INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus. LASCO uses the net method to record sales.
Terms: 3/15, EOM
On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5.
On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales.
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details:
Salaries and wages earned by employees
$ 217,000
Employee income taxes withheld
43,400
Employee government insurance premiums withheld
4,000
FICA payroll taxes*
15,300
*Assessed on both employer and employee (i.e., $15,300 each).
Required:
Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government.
Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government.
Provide a combined journal entry to show the payment of all amounts owed to governmental agencies.Answer the question:Journal 1. Record the payroll for March, including employee deductions.Journal 2. Record the employer's payroll taxes.Journal 3. Record the entry to show the payment of amounts owed to governmental…
Benz Co. incurred research and development costs in 2024 as follows:
Materials used in research and development projects
Equipment acquired that will have alternate future uses in future
research and development projects
Depreciation for 2024 on above equipment
$ 450,000
3,000,000
300,000
750,000
Personnel costs of persons involved in research and
development projects
Consulting fees paid to outsiders for research and development
projects
300,000
Indirect costs reasonably allocable to research and development
projects
225,000
Total $5,025,000
Assume economic viability has not been achieved.
What amount of research and development costs should be charged to Benz's 2024 income
statement? $
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