Homework Answers
Accrued interest on notes payable is includes Debit to Interest expense and credit to Interest payable.
Answer is Option B)
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I un d els al answer to the rest 3) The journal entry for accrued interest...
The adjusting entry for the accrued interest on a one-year note payable includes:
The adjusting entry for the accrued interest on a one-year note payable includes: debit Interest Receivable; credit Interest Expense. debit Interest Expense; credit Interest Payable. debit Interest Receivable; credit Interest Revenue. debit Interest Expense; credit Interest Receivable. debit Interest Payable; credit Interest Revenue.
gased on the following data for the current year, what is the acounts receivable turnover? Sales...
gased on the following data for the current year, what is the acounts receivable turnover? Sales on account during year Cost of merchandise sold during year Accounts receivable, beginning of year Accounts receivable, end of year Inventory, beginning of year Inventory, end of year $584,000 300,000 45,000 35,000 90,000 110,000 a) 7.3 b) 2.5 c) 25 d) 14.6 41) Current liabilities are a) Due and receivable within one year b) Due, but not payable for more than one year c)...
The journal entry to record the payroll for a period will include a credit to Salaries...
The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross a) pay less taxes payable. b) amount of all paychecks issued. Oc) amount less all payroll deductions. d) pay less voluntary deductions.
• Please post this Payroll journal entry: Total Payroll for week ending 7/1/2015 is as follows:...
• Please post this Payroll journal entry: Total Payroll for week ending 7/1/2015 is as follows: Gross Payroll $100,000.00. The employer withholds the following: Federal Taxes Payable: $15,000 State Taxes Payable: $5,000 FCIA Taxes Payable: $ 7,650 After withholding the employee's net pay was $72,350.00. Please post the entries: Debit Credit Salaries expense: Federal Taxes Payable State Taxes Payable FICA Taxes Payable Cash Payroll Tax Entry: To continue assume that state unemployment taxes are $1,500.00 and Federal unemployment taxes are...
Exercise Al-7 Payroll journal entry LO2 Paradise Hills Berry Farm has 27 employees who are paid...
Exercise Al-7 Payroll journal entry LO2 Paradise Hills Berry Farm has 27 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2015. Gross Pay 84,950.00 El Premium 1,597.00 Income Taxes 11.717.00 CPP 4,025.11 Medical Ins. 1.625.00 United Way 1,794.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (If no entry is required for a transaction/event, select "No journal entry required in the first...
The journal entry to pay off a 6 month note payable issued on October 1, 2019,...
The journal entry to pay off a 6 month note payable issued on October 1, 2019, where the correct adjusting journal entry was recorded on December 31, and due on April 1, 2020 would include a: A. Credit to notes payable B. Debit to interest payable C. Credit to interest expense D. Debit to cash
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes...
I have answered majority of the questions (please correct me if I am wrong) but I...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
Financial accounting The adjusting entry to record interest owed on obligations at the end of the...
Financial accounting
The adjusting entry to record interest owed on obligations at the end of the accounting period includes a debit to Click the answer you think is right. Interest Payable and credit to Interest Expense Interest Expense and credit to Interest Payable Interest Revenue and credit to Interest Receivable Interest Receivable and credit to Interest Revenue Interest Expense and credit to Notes Payable After the adjustments have been completed, the adjusted balance in the Interest Payable account represents Click...
in al More Info For all payroll calculations, use the following tax rates and round amounts...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
gased on the following data for the current year, what is the acounts receivable turnover? Sales on account during year Cost of merchandise sold during year Accounts receivable, beginning of year Accounts receivable, end of year Inventory, beginning of year Inventory, end of year $584,000 300,000 45,000 35,000 90,000 110,000 a) 7.3 b) 2.5 c) 25 d) 14.6 41) Current liabilities are a) Due and receivable within one year b) Due, but not payable for more than one year c)...
The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross a) pay less taxes payable. b) amount of all paychecks issued. Oc) amount less all payroll deductions. d) pay less voluntary deductions.
• Please post this Payroll journal entry: Total Payroll for week ending 7/1/2015 is as follows: Gross Payroll $100,000.00. The employer withholds the following: Federal Taxes Payable: $15,000 State Taxes Payable: $5,000 FCIA Taxes Payable: $ 7,650 After withholding the employee's net pay was $72,350.00. Please post the entries: Debit Credit Salaries expense: Federal Taxes Payable State Taxes Payable FICA Taxes Payable Cash Payroll Tax Entry: To continue assume that state unemployment taxes are $1,500.00 and Federal unemployment taxes are...
Exercise Al-7 Payroll journal entry LO2 Paradise Hills Berry Farm has 27 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2015. Gross Pay 84,950.00 El Premium 1,597.00 Income Taxes 11.717.00 CPP 4,025.11 Medical Ins. 1.625.00 United Way 1,794.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (If no entry is required for a transaction/event, select "No journal entry required in the first...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
Financial accounting
The adjusting entry to record interest owed on obligations at the end of the accounting period includes a debit to Click the answer you think is right. Interest Payable and credit to Interest Expense Interest Expense and credit to Interest Payable Interest Revenue and credit to Interest Receivable Interest Receivable and credit to Interest Revenue Interest Expense and credit to Notes Payable After the adjustments have been completed, the adjusted balance in the Interest Payable account represents Click...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
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