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Questions 15-16. DIRECTIONS: Answer Questions 15 through 16 based on the following. The Victory Corporation provides...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was listed as a total of $27,600 for the month of June 2018. Withholding taxes were determined to be $7,250 for Income taxes and $1,170 for FICA taxes with held from employees. Payroll deductions for employee pension fund contribution amounted to $2,500. Assume the employer's FICA tax share is equal to the employees' and that the employer's share of pension costs is double that of...
Questions 17-18 DIRECTIONS: Answer Questions 17 through 18 based on the information below. A contract has...
Questions 17-18 DIRECTIONS: Answer Questions 17 through 18 based on the information below. A contract has been awarded to the low bidder. This contractor will then commence con struction of a building for the total contract price of $30,000,000. The expected cost of con struction is $27,510,000. You are given the additional facts: 2016 2017 2018 Contract Price as above $ 30,000,000 $30,000,000 $30,000,000 $ 9,170,000 Actual Cost to date $13,755,000 $27,510,000 Estimated Cost to complete 18.340,000 13.755.000 Estimated Total...
13 & 14 pls 15&16* Use the following information to answer questions 15 and 16: Total...
13 & 14 pls
15&16*
Use the following information to answer questions 15 and 16: Total Recall Company's operational data are below - Sales are budgeted at $260,000 for November, $240.000 for December, and $210,000 for January. A sales are credit sales. Collections are expected to be 80% in the month of sale. 19% in the month following the sale, and 1 uncollectible - The cost of goods sold is 65% of sales. The company desires to have an endine...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
Jackson Corporation prepared the following book income statement for its year ended December 31, 2017: Computations for...
Jackson Corporation prepared the following book income statement for its year ended December 31, 2017: Computations for Problem C:3-64 Sales $950,000 Minus: Cost of goods sold (450,000) Gross profit $500,000 Plus: Dividends received on Invest Corporation stock $3,000 Gain on sale of Invest Corporation stock 30,000 Total dividends and gain 33,000 Minus: Depreciation ($7,500+$52,000) $59,500 Bad debt expense 22,000 Other operating expenses 105,500 Loss on sale of Equipment 1 70,000 Total expenses and loss (257,000) Net income per books before...
Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by...
Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by your instructor, indicate your choice in the Answers column by writing “T” for a true answer or “F” for a false answer. (1 point for each correct answer) For Answers Scoring 1. A child working for his father’s corporation is not exempt from coverage under FICA................. 1. 2. Under FICA, each partner in a partnership is defined as an employee of that organization............ 2....
Answer questions above 16-1 Balance Sheet and Income Statement The Wrangle Company had the following items...
Answer questions above
16-1 Balance Sheet and Income Statement The Wrangle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding Cash and equivalents $ 56,000 Revenues 699,000 Notes payable 45,000 Long-term debt, excluding current portion 199,000 Accounts receivable, net 48,000 Provision for income taxes 62,000 Other long-term assets 105,000 Total Shareholder Equity Interest expense 62,000 Deferred income tax liability-long-term 47,000 Retained earnings 201,000 Income taxes...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then. 15. $__ After the adjusting entry has been recorded on December 31s, determine the amount of advertising expense for the year ended December 31* 16. $_ After the...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December in and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 31 16. S After the...
[The following information applies to the questions displayed below.] Manning Corporation is considering a new project...
[The following information applies to the questions displayed below.] Manning Corporation is considering a new project requiring a $90,000 investment in test equipment with no salvage value. The project would produce $73,500 of pretax income before depreciation at the end of each of the next six years. The company's income tax rate is 32%. In compiling its tax return and computing its income tax payments, the company can choose between the two alternative depreciation schedules shown in the table. (FV...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was listed as a total of $27,600 for the month of June 2018. Withholding taxes were determined to be $7,250 for Income taxes and $1,170 for FICA taxes with held from employees. Payroll deductions for employee pension fund contribution amounted to $2,500. Assume the employer's FICA tax share is equal to the employees' and that the employer's share of pension costs is double that of...
Questions 17-18 DIRECTIONS: Answer Questions 17 through 18 based on the information below. A contract has been awarded to the low bidder. This contractor will then commence con struction of a building for the total contract price of $30,000,000. The expected cost of con struction is $27,510,000. You are given the additional facts: 2016 2017 2018 Contract Price as above $ 30,000,000 $30,000,000 $30,000,000 $ 9,170,000 Actual Cost to date $13,755,000 $27,510,000 Estimated Cost to complete 18.340,000 13.755.000 Estimated Total...
13 & 14 pls
15&16*
Use the following information to answer questions 15 and 16: Total Recall Company's operational data are below - Sales are budgeted at $260,000 for November, $240.000 for December, and $210,000 for January. A sales are credit sales. Collections are expected to be 80% in the month of sale. 19% in the month following the sale, and 1 uncollectible - The cost of goods sold is 65% of sales. The company desires to have an endine...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
Answer questions above
16-1 Balance Sheet and Income Statement The Wrangle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding Cash and equivalents $ 56,000 Revenues 699,000 Notes payable 45,000 Long-term debt, excluding current portion 199,000 Accounts receivable, net 48,000 Provision for income taxes 62,000 Other long-term assets 105,000 Total Shareholder Equity Interest expense 62,000 Deferred income tax liability-long-term 47,000 Retained earnings 201,000 Income taxes...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then. 15. $__ After the adjusting entry has been recorded on December 31s, determine the amount of advertising expense for the year ended December 31* 16. $_ After the...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December in and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 31 16. S After the...
[The following information applies to the questions displayed below.] Manning Corporation is considering a new project requiring a $90,000 investment in test equipment with no salvage value. The project would produce $73,500 of pretax income before depreciation at the end of each of the next six years. The company's income tax rate is 32%. In compiling its tax return and computing its income tax payments, the company can choose between the two alternative depreciation schedules shown in the table. (FV...
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