Need help QUESTION:During the year 2014 a company paid cash for theiremployees salaries amounting to $90,000. The year-endbalances in the salaries payable account were $22,000 atDecember 31. 2013 and $20,000 at December 31. 2014.Determine the amount of "Salary Expense" the companywould report on its 2014 Income Statement:a) $92,000b) $110,000c) $88,000d) $90,000

Step 1: Introduction to the Accounting for Salary ExpenseSalary expense is the amount of money that…

Answered: QUESTION: During the year 2014 a…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account
4. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution Pbilbealth Pag-ibig Witholding taxes 425,000 85,000 85.000 2,125,000 Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account
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What is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)
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Required information [The following information applies to the questions displayed below.] Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($170,000), payroll deductions for income tax ($17,000), payroll deductions for FICA ($18,000), payroll deductions for United Way ($3,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,100). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $4,560 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31.…
The income statement of Blue Spruce Corporation is presented here. BLUE SPRUCE CORPORATIONIncome StatementYear Ended November 30, 2018 Sales $7,700,000 Cost of goods sold 4,550,000 Gross profit 3,150,000 Salaries expense 861,000 Operating expenses 213,000 Depreciation expense 89,000 Income before income tax 1,987,000 Income tax expense 247,000 Net income $1,740,000 Additional information: 1. Accounts receivable increased $390,000 during the year, and inventory decreased $530,000. 2. Prepaid expenses, which relate to administrative expenses, increased $110,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $420,000 during the year. 4. Accrued salaries payable decreased $140,000 during the year. 5. Income tax payable increased $80,000 during the year. (a)Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2018, for Blue Spruce…
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The following information is available regarding a company’s annual salaries and wages. What amount of cash is paid for salaries and wages? Salaries and wages expense . . . . . . . . . . . . . . . . . . . . $255,000 Salaries and wages payable, prior year-end . . . . . . . . 8,200 Salaries and wages payable, current year-end . . . . . . 10,900 a. $252,300 c. $255,000 e. $235,900 b. $257,700 d. $274,100
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2018 2017 Sales $ 4,550,000 $ 3,650,000 Cost of goods sold 2,890,000 2,030,000 Administrative expenses 830,000 705,000 Selling expenses 390,000 342,000 Interest revenue 153,000 143,000 Interest expense 206,000 206,000 Loss on sale of assets of discontinued component 62,000 — On July 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2018, for $62,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/18-9/30/18 2017 Sales $ 430,000 $ 530,000 Cost of goods sold (305,000 ) (338,000 ) Administrative expenses (53,000 ) (43,000 ) Selling…

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