1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to?
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1. The total amount remitted to the BIR through the Tax Remittance Advice?
2. How much is the unused Notice of Cash Allocation (NCA) for the quarter?
3. The entry to record the payment of payroll include a credit to?
4. The entry to recognize the payroll includes a?
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- On October 1, 2024, Oberley Corporation loans one of its employees $44,000 and accepts a 12-month, 7% note receivable. Required:Determine the financial statement effects of (a) lending $44,000 cash to an employee, (b) interest on the note as of December 31, 2024, and (c) collecting cash for the note and interest on October 1, 2025.1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December…On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
- On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December 31, 2022. The proceeds of the note were $114,600. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Record the journal entry to show the effects of recording interest expense for the month of September. Record the journal entry to show the effects of repaying the note on December 31, 2022.Agency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.On January 1, MM Company borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90, 164 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction.
- f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts payable. What impact, If any, this payment will have on the answers you calculated for parts e-d (Increase, decrease, or no effect). g. Assume that instead of paying $15,000 of accounts payable on December 31, 2020. Hames collected $15,000 of accounts recelvable. What Impact, If any, this receipt will have on the answers you calculated for parts a-d (Increase, decrease, or no effect).For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $180,000Electricians’ wages 382,000Total $562,000Deductions: FICA taxes $37,847Federal income taxes withheld 160,000State income taxes withheld (3%) 16,860United Fund contributions payable 28,100Health insurance premiums 15,000Total $257,807 Waterway’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $479,000, and gross earnings subject to unemployment taxes total $111,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.The following transactions apply to Walnut Enterprises for 2018, its first year of operations: Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, 2018. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Paid $62,000 cash for other operating expenses during the year. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until 2019. Recognized the accrued interest at December 31, 2018. The following transactions apply to Walnut Enterprises for 2019: Paid the balance of the sales tax due for 2018. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Repaid the principal of the note and applicable interest on April 1, 2019. Paid $102,500 of other operating expenses…
- During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Record the write-off of accounts receivable in 2022 and calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).3. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Record the write-off of accounts receivable in 2022 and calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).5. Agency XYZ collected the following income during the month: Income Taxes - Individual, P510,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Revenue collectedThe following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $34.0 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $10.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. May 1 Paid the 10% note at maturity. December 1 Supported by the credit line, issued $19.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. 1. Record the payment of the 10% note at maturity. 2. Record the issuance of $19.0 million of commercial paper on a nine-month note, supported by the…