Knowledge Check 01Use the drop-down menus to indicate whether each of the following events would be recorded as expenses at the time it happensunder the accrual-basis and cash-basis accounting methods.EventOctober: Purchase supplies totaling $10,000 on account.November: Pay cash for the supplies that were purchased in October.December: Pay $900 cash for utilities for the current month.Accrual-BasisCash-Basis

1. October: Purchase supplies totaling $10,000 on account.Accrual-Basis: Recorded as an asset…

Answered: Knowledge Check 01 Use the drop-down…

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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Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $100,600 April 92,600 May 84,300 Depreciation, insurance, and property taxes represent $21,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 60% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March 100,600 X Paid in April April expenses: Paid in April Sign out V O 11:07
Please read the questions carefully the First question is asking for journal entry.
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
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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.
Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 W ASUS f4 f5 f6 f7 f9 f10 f11 团 %24 4 & 7. 9. Y U I G H JK 因 6 图近图

Question: Use the following information: Month Revenue Billed in the Month Revenue From the Month that is Outstanding at End of Quarter (i.e., on March 31) January $200,000 February $250,000 March $300,000 $50,000 $100,000 $200,000 On the Uncollected Balances Schedule, what percent of the uncollected accounts are from January?
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
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30

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