Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th

13th Edition

ISBN: 9781305781429

Author: Carl Warren, James M. Reeve, Jonathan Duchac

Publisher: Cengage Learning

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Textbook Question

Chapter 10, Problem 10.5BPR

Payroll accounts and year-end entries

The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:

Chapter 10, Problem 10.5BPR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example 1

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:

Chapter 10, Problem 10.5BPR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example 2

Chapter 10, Problem 10.5BPR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example 3

Chapter 10, Problem 10.5BPR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example 4

Instructions

1. Journalize the transactions.

2. Journalize the following adjusting entries on December 31:

A. Salaries accrued: sales salaries, $4,275; officers salaries, $2,175; office salaries, $825. The payroll taxes are immaterial and are not accrued.

B. Vacation pay, $13,350.

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Chapter 10, Problem 10.4BPR

Chapter 10, Problem 1CPP

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Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

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Chapter 10 Solutions

Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th

Ch. 10 - Does a discounted note payable provide credit...Ch. 10 - Employees are subject to taxes withheld from their...Ch. 10 - Prob. 3DQ Ch. 10 - Prob. 4DQ Ch. 10 - Prob. 5DQ Ch. 10 - Prob. 6DQ Ch. 10 - To match revenues and expenses properly, should...Ch. 10 - Prob. 8DQ Ch. 10 - When should the liability associated with a...Ch. 10 - Prob. 10DQ

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Solution Summary: The author explains that payroll is the total payment that a company is required to pay to its employee for the services received.

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