Portions of the salaries expense account of a business follow:Account Salaries ExpenseAccount No. 62BalancePost.Ref.DateItemDr.Cr.Dr.Cr.2018Dec.27(1)2922,0001,200,0001,213,200(2)13,20031301,213,200(3)31312019Jan. 1(4)3213,20013,200(5)3310,800224,000a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from whicheach numbered posting was made.b. Journalize the complete entry from which each numbered posting was made. Closerevenues and expenses to J. McHenry, Capital.

(a)Indicate the nature of the entry from which each numbered posting was made.

Answered: Portions of the salaries expense…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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Nn.156. Subject :- Account
Question 9: In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. O Asset В. O Liability C. O Revenue D. O Expense
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
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(see attached pic for the problem) 1. Compute the employee benefit expense for the current year.
Question 1: What should an employer use to complete Form W-3? Answer: А. Employee earnings records В. O Payroll registers C. Form 1096 D. O Form W-2s Question 2: How is self-employment income calculated? Answer: А. O Self-employment income = Revenue В. Self-employment income = Revenue + Expenses С. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: А. cafeteria plan В. medical plan С. retirement plan D. mandatory deduction
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You are provided with the following amounts for Wendy Riley for the current year: View the amounts. Based on the amounts, what is the total amount reported pursuant to ITA paragraph 3(a) in the computation of Wendy Riley's net income? OA. $65,820 OB. $9,820 OC. $82,820 OD. $194,820 Amounts Net employment income Business A: Gross income Business B: Gross income Business A: Expenses (for income tax purposes) Business B: Expenses (for income tax purposes) Interest income Taxable amount of dividends Print Done $ 6,000 $ 24,000 $ 111,000 $ 41,000 $ 38,000 $ 1,100 2,720 GA X
ACCT101 FALL 2020-2021 Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting equation of the Company is: Select one: a. Decreases a liability R.O 1500; increases owner's equity R.O 1500. O b. Increases an asset R.O 1500; decreases an asset R.O 1500. c. Increases an asset R.O 1500; decreases a liability R.O 1500. O d. Decreases a liability R.O 1500; decreases a liability R.O 1500. e. Decreases an asset R.O 1500; decreases a liability R.O 1500. Nextage
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
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https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Use the link above to c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.

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