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Sherriane Baby Products' salaries expense was $14.9 million. Required: What is the amount of cash Sherriane...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $39 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount of cash Horton received from customers during the reporting period if its sales were $40 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. Complete this question by entering your answers in the tabs below. Cash Received General Journal What is the amount of cash Horton received from customers during the reporting period...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
Incurred $38 million in income tax expense related to current year profits and paid the entire...
Incurred $38 million in income tax expense related to current year profits and paid the entire amount in cash during the current period. ¡) \ Incurred and paid $1,795 million in selling, general, and administrative expenses during the period. Paid employees $281 million cash in the current period for salaries and wages. Of this $281 million, $13 million relates to prior period employee service and $268 million relates to current period employee service Paid $26 million cash for future advertising...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is 25% 4.5 points What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (l.e., Le., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.) Income from continuing operations...
Required information (The following information applies to the questions displayed below.) Fighting Irish Incorporated pays its...
Required information (The following information applies to the questions displayed below.) Fighting Irish Incorporated pays its employees $3,220 every two weeks ($230/day). The current two-week pay period ends on December 28, 2018, and employees are paid $3,220. The next two week pay period ends on January 11, 2019, and employees are paid $3,220. 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction, select "No journal entry required...
required journal entries: 1. record the declaration of cash dividends. 2. record the entry on the...
required journal entries:
1. record the declaration of cash dividends.
2. record the entry on the date of record.
3. Record the payment of cash dividends.
On March 15, American Eagle declares a quarterly cash dividend of $0.095 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 216 million shares. (If no entry is E required for a particular transaction/event, select "No Journal...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for...
During January, Deluxe Printing pays employee salaries of $.97
million. Withholdings in January are $69,000 for the employee
portion of FICA, $240,000 for federal and state income tax, and
$50,000 for the employee portion of health insurance (payable to
Blue Cross/Blue Shield). The company incurs an additional $48,000
for federal and state unemployment tax and $20,000 for the employer
portion of health insurance.
During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for the...
LaRoe Lawns' inventory increased during the year by $4.2 million. Its accounts payable increased by $5.2 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $39 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Cash Paid General Journal What is...
Horton Housewares' accounts receivable decreased during the year by $5.5 million. Required: What is the amount of cash Horton received from customers during the reporting period if its sales were $40 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. Complete this question by entering your answers in the tabs below. Cash Received General Journal What is the amount of cash Horton received from customers during the reporting period...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $151.40 Cost of goods sold (90.70) Gross margin 60.70 Salaries expense $21.40 Insurance expense 13.40 Depreciation expense 5.70 Interest expense 6.70 (47.20) Gains and losses: Gain on sale of equipment 13.40 Loss on sale of land (4.40) Income before tax 22.50 Income...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
Incurred $38 million in income tax expense related to current year profits and paid the entire amount in cash during the current period. ¡) \ Incurred and paid $1,795 million in selling, general, and administrative expenses during the period. Paid employees $281 million cash in the current period for salaries and wages. Of this $281 million, $13 million relates to prior period employee service and $268 million relates to current period employee service Paid $26 million cash for future advertising...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is 25% 4.5 points What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (l.e., Le., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.) Income from continuing operations...
Required information (The following information applies to the questions displayed below.) Fighting Irish Incorporated pays its employees $3,220 every two weeks ($230/day). The current two-week pay period ends on December 28, 2018, and employees are paid $3,220. The next two week pay period ends on January 11, 2019, and employees are paid $3,220. 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction, select "No journal entry required...
required journal entries:
1. record the declaration of cash dividends.
2. record the entry on the date of record.
3. Record the payment of cash dividends.
On March 15, American Eagle declares a quarterly cash dividend of $0.095 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 216 million shares. (If no entry is E required for a particular transaction/event, select "No Journal...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
During January, Deluxe Printing pays employee salaries of $.97
million. Withholdings in January are $69,000 for the employee
portion of FICA, $240,000 for federal and state income tax, and
$50,000 for the employee portion of health insurance (payable to
Blue Cross/Blue Shield). The company incurs an additional $48,000
for federal and state unemployment tax and $20,000 for the employer
portion of health insurance.
During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for the...
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