Mayaguez Corpration provides its officers with bonuses based on the net income. For 2017, the bonus...
Mayaguez Corpration provides its officers with bonuses based on the net income. For 2017, the bonus es total $350,000 and are paid on Feb 15, 2018. Prepare Mayaguez's December 31, 2017, adjusting entry and the Feb 15, 2018 ,entry.
Homework Answers
| Journal Entries | ||||
| Date | Account Title | Debit | Credit | |
| Dec.31,2017 | Salaries Expenses | $350,000 | ||
| Bonus Payable | $350,000 | |||
| (recording of bonuses payable for the year) | ||||
| Feb.15,2018 | Bonus Payable | $350,000 | ||
| Cash | $350,000 | |||
| (recording of bonus payment for last year) | ||||
Add Answer to:
Mayaguez Corpration provides its officers with bonuses based on the net income. For 2017, the bonus...
Martinez Corporation provides its officers with bonuses based on net income. For 2020, the bonuses total...
Martinez Corporation provides its officers with bonuses based on net income. For 2020, the bonuses total $346,500 and are paid on February 15, 2021. Prepare Martinez’s December 31, 2020, adjusting entry and the February 15, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date...
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...
Symbols Inc. provides executives and employees with an annual bonus based on performance. The bonus pool (total...
Symbols Inc. provides executives and employees with an annual bonus based on performance. The bonus pool (total bonuses) is estimated at $15,000,000, if the company achieves target performance goals. The bonus pool changes based on performance and can vary from 50% to 150% of the target bonus pool. Prepare the journal entries for March 31, June 30, September 30 and December 31 based on the estimated performance achievement. March 31st- 100% June 30th- 70% September 30th- 65% December 31st - 60%
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus...
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia Fashions has an incentive compensation plan...
Saved 50 points Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for...
Saved 50 points Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,700 42,999 14,609 18,700 138,000 264,000 120,000 120,000 eBook Hint Required: On the basis of the data given, prepare a statement of stockholders' equity for 2018. Print References PLUMMER STONEWORK CORPORATION Statement of Stockholders'...
journal Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded wit...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 As of December 31, Bayer, Inc., agrees to provide a bonus of $50,000 to its employees to be equally shared by all). The bonus will be paid in January. Prepare the December 31 adjusting entry for Bayer by selecting the account names from the drop-down menus and...
Brief Exercise 13-7 Pharoah Inc. provides paid vacations to its employees. At December 31, 2017, 43...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Problem 13-5 Bonus compensation; algebra (LO13-3] Sometimes compensation packages include bonuses designed to provide performance incentives...
Problem 13-5 Bonus compensation; algebra (LO13-3] Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia...
Yarman Inc. began business on January 1, 2017. Its pretax financial income for the first 2...
Yarman Inc. began business on January 1, 2017. Its pretax financial income for the first 2 years was as follows: 2007 240,000 2008 560,000 The following items caused the only differences between pretax financial income and taxable income. 1. In 2017, the company collected 180,000 of rent; of this amount, 60,000 was earned in 2017; the other 120,000 will be earned equally over the 2018-2019 period. The full 180,000 was included in taxable income in 2017. 2. The company pays...
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus...
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia Fashions has an incentive compensation plan...
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...
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia Fashions has an incentive compensation plan...
Saved 50 points Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,700 42,999 14,609 18,700 138,000 264,000 120,000 120,000 eBook Hint Required: On the basis of the data given, prepare a statement of stockholders' equity for 2018. Print References PLUMMER STONEWORK CORPORATION Statement of Stockholders'...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 As of December 31, Bayer, Inc., agrees to provide a bonus of $50,000 to its employees to be equally shared by all). The bonus will be paid in January. Prepare the December 31 adjusting entry for Bayer by selecting the account names from the drop-down menus and...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Problem 13-5 Bonus compensation; algebra (LO13-3] Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia...
Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia Fashions has an incentive compensation plan...
Most questions answered within 3 hours.
-
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 37 seconds from now -
The specific radiocarbon activity of a sample of wood is 6.25
gms dpm/gm of carbon. The...
asked 2 minutes ago -
An aqueous magnesium chloride solution is made by dissolving
6.96 moles of MgCl2 in sufficient water...
asked 5 minutes ago -
Ken believes the average age of men who come to get a haircut at
his barber...
asked 27 minutes ago -
(Ratio Analysis): Last year Co. XYZ had sales of $ 400,000, with
“cost of goods sold”...
asked 35 minutes ago -
can someone please write the balanced chemical
equation for the synthesis of Bromoacetanilide
from;
aniline +...
asked 31 minutes ago -
1. If a corporation purchases land and building and subsequently
tears down the building and uses...
asked 43 minutes ago -
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 46 minutes ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 52 minutes ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 55 minutes ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 59 minutes ago -
software engineering
Problems.
Create a use case diagram for class registration for a
university.
Create a...
asked 59 minutes ago