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- P4_BAAC 210 S1/ GENERAL ANNOUNCEMENTS Link- April 19,8.30 am -11.30 am Overhead expenses can be classified according to a. Functions O b. Elements on C. All of the above O d. Behaviour paceQS 11-7 Recording employee payroll taxes O P2 During the month of January, an employee earned $4.00o of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $248, FICA Medicare taxes of $58, federal income taxes of $426, and medical insurance deductions of $170. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February.St. Thomas Yacht Services, Inc. had the following transactions during its first month of operations: /22] Dec 2 Borrowed $50,000 from First Bank after signing a 10 year, 6% promissory note. Payments are due on the last day of the month. 40) 20) /28] /15] Dec 7 Signed lease and paid the landlord $1,200 rent for the current month. Dec 12 Purchased a one year insurance policy for $2,100. Purchased $1,800 of supplies on account. Paid $340 to have advertising materials to be used during the current month. Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $10,000. Received $5,000 in advance from a customer to clean two 63 foot yachts next month. Paid $54 in wages to employees who cleaned Serendipity and $81 in wages to employees who distributed advertising materials. (Ignore payroll taxes for this problem). Sent a $2,200 invoice to Serendipity's Captain Samantha for services provided on account. Paid First Bank $555 for the first…
- Sl7 457 B/s 4:20 PM O © 70% 4 Document Problem 1 The following account balances appeared in the general ledger of Dr. Robin Rubio at the end of December 2016, the second year of his private medical practice: 356, 500 205, 000 7, 550 11, 500 155, 000 15, 500 96, 000 2, 000 200. 000 Cash Accounts Receivable Allowance for Bad Debts Medical Supplies Medical Equipment Accumulated Dep- Medical Equipment Office furniture and fixtures tumulated Dep- Office furniture and Fixtures Loans AccPayable Accounts Rubio, Capital Rubio, Personal Medical Fees Earned 18, 000 180, 650 42. 000 729. 000 72, 000 110, 000 9, 000 75, 700 20, 000 Salaries Earmed Rent Expense Taxes and Licenses Utilities Expense Interest Expense Data for adjustments follows: 1. Rent expense, which was paid regularly by the doctor, represents payment for rent from to November only. 2. The estimated annual depreciation of the property and equipment is 10% per year of its acquisition cost. The medical equipment is part of the…l Globe LTE 8:10 PM 15% A umindanao.mrooms.net Question 2 Complete Mark o.00 out of 2.00 P Flag question On December 31, 2017, Tyrone company had the following cash balances: Cash in bank 1,250,000 Petty Cash Fund 12,500 Time deposit, one year, due March 1, 2018 250,000 Saving deposit 125,000 A check of P25,000 dated January 15, 2018 in payment of accounts payable was recorded and mailed on December 28, 2017 In the December 31, 2017 statement of financial position, what amount should be reported as "cash and cash equivalents"? Answer: 1,662,500ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
- Practice Question 17 Sensible Insurance Company collected a premium of $18,000 O $13,500 O $4,500Safari 4:23 PM Tue Jan 30 HW Set 1 (Ch 2 and 3) Template fx Enter text or formula here Calibri (Body) 1 2 3 4 5 Marketable securities 6 nventories 7 Accounts receivable, net and other 8 otal current assets 9 Property and equipment, net 10 Goodwill 11 Other assets 12 otal assets 13 Current liabilities: 14 Accounts payable 15 Accrued expenses and other 16 Unearned revenue 17 18 long-term debt 19 other long-term liabilities 20 Commitments and contingencies (Note 7) 30 31 32 33 34 35 36 37 38 39 40 41 Current assets: Cash and cash equivalents Total current liabilities 24 [reasury stock, at cost 25 Additional paid-in capital 26 Accumulated other comprehensive loss 27 Retained earnings 28 otal stockholders' equity 29 otal liabilities and stockholders' equity E 2.16 11 E 2.17 A Consolidated Balance Sheets - USD ($) $ in Millions E 3.15 FTS 21 tockholders' equity: 22 referred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value:…5 Sept. 8 24 $110.00 Oct. 8 $110.00 $ Nov. 8. 2$ Totals:
- poter 15 Homework (O S 03:37:04 eBook Hint Graw # ezto.mheducation.com/ext/map/in... Q 12 ✰ ✰ ✰ ☐ : Indirect labor Other overhead Overhead applied 56,200 17.200 93,000 Reg 1B X Star Promotions 1-a. Determine whether overhead is overapplied or underapplied. 1-b. Prepare the Journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Builders Complete this question by entering your answers in the tabs below. Saved 2-a. Determine whether overhead is overapplied or underapplied. 2-b. Prepare the Journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Req 2A 46,100 49.900 98,888 Next > Check my work O (54) 8:21 PM 7/20/2022 3Record the journal entries for each of the following payroll transactions. If an amount box does not require, leave it blank. Apr. Paid $700 and $310 cash to a federal depository for 2 FICA Social Security and FICA Medicare, respectively. Apr. Paid accumulated employee salaries of $16,220. 4 Apr. Issued checks in the amounts of $480 for federal 11 income tax and $300 for state income tax to an IRS- approved bank. Apr. Paid cash to health insurance carrier for total 14 outstanding health insurance liability of $700. Apr. Remitted cash payments for FUTA and SUTA to federal 22 and state unemployment agencies in the amounts of $130 and $250, respectively. Apr. 2 Apr. 4 Apr. 11 Apr. 14 III II 1II I1 1II II III II9:05 PM 11 O .. LTE 1 l 4 13] docs.google.com/forms/d/e/1F PROBLEM #2 BizKid Company's adjusted trial balance on August 31, 2011, its fiscal year-end, follows. Merchandise inventory 31,000 Other (non-inventory) assets. . 120,400 Total liabilities 35,000 N. Kidman, Capital. .101,650 N. Kidman, Withdrawals 8,000 Sales.. 212,000 Sales discounts.. 3,250 Sales returns and allowances. 14,000 Cost of goods sold Sales salaries expense. Rent expense - Selling space. Store supplies expense Advertising expense Office salaries expense. .82,600 29,000 10,000 2,500 18,000 .26,500 Rent expense - Office space Office supplies expense. 2,600 800 On August 31, 2010, merchandise inventory was P25,000. Supplementary records of merchandising activities for the year ended August 31, 2011, reveal the following itemized costs. Invoice cost of merchandise purchases. .P91,000 Purchase discounts received. ..1,900 Purchase returns and allowances 4,400 Costs of transportation-in.. 3,900