Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change tothe average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventorybalances under the FIFO and average cost methods:Year FIFO Average Cost2018 $45,1002019 78,3002020 83,400$54,20071,10078,300Required:1. Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method.2. How much higher or lower would cost of goods sold be in the 2020 revised income statement?Complete this question by entering your answers in the tabs below.Required 1Required 2How much higher or lower would cost of goods sold be in the 2020 revised income statement?Cost of goods sold for 2020 would bein the revised income statement.Required 2 >< Required 1 Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change tothe average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventorybalances under the FIFO and average cost methods:Year FIFO Average Cost2018 $45,1002019 78,3002020 83,400$54,20071,10078,300Required:1. Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method.2. How much higher or lower would cost of goods sold be in the 2020 revised income statement?Complete this question by entering your answers in the tabs below.Required 1 Required 2Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method. (If no entry is requiredfor a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheetRecord the adjustment necessary to reflect the average cost method.Note: Enter debits before credits.

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: mnces under the FIFO and average cost…

mnces under the FIFO and average cost methods: r FIFO Average Cost $54,200 8 $45,100 9 78,300 71,100 0 83,400 78,300 uired: horing income taxes, prepare the 2021 journal entry to adjust

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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Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!
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.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables Click here to access the Wage-Bracket Method Tables Amount to Be Withheld Filing No. of Withholding Gross Wage Employee Status Allowances or Salary Method Percentage Wage-Bracket Method Lennon, A. N/A $675 weekly Stan, P. S N/A 1,365 weekly McNeil, S. HH N/A 1,775 biweekly Harrison, W. HH N/A 2,500 semimonthly Smythe, M. MFJ N/A 5,380 monthly
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Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Click here to access the Percentage Method Tables. Employee Louis, S. Hanks, X. Gillespie, H. Tromley, P. Farley, R. Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A I Gross Wage or Salary $1,040 weekly 1,910 weekly 1,890 biweekly 2,315 semimonthly. 3,200 monthly Amount to Be Withheld Percentage Method 00000 Wage-Bracket Method
Formula: Add, Subtract; Cell Referencing Using Excel to Determine Income Tax Effects PROBLEM At December 31, 2022 and 2023, Secor Inc. reported amounts for a deferred tax asset. Information concerning the company's income taxes is provided here. Deferred tax asset, December 31, 2022 Deferred tax asset, December 31, 2023 Current tax expense 2023 Ś 40,000 62,000 70,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or to this work area. What amount should Secor report as total 2020 income tax expense? 2023 income tax expense Current Tax Expense Prepare the journal entries to record income taxes for 2020. Income Tax Payable Deferred Tax Expense $ Current Tax Expense 22,000 Debit 70,000 22,000 Credit 70,000 22,000
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
I need help getting the answer to question #2!!