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pay IU JUPT 5-39 Cash Paid to Employees Northgate Publishers, Inc., reported Wage and Salary Expense...
5-14 A company acquired a fixed asset in exchange for common stock. Explain how this transaction...
5-14 A company acquired a fixed asset in exchange for common stock. Explain how this transaction should be shown, if at all, in the statement of cash flows. Why is your sug- gested treatment appropriate? 100 15.37 Cash Received from Customers Northgate Publishers, Inc., had sales of $900,000 during 20X1, 80% of them on credit and 20% for cash. During the year, accounts receivable increased from $60,000 to $90,000, an increase of $30.000. What amount of cash was received from...
salary expanse and Insurance expense reported on the 2019 accrual based income statement?? thank you!!!! The...
salary expanse and Insurance expense reported on the 2019
accrual based income statement??
thank you!!!!
The Income Statement of Desert Corporation for 2019 included Interest Revenue for $156,000. The Cash Ledger for the company for 2018 showed $199,500 cash paid for salaries, $18,600 cash paid for insurance, and $433,200 cash paid for inventory. The following balances have been excerpted from Desert Corporation's balance sheet: December 31, 2018 December 31, 2019 interest Receivable $18,200 $9,000 Salaries & Wages Payable $17,800 $...
Rice Company's salaried employees are paid twice monthly. Information relating to salaries follows: December 31, 2013...
Rice Company's salaried employees are paid twice monthly. Information relating to salaries follows: December 31, 2013 December 31, 2014 Accrued Salaries Payable $40,000 ? Salary Expense during 2014 420,000 Cash paid for Salaries during 2014 390,000 In Rice's December 31, 2014 balance sheet, the ending balance that should be reported for accrued salaries payable is: A. $10,000 B. $30,000 C. $40,000 D. $70,000
Illustration: Kasten Inc. provides paid vacations to its employees. At December 31, 2019, 30 employees have...
Illustration: Kasten Inc. provides paid vacations to its employees. At December 31, 2019, 30 employees have each earned 2 weeks of vacation time. The employees' average salary is $500 per week. Kasten does not accrue based on future salary rates. Employees can accrue a maximum of 4 weeks vacation after which any additional days earned are lost. Unused vacation days can be carried over to the following year. (a) Prepare Kasten's December 31, 2019, adjusting entry. Salaries and Wages Expense...
Ace Electronics paid $4,000 of the $5,000 its employees had earned during the period. Ace Electronics...
Ace Electronics paid $4,000 of the $5,000 its employees had earned during the period. Ace Electronics should report Salaries and Wages Expense of on the income statement, Salaries and Wages Payable of on the balance sheet, and a reduction in Cash of Multiple Choice $1,000; $1,000; $0 $0; $5,000; $0 $5.000; $1000; $4,000 $4,000: $1,000: $0
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
Ebbert Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by...
Ebbert Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2018 is as follows: 12/31/17 12/31/18 Employee advances $44,000 $ 56,000 Accrued salaries payable 200,000 ? Salaries expense during the year 1,000,000 Salaries paid during the year (gross) 1,050,000 At December 31, 2018, what amount should Ebbert report for accrued salaries payable? Hint: sometimes a T account comes in handy. During 2017,...
Mastering Payroll by federal wage and hour law if cross annual a. $500,000 b. $250,000 c....
Mastering Payroll by federal wage and hour law if cross annual a. $500,000 b. $250,000 c. $362,500 d. $0 began operation prior to April 1, 1990, must abide ons annual sales exceed: ployee who earns $400 per week for a normal 35. The hourly rate for an employee who earns 54 38-hour workweek is: a $10.00 b $10.53 $10.50 d. $9.53 e required to turn unclaimed wages over to the state under 36. Employers are required to turn a. the...
just need income tax expense/payable Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial...
just need income tax expense/payable
Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700...
Use the following information for question 4 & 5. Beard's Bagels has 6 employees who are...
Use the following information for question 4 & 5. Beard's Bagels has 6 employees who are paid $12 per hour. At December 31, 2011, each of Beard's Bagels employees had worked 18 hours which had not been paid or recorded. Prior to adjustments, the company's trial balance showed $85,700 in the wages expense account. 4. If Beard's Bagels makes the appropriate adjusting entry, how much will be reported on the December 31, 2011 income statement as wage expense? A) $85,700...
5-14 A company acquired a fixed asset in exchange for common stock. Explain how this transaction should be shown, if at all, in the statement of cash flows. Why is your sug- gested treatment appropriate? 100 15.37 Cash Received from Customers Northgate Publishers, Inc., had sales of $900,000 during 20X1, 80% of them on credit and 20% for cash. During the year, accounts receivable increased from $60,000 to $90,000, an increase of $30.000. What amount of cash was received from...
salary expanse and Insurance expense reported on the 2019
accrual based income statement??
thank you!!!!
The Income Statement of Desert Corporation for 2019 included Interest Revenue for $156,000. The Cash Ledger for the company for 2018 showed $199,500 cash paid for salaries, $18,600 cash paid for insurance, and $433,200 cash paid for inventory. The following balances have been excerpted from Desert Corporation's balance sheet: December 31, 2018 December 31, 2019 interest Receivable $18,200 $9,000 Salaries & Wages Payable $17,800 $...
Ace Electronics paid $4,000 of the $5,000 its employees had earned during the period. Ace Electronics should report Salaries and Wages Expense of on the income statement, Salaries and Wages Payable of on the balance sheet, and a reduction in Cash of Multiple Choice $1,000; $1,000; $0 $0; $5,000; $0 $5.000; $1000; $4,000 $4,000: $1,000: $0
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
Mastering Payroll by federal wage and hour law if cross annual a. $500,000 b. $250,000 c. $362,500 d. $0 began operation prior to April 1, 1990, must abide ons annual sales exceed: ployee who earns $400 per week for a normal 35. The hourly rate for an employee who earns 54 38-hour workweek is: a $10.00 b $10.53 $10.50 d. $9.53 e required to turn unclaimed wages over to the state under 36. Employers are required to turn a. the...
just need income tax expense/payable
Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700...
Use the following information for question 4 & 5. Beard's Bagels has 6 employees who are paid $12 per hour. At December 31, 2011, each of Beard's Bagels employees had worked 18 hours which had not been paid or recorded. Prior to adjustments, the company's trial balance showed $85,700 in the wages expense account. 4. If Beard's Bagels makes the appropriate adjusting entry, how much will be reported on the December 31, 2011 income statement as wage expense? A) $85,700...
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