Homework Answers
anual benefits = 1000 * 12 months = 12,000
annual payroll = 150,000
total payroll expenses = = 162,000
pension plan 6% = 9,720
Sarah company must report in :
a) income statment , payroll expenses of 150,000 and benefits of 12,000, pension plan accrual, 9,720
b) balance sheet , wages to pay 7,600, withholding to pay 1,200, benefits to pay 1,000, pasive long term pension plan provision 9,720
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a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries...
Q4. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes...
Q4. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement and year-end...
Q4. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes...
Q4. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement and year-end...
outstanding Style 04. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah...
outstanding Style 04. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement...
04. a) Sarah Corporation has an annual payroll of $150,000. At December 31. Sarah Corporation owes...
04. a) Sarah Corporation has an annual payroll of $150,000. At December 31. Sarah Corporation owes salaries of $7.600 on which employee withholdings payable are 51.200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan. Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement and year-end...
> Β Ι Ο Avl ovl... ... 04. a) Sarah Corporation has an annual payroll of...
> Β Ι Ο Avl ovl... ... 04. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the...
the product is used. 2. Jensen Ltd. has a monthly payroll of $100,000. Income taxes w...
the product is used. 2. Jensen Ltd. has a monthly payroll of $100,000. Income taxes w $29,000. The employee portion of Canada Pension Plan was ithheld $12,500 and of Employment Insurance from employees and will be remitted to Union dues of $1,000 were deducted from the employees' pay the union by Jensen Ltd. The credit to Salaries Payable for the monthly payroll should be: A. $70,000 B. $52,500 C. $48,50o D. $47,500 us issued on November 1. If interest is...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
A company owes employee salaries of $5,000 on December 31 for work completed in the current...
A company owes employee salaries of $5,000 on December 31 for work completed in the current year, but the company doesn't plan to pay those salaries until the following year. What adjusting entry, if any, is needed on December 317 Multiple Choice Debt Salaries Payable for $5,000, Credit Salaries Expense for $5,000. No adjusting entry is needed. Debit Salaries Payable for $5,000 Credit Cash for 55.000 Debit Salaries Expense for $5,000; Credit Solaris Payable for $5,000,
Requirement: Classify Each liability as a current or long term and report the liability and its...
Requirement: Classify Each liability as a current or long term
and report the liability and its amount that would appear on the
prestige golf equipment balance sheet at October 31, 2017.
a. Sales of $5,250,000 are subject to estimated warranty cost of 3%. The estimated warranty payable at the beginning of the year was $38,000, and warranty payments for the year totalled $52,000. b. On October 1, 2017, Prestige signed a $150,000 note that requires annual payments of $30,000 plus...
Q4. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement and year-end...
outstanding Style 04. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement...
04. a) Sarah Corporation has an annual payroll of $150,000. At December 31. Sarah Corporation owes salaries of $7.600 on which employee withholdings payable are 51.200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan. Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the foregoing on its income statement and year-end...
> Β Ι Ο Avl ovl... ... 04. a) Sarah Corporation has an annual payroll of $150,000. At December 31, Sarah Corporation owes salaries of $7,600 on which employee withholdings payable are $1,200 and employee benefits payable by the company are $1,000. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 6% of payroll expense. The company will pay these amounts early next year. Show what Sarah will report for the...
the product is used. 2. Jensen Ltd. has a monthly payroll of $100,000. Income taxes w $29,000. The employee portion of Canada Pension Plan was ithheld $12,500 and of Employment Insurance from employees and will be remitted to Union dues of $1,000 were deducted from the employees' pay the union by Jensen Ltd. The credit to Salaries Payable for the monthly payroll should be: A. $70,000 B. $52,500 C. $48,50o D. $47,500 us issued on November 1. If interest is...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
A company owes employee salaries of $5,000 on December 31 for work completed in the current year, but the company doesn't plan to pay those salaries until the following year. What adjusting entry, if any, is needed on December 317 Multiple Choice Debt Salaries Payable for $5,000, Credit Salaries Expense for $5,000. No adjusting entry is needed. Debit Salaries Payable for $5,000 Credit Cash for 55.000 Debit Salaries Expense for $5,000; Credit Solaris Payable for $5,000,
Requirement: Classify Each liability as a current or long term
and report the liability and its amount that would appear on the
prestige golf equipment balance sheet at October 31, 2017.
a. Sales of $5,250,000 are subject to estimated warranty cost of 3%. The estimated warranty payable at the beginning of the year was $38,000, and warranty payments for the year totalled $52,000. b. On October 1, 2017, Prestige signed a $150,000 note that requires annual payments of $30,000 plus...
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