On January 1, 2025, Wages Payable was $47,000. Wages Expenses for 2025 totaled $453,000. The ending balance of Wages Payable was $59,000. What is the amount of cash paid for wages in 2025?
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On January 1, 2025, Wages Payable was $47,000. Wages Expenses for 2025 totaled $453,000. The ending balance of Wages Payable was $59,000. What is the amount of cash paid for wages in 2025?
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- Please explain how you get the journal entries below. The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 355,000 2022 275,000 2023 345,000 2024 385,000 Included in the income of 2021 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2022, $15,000 in 2023, and $3,000 in 2024.Included in the 2023 income was $10,000 interest from investments in municipal governmental bonds.The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.Required:Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance sheet reported income taxes payable of $279,289,000 at December 31, 2021, and $518,663,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes = ? I tried 2022 Income Statement + 2021 Balance Sheet - 2022 Balance sheet. What is the correct formula to calculate?What is the total amount of current liabilities??
- On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account had a beginning balance of $7,000 and an ending balance of $9,000. How much cash was disbursed for payroll during the year?Reported income taxes on its recently ended year (2021), income statement. Its balance sheet reported an amount of income taxes payable at end of the previous year (2020), and a greater amount (Increase) for the recently ended year (2021)How do you calculate what amount of cash payments were made for income taxes during the recently ended year (2021)?
- I need help with accounting questionOn August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December 31, 2022. The proceeds of the note were $114,600. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Record the journal entry to show the effects of recording interest expense for the month of September. Record the journal entry to show the effects of repaying the note on December 31, 2022.What is the total amount of current liabilities?? General accounting
- On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.The DeVille Company reported pretax accounting Income on Its Income statement as follows: 2024 2025 2026 2027 $ 420,000 340,000 410,000 450,000 Included in the income of 2024 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $23,200 in 2025, $29,000 in 2026, and $5,800 in 2027. Included in the 2026 Income was $24,000 Interest from Investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare, the year-end Journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 Record 2024 income taxes. Date December 31, 2024 3 Note:…During the year
