payable on June 30. Prepare the journal entries to record the prop suming the company adjusts its accounts annually. (Credit account dent manually List all dehit entries hefore credit entries Round answer
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- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxAt the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 20--. They are a monthly depositor with the following monthly tax liabilities for this quarter: July $7,193.10 August 7,000.95 September 7,577.78 The company does not use a third-party designee, the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739), and the date filed is October 31, 20--. Complete Parts 2, 4, and 5 of Form 941 for Cruz Company for the third quarter of 20--.
- Bonita Corporation operates on a calendar year basis. The company is in its first year of operations and received its annual property tax bill on March 31 for $21900. The bill is due May 1. Even though the company records adjusting entries on a monthly basis, no entries related to property taxes have been recorded. The March 31 entry to record property tax should be O debits to prepaid property tax and property tax expense for $16425 and $5475, respectively and credits to property tax payable and cash for $16425 and $5475, respectively. O debit property tax experise $5475 and credit property tax payable $5475. O debit property tax expense $21900 and credit property tax payable $21900. debits to prepaid property tax and property tax expense for $16425 and $5475, respectively and credit to property tax payable for $21900.Real estate tax is levied for the calendar year from Jan 1 to Dec 31 and is payable in the following year (in arrears). The accrued portion is for the period from Jan 1 through the date of closing (the closing-day tax is the seller's responsibility). A sale is to be closed on June 8 using a Banker's Year (360 days, 30 day months) Please use the real estate tax amount of $10,800 to calculate the prorated amount of taxes that would result at closing and how they would be distributed. $6,060 is credited to the seller and debited to the buyer $4,740 is debited to the seller and credited to the buyer $6,060 is debited to the seller and credited to the buyer $4,740 is credited to the seller and debited to the buyerSera Corporation has made and recorded its quarterly income tax payments. After a final review of taxesfor the year, the company identifies an additional $40,000 of income tax expense that should be recorded.A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearendadjusting entry for income tax expense.
- Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130. 1. What is the due date for the deposit of these taxes? 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $fill in the blank 2 b. Penalty for failure to fully pay tax. $fill in the blank 3 c. Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4 d. Total penalty imposed.As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 andSchedule A. Use the following information to complete Form 940 and Schedule A on pages 5-52 to 5-54.The net FUTA tax liability for each quarter of 2019 was as follows: 1st, $97.00; 2nd, $87.00; 3rd, $69.70; and 4th,$59.50.Since the net FUTA tax liability did not exceed $500, the company was not required to make its first deposit ofFUTA taxes until January 31, 2020. Assume that the electronic payment was made on time.a. One of the employees performs all of his duties in another state—Louisiana.b. Total payments made to employees during calendar year 2019:Texas..........................$53,450Louisiana ...................22,150Total ..........................$75,600c. Employer contributions into employees’ 401(k) retirement plan: $1,250.d. Payments made to employees in excess of $7,000: $22,150.e. Form is to be signed by Vernon Scott, Vice President, and dated 1/31/20.f. Phone…Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $3,600 were written off as uncollectible. The company uses the allowance method. 38 Loaned an officer of the company $42,009 and received a note requiring principal and interest at 5% to be paid on March 30, 2022. Hay 30 Discounted the $42,eee note at a local bank. The bank's discount rate is 6%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $31,8ea. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. Aug. 31 Sold stock in a nonpublic company with a book value of $6,900 and accepted a $7,900 noninterest-bearing note with a discount rate of 6%. The $7,980 payment is due on February 28, 2022. The stock has no ready market value. Dec. 31…
- On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year, 5% note. Required: Hide If the company keeps its records on a calendar year, what adjusting entry should Garner make on December 31? Dec. 31 (Record accrual of interest expense)Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.Family Practice Associates has an estimated property tax liability of $7,200 assessed as of January 1, 2019, for the year May 1, 2019, to April 30, 2020. The property tax is paid on September 1, 2019. The property tax becomes a lien against the property on May 1. Required: 1. Prepare the necessary monthly journal entries to record the preceding information for the period from May 1 to September 30, 2019 (assuming actual taxes are the same as estimated). 2. What would be the amount of the liability on December 31, 2019?
