FileEditView History Bookmarks Window Helpecto.mheducation.com...2 HomeworkSavedHelpSave & ExitSubmitCheck my workbalance sheets and income statement are presented below, along with additional information.Current Year Previous YearBalance Sheet at December 31CashAccounts ReceivableEquipnentAccumulated Depreciation-Equipnent$ 13,6802,68013,200(3,220)$ 26,260$ 1,2001,8803,20012,0008,780$ 26,260$ 8,5803,70012,800(2,700)$ 21,5ee$ 2,2001,6001,00012,0004, 780$ 21,500Total AssetsAccounts PayableSalaries and Wages PayableNotes Payable (Tong-term)Connon StockRetained EarningsTotal LiabiLities and Stockholders' EquityIncome StatementService RevenueSalaries and Wages ExpenseDepreciation ExpenseIncone Tax Exреnse$. 75,80069,0005202, 200$ 4,080Net IncomeAdditional Data:a. Bought new golf clubs using cash, $1,200.b. Borrowed $2,200 cash from the bank during the year.c Accounts Payable includes only purchases of services made on credit for operating purposes. Becausethere are no liability accounts relating to income tax, aysume that Income Tax Expense was fully paid incash.Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)< Prev6 of 6Next6.stv ezto.mheducation.comHomework iSavedHelpSaveSOFT TOUCH COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:Adjustments to Reconcile Net Income to Net Cash Providedby Operating Activities:Changes in Current Assets and Current LiabilitiesCash Flows from Investing Activities:Cash Flows from Financing Activities:Prev6 of 6Next>6.

The cash flow statement is prepared to record the cash flow from various activities during the…

work O Seved Help Save & Exit Submit Check my work alance sheets and income statement are presented below, along with additional information. Current Year Previous Year Belance Sheet at Decenber 31 $ 13,688 2,680 13,200 (3,220) $ 26,260 $ 1,280 1,880 3,200 12,e00 8,780 $ 26,260 $ 8,580 3,700 12,800 (2,700) $ 21,5e0 Cash Accounts Receivable Equipnent Accumulated Depreciation-Equipnent Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-tern) Connon Stock Retained Earnings $ 2,280 1,680 1,e00 12, 800 4,700 $ 21,500 Total Liabilities and Stockholders' Equity Incone Statement Service Revenue Salaries and Wages Expense Depreciation Expense Incone Tax Expense Net Income $ 75,880 69, eee 520 2,200 $ 4,080 Additional Data: e Bought new golf clubs using cash, $1,200. - Borrowed $2,200 cash from the bank during the year. Because

work O Seved Help Save & Exit Submit Check my work alance sheets and income statement are presented below, along with additional information. Current Year Previous Year Belance Sheet at Decenber 31 $ 13,688 2,680 13,200 (3,220) $ 26,260 $ 1,280 1,880 3,200 12,e00 8,780 $ 26,260 $ 8,580 3,700 12,800 (2,700) $ 21,5e0 Cash Accounts Receivable Equipnent Accumulated Depreciation-Equipnent Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-tern) Connon Stock Retained Earnings $ 2,280 1,680 1,e00 12, 800 4,700 $ 21,500 Total Liabilities and Stockholders' Equity Incone Statement Service Revenue Salaries and Wages Expense Depreciation Expense Incone Tax Expense Net Income $ 75,880 69, eee 520 2,200 $ 4,080 Additional Data: e Bought new golf clubs using cash, $1,200. - Borrowed $2,200 cash from the bank during the year. Because

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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Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
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DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
eBook Chart of Accounts Payroll Register General Journal Instructions NO. OI Mallal TOLAI HOUIS TOlal Eamings Name Allowances Status Worked Feb. 9-15 Rate Jan. 1-Feb. 8 Barone, William 40 $14.00 $3,360.00 Hastings, Gene 4 M 45 15.00 3,870.00 Nitobe, Isako 3) 46 12.00 3,168.00 Smith, Judy M. 42 13.00 3,276.00 2. Tarshis, Dolores S. 39 14.50 3,480.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%, Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Hastings and Smith have $35 withheld and Nitobe and Tarshis have $15 withheld for health insurance. Nitobe and Tarshis have $25 withheld to be invested in the bakers' credit union. Hastings has $18.75 withheld and Smith has $43.75 withheld under a savings bond purchase plan. Karen's Cupcakes' payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with No. 365. Required: 1. Prepare a…
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Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $52,140, and the Purchasing Department had expenses of $23,760 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Government Residential Commercial Contract Sales $497,000 $658,000 $1,511,000 Number of em ployees: Weekly payroll (52 weeks per year) 135 85 90 Monthly payroll 32 43 30 Number of purchase requisitions per year 2,300 1,600 1,500 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Government Residential Commercial Total Contract Number of payroll checks: Weekly payroll…
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Please complete the payrolll register. Note: this payroll register is partially done please complete the missing boxes with the right answers.
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PAGE 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