: $900,000 38,500 Credit sales Accounts payable 55,400 400 credit Accounts receivable Allowance for Uncollectible accounts Cash sales 300,000 RC uses the percent of receivables method and estimates it will not collect 5% of accounts receivable. Chapter 5 Page 5-1 8. $ Determine the ending balance for the Allowance for Uncollectible Accounts 9. $ Determine the appropriate amount to record for Bad Debt expense 10. $ amount to record for Bad Debt expense Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the
Employee Details Employee Name: Miguel Cabrera Employee ID: 12345 Hire Date: 11 October 2021 Bank Account numben 12345678 Department Sales Tob Title: Sales Manager Payments Taxable Income Basic Salary Commission Over time pay Gross Taxable Income Deductions SSS Contribution Pag-ibig Contribution PL125 100 770 P1,995 PhilHealth deduction SSS Deduction P44,000 37,500 10,000 P91,500 PhalHealth Contribution Total Pag-ibig deduction Non-Taxable Income BIR Withholding Tax Computation Gross Taxable Income Less: Total Deductions Taxable Income Tax Due P91,500 1,995 P89,505 17,684.73 Rice Allowance Laundry Allowance Clothing Allowance Transportation Allowance Total Non-Taxable Income 2,000 250 50 2.000 P4,750 Net pay Tаx due NET PAY Taxable Income Miguel Cabrera's Particulars of Salary Non-Taxable Income Less: Tax Due P09,50S 4,750 17,684.73 SSS Deduction Pag-ibig deduction PhiHealth deduction Tax due Net pay Net pay P76,570.27
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