The time period assumption assumes that a company prepares its financial statements every month. True False
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The time period assumption assumes that a company prepares its financial statements every month.
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- Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.Which of the following statements is TRUE? a. a customer's postdated check (dated December 28) was received by the company on November shall be recorded as cash item as of the month ended November 30 b. when a customer's postdated check (dated December 28) was received by the company on November, no adjusting entry shall be necessary when reporting for the month then ended November 30 c. a customer's postdated check (dated December 28) was received by the company on November can be included as a cash item as of the year ended December 31 d. a customer's postdated check (dated December 28 was received by the company on November shall not recorded included as cash item for the year ended December 31An aging of a company's accounts receivable indicates that $9700 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $3010 balance, the adjustment to record bad debts for the period will require a(n)
- Do not give answer in imageEe.19.Situation CAIN Corp generally has good control policies and activities related to authorization of transactions for accounting entry, and the accounting manual has instructions for recording sales transactions in the proper accounting period. The company regularly closes the accounting process each Friday at 5pm to prepare weekly management reports. The year-end date (cut-off date) is December 31, and this year, December 31 was a Monday. However, the accounting was performed through Friday as usual, and the accounts were closed for the year on January 4. Paper Trail All the entries were properly dated after December 31, including the sales invoices, cash receipts and shipping documents. However, the trial balance from which the financial statements were prepared was dated December 31. Nobody noticed the slip of a few days because the Friday closing was normal. Amount CAIN reported sales of P672,000 and gross profit of P268,800 over the January 1-4 period. Cash collections on customers'…
- Scenario The accounting manual contains instructions for recording sales transactions in the relevant accounting period, and CAIN Corp has excellent control rules and activities connected to authorisation of transactions for accounting entry. Every Friday at 5 p.m., the corporation shuts the accounting process in order to generate weekly management reports. The year-end date (cut-off date) is December 31, which fell on a Monday this year. The accounting, on the other hand, was completed as normal until Friday, and the accounts were closed for the year on Jan 4.a trail of paper All of the entries, including sales invoices, cash receipts, and shipping papers, were properly dated after December 31. The trial balance used to construct the financial statements, however, was dated December 31. Because the Friday shutdown was usual, no one noticed the lapse of a few days. Amount Over the January 1-4 period, CAIN recorded sales of P672,000 and a gross profit of P268,800. A total of P800,000 in…2.Which of the following statements is valid? a. Net accounts receivable is not affected by a recovery of an account previously written off. b. A three year, non-interest bearing promissory note is initially recorded in the accounts at its face value. c. When individual customers' accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers' accounts in the statement of financial position. d. When the rate stated on a note is greater than the prevailing market rate of interest for similar obligations, the present value of the note at initial recognition is greater than its face value.please help
- 4. You are preparing the monthly bank reconciliation of Core Company for the month ending December 31, 2020. You discovered an erroneous credit to Core's account, representing proceeds of loan granted to another company amounting to P300,000. Prepare the adjusting journal entry.As ABC Corporation's fiscal year end date of December 31 approaches, management is worried that reported earnings will fall short of investors' expectations. Which of the following actions would increase ABC's earnings for the current year? O a. Convince customers to pay outstanding accounts receivable by offering a discount for payments received by December 31. O b. Postpone scheduled year-end maintenance on Acme's machinery until next year. O c. Collect more cash from customers for services that Acme will provide next year. O d. Delay until next year the payment of bonuses that employees have earned this year. 12:00 PM pe here to search 5/5/2021 DELL F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 PrtScr Insert Delete @ # 2$ % & + Backspac 1 3 4 7 8 E R T. Y P. 一 A D F GPAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL