Requlred Information[The following information applies to the questions displayed below.]A company makes the payment of a one-year Insurance premium of $4,248 on March 1, 2019.e. Prepald expenses reflects as an asset for more meaningful net Income amount.True or FalseTrueFalse

Prepaid expense is an asset account. On the date of payment of insurance premium, entire $4,248…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. true or false
1. 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. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
4. A company borrowed $200,000 on January 1, 2019 to pay them on January 1, 2022. On January 1, 2019, the company received an amount equal to $200,000, less interest discounted at an annual rate of 11.5%, which is the market rate. The company closes its books every December 31.a. Prepare the journal entry for the debtor on January 1, 2019.b. Prepare the journal entry on December 31, 2020 related to this debt. 5. Suppose that the company from the previous exercise number 4 received the full sum of $200,000 on January 1, 2019 and agreed to repay the loan by making three annual payments (January 1, 2020, 2021 and 2022) equal to the base at an interest rate of 11.5%.Prepare the journal entry to record the second of the three annual payments.
Which of the following is true about plan assets? Any excess return on plan assets are earned to the benefit of the company Includes qualifying insurance policies None of the statements are correct These are assets held for short-term purpose in the event of employee retirement during the year
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The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post-retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 ₱ 493,900Pension expense for 2021, amount contributed to the plan ₱ 500,000Additional information:The memorandum account balances and other off-books transactions are as follows:Plan asset at fair market value, January 1, 2021 ₱ 3,245,400Accumulated benefit obligation at present value, January 1, 2021 ₱ 2,751,500Payments to retirees at scheduled retirement in 2021 ₱ 350,000Payments to early retirees (settlement price) in 2021 ₱ 300,000Carrying value of accrued benefits of early retirees in 2021 ₱ 220,000Current service cost ₱ 535,000Past service cost recognized in the current year ₱ 275,000Settlement rate 12%Plan asset at fair market value, December 31, 2021 ₱ 3,569,900Accumulated benefit obligation at present value,…
Which of the toliowing types of interest is not taxable in the year it is posted to the taxpayer's account? Select one O a Interest on a savings account OD interest on an investment account Oc Imterest on an IRA O d. interest on ife insurance proceeds remaining with the insurance company
7
INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.
rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.
Problem 5-28 (LO. 4) Blue Corporation, a manufacturing company, decided to develop a new line of merchandise. The project began in 2019. Blue had the following expenses in connection with the project: Salaries Materials Insurance Utilities Cost of inspection of materials for quality control Promotion expenses Advertising Equipment depreciation Cost of market survey + 2019 $500,000 $600,000 90,000 70,000 8,000 11,000 6,000 8,000 7,000 6,000 11,000 18,000 20,000 14,000 0 15,000 8,000 2020 0 The new product will be introduced for sale beginning in July 2021. Determine the amount of the deduction for research and experimen expenditures for 2019, 2020, 2021, and 2022. If necessary, round the annual deduction to the nearest dollar.

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Requlred Information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance premium of $4,248 on March 1, 2019. e. Prepald expenses reflects as an asset for more meaningful net Income amount. True or False True False