Answer me Question: 3 pointsManoj Corporation provided services $80,000,received advance $15,000, and outstanding fees$25,000. Present the income recognized forservices.

Explanation of Income Recognition: Income recognition refers to the accounting principle that…

Answered: Question: 3 points Manoj Corporation…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 16CE

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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.
Compute a schedule of deductible expenses related to the following hobby:
4 Assume an oill well cost Ş SOOL000 an is estimated to hold 50,000 barrels of oil There is no residual value. 2000 barrels are extracted during the year. Genena Joumd Du Account Tiees and Explatten Debit Credie 5. Com pay A has excess cash to invest and pays $ S0.000 to buy $ 80,000 tace value, 5 teve year Com pany B bonds on February 10, 2021 Com painy A plans to hold the bords until matrity. Genena Jaum Credit Account Tieex and Eeolanion
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ance, in Advance on On Cive Journal Enures u Vendsh x 10 = ? 50,000, Amount received : App. 50,000 (20,0 h x 2,50). AIL 5,000 50 (19.500 Sh. x 2.50), I call ? 22,500 (18,000 Sh. x 1.25), Sec. (15,000 Sh. x 1.26), Total of B/S 2,90,000.] 360 180 (Total 540) (C) Forfeiture of Shares eration other than Cash Porfeiture of Shrres Issued at Par Forfeited by the directors. Give Journal Entries for the above. fortefoney Received : App. 7 20,000; Allot. 7 30,000; I Call ? 28,200; II & Final Call 18,000: issued at par to Bihar Ltd. Share forfeiture 7 6,200] hirem Ltd. invited applications for issuing ? 80,000 Equity shares of 10 each. The amount was payable as follows: On Application On Allotment On First and Final Call Applications for 77,000 shares were received. Shares were allotted at all the applicants. Sundaram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Rudra, the holder of ? 500 shares failed to pay the…
15. Complete the General Journal entry to record the following BAS refund, from the ATO Payment amount $500. Represented by GST Collected 2,500; PAYG Withheld 600; GST paid 3,600 General Journal GST PAID PAYG WITHHELD GST COLLECTED DR CR
Answer no. 24 and 25 thank you
A egcc.instructure.com Question 3 6 pt An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5% Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA? Debit Credit FICA Payable Federal Withholding Payable State Withholding Payable Net Payroll Payable $535.50 $1,050.00 $350.00 $1,935.50 Debit Credit Wages Expense FICA Payable Federal Withholding Payable State Withholding $7,000.00 $535.50 $1,050.00 $350.00 Payable Net Payroll Payable $5,064.50 Debit Credit $535.50 FICA Payable Federal Withholding Payable State Withholding Payable Net Payroll Payable $1,050.00 $350.00 $5,064.50 Wages Expense $7,000 Debit Credit Wage Expense Net Payroll Payable $7,000.00 $7,000.00
Accounting for Special Transactions
Answer is $5,400,000 Please explain the reasoning and calculations
Quiz History: On-line Test Ch. 9, 10&11 A Quiz: On- Question 23 2 pt Journalize this transaction: Payroll cost was $12,000, there was Federal Income Tax withheld of 1,200 and FICA withheld of $900 Edit View Insert Format Tools Table 12pt v Paragraph v BIU A v O words Question 24 2 pts

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Question: 3 points Manoj Corporation provided services $80,000, received advance $15,000, and outstanding fees $25,000. Present the income recognized for services.