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For
the year ended December 31, Lopez Company implements an employee
bonus program based on company...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $48,113. 1. & 2. Prepare the journal entry at December 31 to record the bonus due and January 19 to record payment of the bonus to employees. points View transaction list eBook Journal entry worksheet co Hint < 1 Print Record the bonus due the employees...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000 to be paid during January of the following year. The joumal entry on December 31 to record the bonuses is: Multiple Choice Debit Uneamed Bonuses $968,000, credit Bonus Payable $968,000 Debit Employee Bonus Expense $968,000 credit Bonus Payable $968,000 No entry since the bonuses are not paid until January Debit Estimated Bonus Payable $968,000 credit Cash $968,000 Debit Employee Bonus Expense...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 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 $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
on December 31 2019 the ledger of Lopez company contained the following Knowledge Check 6 Soved...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Crane Company has the following information available for accruals for the year ended December 31, 2020....
Crane Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $430 was unrecorded on December 31. Crane paid the bill on January 11. Crane is open 7 days a week and employees are paid a total of $4,900 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31)...
Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees...
Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees $24,000 in salaries and wages that will be paid on January 7, 2019. Required: 1. Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2019, and an entry to record the payment of salaries and wages on January 7, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,600 on January 1, 2017. During 2017, it purchased $2,300 of supplies. As of December 31, 2017, a supplies inventory shows $950 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
Pharoah Company has the following information available for accruals for the year ended December 31, 2020.
Pharoah Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $525 was unrecorded on December 31. Pharoah paid the bill on January 11. 2. Pharoah is open 7 days a week and employees are paid a total of $4,340 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $48,113. 1. & 2. Prepare the journal entry at December 31 to record the bonus due and January 19 to record payment of the bonus to employees. points View transaction list eBook Journal entry worksheet co Hint < 1 Print Record the bonus due the employees...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000 to be paid during January of the following year. The joumal entry on December 31 to record the bonuses is: Multiple Choice Debit Uneamed Bonuses $968,000, credit Bonus Payable $968,000 Debit Employee Bonus Expense $968,000 credit Bonus Payable $968,000 No entry since the bonuses are not paid until January Debit Estimated Bonus Payable $968,000 credit Cash $968,000 Debit Employee Bonus Expense...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 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 $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Crane Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $430 was unrecorded on December 31. Crane paid the bill on January 11. Crane is open 7 days a week and employees are paid a total of $4,900 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31)...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,600 on January 1, 2017. During 2017, it purchased $2,300 of supplies. As of December 31, 2017, a supplies inventory shows $950 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
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