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

See similar textbooks

Similar questions

Tlme remalning 01:52:13 Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $211,000 Income tax withheld U.S. savings bonds $76,560 Warehouse salaries Office salaries 108,000 116,000 9,570 Group insurance 7,830 $435,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $22,000 is…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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…
Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 6,100 2,100 133,000 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,400 2,200 9,600 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax…
1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
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
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
The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.
Accounting The payroll summaries for Snowball Sales, Inc. for the first and second quarters of the calendar year show the following salaries: 1st QTR 2nd QTR A. Frozen 2,950.00 5,284.00 U. Icicle 5,498.00 3,765.00 C. Frost 9,489.00 6,995.00 W. Fahrenheit 7,150.00 2,225.00 J. Snow 9,700.00 4,160.00 P. Blizzard 0.00 6,330.00 Total 34,787.00 28,759.00 Record the following transactions in the proper general journal entry form. Descriptions are not required. A template has been provided for your convenience.
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
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