Record accrual of payroll taxes. E10.7 (LO 1), AP According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68 for FICA taxes $13.77 for federal unemployment taxes, and $92.93 for state unemployment taxes. Instructions Journalize the entry to record payroll taxes. Evaluate statements about bonds. 1 +1 list ate about honde
Q: The Field, Brown & Snow are partners and share income and losses equality. The partner decide to…
A: Partnership means where two or more person comes together to run the business and share profit or…
Q: Eastside Company incurs a total cost of $120,000 in producing 10,000 units of a component needed in…
A: GIVEN Fixed cost is 25% of variable cost Fixed cost = 0.25 variable cost Variable cost + fixed cost…
Q: Question 4 ( The issuer classifies redeemable preference shares as financial liability own equity…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Denzel Corporation is planning to issue bonds with a face value of $750,000 and a coupon rate of 7.5…
A: Bond is a form of finance, Companies and the government issue bonds, Public purchases bonds from the…
Q: Curtiss Construction Company, Incorporated, entered into a fixed-price contract with Axelrod…
A: Revenue is recognized under a construction contract at different stages as agreed in the contract.…
Q: The Montana Company paid for the acquisition of an equipment by signing a $100,000 three year 6%…
A: Year cash flows Pv factor @ 10% Present value a b c d= b x c 1 6000 0.9091 5455 2 6000 0.8264…
Q: Salaries Payable account nad a beginning balance of $ 28,000 on May 1. During the month of May…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Brandin Grocers gives one loyalty point to its customers for every dollar spent in the store. The…
A: The sales revenue is the amount that is received by the company from the sales. The sales revenue is…
Q: If the standard to produce a given amount of product is 600 direct labour hours at £15 and the…
A: Labor rate variance: Labor Rate Variance is the difference between what the actual labor rate per…
Q: Four of my friends each have a business. I purchase their businesses from them. Three of my friends…
A: You purchase the business of your Four Friends Three of your Friend Owed a Debt of 150 each Debt…
Q: How much has accumulated in Hardaway’s deferred compensation account? How much will Hardaway be able…
A: The concept of time value of money will be used here. The amount of $8,000 deposited each year for…
Q: Whispering Company owns a 7,000-acre tract of timber purchased in 2006 at a cost of $1,417 per acre.…
A: The portion of a fixed asset that is considered to have been used up in the current period is…
Q: Assume that upon graduation you make$63,500per year. What are the legally required costs for Social…
A: The Old Age, Survivors, and Disability Insurance (OASDI) program The Old Age, Survivors, and…
Q: From the following information you are required to prepare Statement of Activity and Statement of…
A: Non-profit organization are the one that does not only work for the sole purpose of earning profit.…
Q: PROBLEM #3: TREND ANALYSIS (CHAPTER 10) Twins Farm is in the process of applying for a USDA/FSA Farm…
A: Trend Analysis - Trend analysis is a technique to calculate comparison for change in the current…
Q: Calculate Sam’s gross pay (he is entitled to time-and-a-half for overtime hours worked. Monday 9 1/4…
A: The sum of an employee's paycheck that is left over after payroll deductions such as taxes,…
Q: 222- Evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is…
A: Credit for Elderly or the Permanently and totally disabled For availing the credit for elderly or…
Q: What is the correct answer to question 1 and 2? Provide solution.
A: Computation of net realisable value Selling price - estimated selling cost For X 2,000,000 - 600,000…
Q: What is the annual depreciation? What is the book value after 6 years? What is the total…
A: Particulars Amount (P) Cost of equipment 500000 Installation cost 60000 Other Cost 40000…
Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…
A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…
Q: Evaluate in terms of the framework, why it is appropriate to capitalize borrowing costs under…
A: Borrowing prices are interest-associated alternative costs that an entity incurs in reference to…
Q: Why are receivables and revenue ripe areas for abuse or outright fraud? Income tax rules have been…
A: Receivables and revenue are ripe areas for abuse or outright fraud as no real event such as actual…
Q: In the month of July, a convenience store had total sales of $118,000 from its gas pumps and other…
A: The HST stands for the Harmonized Sales Tax. The HST is a type of HST that is charged in some…
Q: Equipment that Kevin used in his business was completely destroyed in a fire. At the time of the…
A: Casualty Loss : A casualty loss is damage, destruction, or property loss resulting from one of these…
Q: Caltex Products plc manufactures electric mini-lawnmowers. Its sales and costs’ budget for November…
A: 1) Budget Statement for Caltex for November Sales (3,000 units x 72) 216,000 Cost of…
Q: a. Determine the total costs and the total cost amount per unit for the production and sale of 1,000…
A: Total cost means the overall cost of production, which includes both fixed and variable components…
Q: A company manufactures one product, the JB3. Budgeted fixed overhead per unit is £1 and budgeted…
A: Fixed overhead expenditure variance =Budgeted fixed overhead- Actual fixed overhead Fixed overhead…
Q: Delray Company reports the following components of stockholders' equity on January 1. Common…
A: A journal entry is a record of a business's financial transactions kept in its accounting books. An…
Q: Suppose I have two items in my inventory and I use FIFO to value it. I start to buy a new item and…
A: FIFO is also written as first in first out and LIFO is also written as last in first out. These are…
Q: The controller of Wildhorse Corp. has provided you with the following information relating to its…
A: As per Generally Accepted Accounting Principles (GAAP), inventory is measured at lower of cost or…
Q: Prepare entry for bonds issued. BE10.8 (LO 3), AP Bridle Inc. issues $300,000, 10-year, 8% bonds at…
A: Introduction: When bonds are sold at a price lower than its face value then such bonds are issued at…
Q: ake (27) and Nicole (26) Graham are married and filing a joint return. Jake was employed full-time…
A: If an individual or his/her spouse or dependent is pursuing any eligible degree then such an…
Q: Required 1 Required 2 Required 3 Compute depreciation for the first year under units-of-production.…
A: Depreciation assists firms in recouping the cost of an item at the time it was purchased. Businesses…
Q: Salaries Payable account nad a beginning balance of $ 28,000 on May 1. During the month of May…
A: The salary payable is the current liability for the business. It is the amount of salary expense…
Q: Sports Highlights Ltd. is a publisher of a professional sports magazine. The company reported the…
A: Reconciliation of Accounting income to taxable income for 2022: Particulars Amount ($) Amount($)…
Q: On April 1 of the current year, a company purchased and placed in service a machine with a cost of…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: The records of Family Manufacturing show the following information: Estimated manufacturing overhead…
A: Lets understand the basics. If applied overhead is more than the actual overhead then overhead known…
Q: Carla Vista Company issues a 8%, 7-year mortgage note on January 1, 2022, to obtain financing for…
A: Notes payable are the accounts that a lender offers to a corporation to retain in order to pay back…
Q: Which of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of…
A: Introduction:- Off-balance sheet refer to activities that are effectively assets or liabilities of…
Q: 2. Bandura, LLC, a Boston-based engineering firm, has cash flows for operating activities of…
A: Free Cash Flow - Free Cash Flow is calculated by deducting Capital Expenditure from the Cash Flow…
Q: LaTanya Corporation is planning to issue bonds with a face value of $104,000 and a coupon rate of 6…
A: Given Coupon rate : 6% Face value : $104000 Computation of coupon Interest $104000 * 6% $6240…
Q: Selected unadjusted balances and adjusting entry information of Sutherland Insurance Agency at…
A: Salaries expenses shall be debited for $ 2000 Salaries payable shall be credited for $ 2000
Q: The following information is provided for each Investment Center. Investment Center Cameras Phones…
A: Return on investment is used for finding out how efficiently the investment was put to use. The…
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: Answer:- Balance sheet meaning:- A balance sheet is one of the most important financial statement…
Q: Murray Company reports net income of $851,000 for the year. It has no preferred stock, and its…
A: Earnings per share shown the per share amount earned by each common stockholders from the profits of…
Q: Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process…
A: Cost of goods sold is the cost of production making of the goods sold in the market. It includes the…
Q: Pope Company manufacture a variety of hiking boots and has received a special one-time only order…
A: Special Order For one-time order, only variable manufacturing expenses are relevant cost, fixed…
Q: Determining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its…
A: Statement of Cash flows includes: Cash flows from operating activities Cash flows from investing…
Q: 4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the appropriate journal entries to…
A: Particulars Calculation Amount ($) Million Amortiation of Prior service cost 4 Service…
Q: Outlines TWO advantages and TWO disadvantages of both variable (marginal) AND absorption costing…
A: Variable Costing:- SOLUTION:- Variable costs are costs that change as the quantity of the good or…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos). QUESTION 9 On the first day of the fiscal year, a company issues a $828,000, 12%, 10-year bond that pays semiannual interest of $49,680, receiving cash of $869,400. Journalize the entry for the first interest payment and amortiation of premium using the straight-line method and the chart of accounts below. Bonds Payable Cash Discount on Bonds Payable Interest Revenue Gain on Redemption of Bonds Interest Expense Interest Payable Loss on Redemption of Bonds Premiun on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos). Click Save and Submit to save and submit. Click…10. Sullivan Corporation includes the following selected accounts in its general ledger at December 31, 2025: Viewthe selected accounts. "Notes Payable (long - term) $65, 000 Bonds Payable (long - term)S 195, 000 Accounts Payable$ 19,600 Salaries Payable $ 1,840 Interest Payable (due next year) $ 740 Sales Tax Payable $ 680 Premium on BondsPayable $ 5,600 Estimated Warranty Payable S 1,000 Prepare the liabilities section of Sullivan Corporation's balancesheet at December 31, 2025.Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 6% $ 6,590 133,100 480,000 120-day note payable, 5% Unearned revenues Warranty expense $ 93,000 309,000 7,700 Additional information: a. $12,100 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $139,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $153,000 given similar cases in the industry. c. During December, Mackenzie had sales of $723,000. 6% of sales typically require warranty work equal to 15% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,800 of the Unearned Revenues remain unearned at…
- Preparing a Debt Disclosure As of December 31 of Year 1, Dole Company's long-term debt consisted of the following: • $114,300-Unsecured note payable to bank due Year 2. • $405,000 -Unsecured note payable to bank due Year 4. • $540,000 --Unsecured note payable to bank due Year 6. • $81,000-Secured mortgage payable to bank due in equal installments in Year 2 through Year 6. . • $144,000-Secured note payable to bank due in Year 7. Prepare the required financial statement disclosure at December 31 of Year 1, indicating the amounts due in each of the next five years and thereafter. Note Payable Year 3 Year 4 Year 5 Year 6 Year 2 114,300 $ 0 ✓ 0✔ 40,500 * 0 ✓ 154,800 $ Total $114,300 $ 405,000 540,000 81,000 144,000 $ 0✔ $ 0✔ 0✔ 0 x 0✔ 0 $ 0✔ $ 405,000 ✓ 0 ✓ 0 x 0 ✓ 405,000 $ 0✔ $ 0✔ 0 ✓ 0 x 0 ✓ 0 $ 0✔ $ 0✔ 540,000 ✓ 40,500 x 0 ✓ 580,500 $ Thereafter 0✓ 0✔ 0 ✓ 0 ✓ 144,000 ✓ 144,0006. On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds? DR DR/CR ? CR What is the journal entry to record the first interest payment? (Note: Do notconsider the premium or discount.) DR CRMackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are selected unadjusted account balances: Estimated warranty liability Income tax expense $ 6,510 120 day note payable, 5% Unearned revenues S 85, 000 301,000 6,900 124, 300 Mortgage payable, 6% 456,000 Narranty expense Additional information: a. $11.300 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $131,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $145,000 given similar cases in the industry. c. During December, Mackenzie had sales of $715,000. 4% of sales typically require warranty work equal to 25% of the sales amount d. Mortgage payments are made on the first day of each month. e. $112,000 of the Unearned Revenues remain unearned at…
- 1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset.Help meOn Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500. The bonds had a stated rate of 5% and paid interest semiannually. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds? DR DR/CR ? CR What is the journal entry to record the first interest payment? (Note: Do not consider the premium or discount.) DR CR
- On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $1,060 for $99,400. The bonds had a stated rate of 5% and paid interest semiannually. What is the journal entry to record the first payment to the bondholders? If an amount box does not require an entry, leave it blank. Jun. 30 Interest Expense Interest Expense Cash CashPrepare entries for interest-bearing notes. E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Instructions Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. Prepare entries for interest-bearing notes.DALLAS Corp. is preparing the December 31, 2020, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,490 120-day note payable, 3% $ 83,000 Income tax expense 122,100 Unearned revenues 299,000 Mortgage payable, 4% 450,000 Warranty expense 6,700 Additional information: a. $11,100 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $129,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $143,000 given similar cases in the industry. c. During December, DALLAS had sales of $713,000. 4% of sales typically require warranty work equal to 20% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $111,800 of the Unearned Revenues remain unearned at December…