Current Liabilities
Record the JE at year end to accrue interest for the below note: $7,000 2% 60 day note established on December 1st.
Interest Expense 11.50
Interest Payable 11.50
Calculate gross pay if the straight time wage was $15 per hour and the overtime pay is time and a half. You worked 42 hours this week.
ST: 600 (15*40)
OT: 45 (22.50*2)
Gross Pay: $645
What Are People With Alektorophobia Afraid Of?
Chickens
Our company estimates that our 4 year guaranteed trampolines will have warranty costs of 4% of sales. Assume our sales were $550,000 this year. We received cash for 20% of the sales, and the rest were on account. Our warranty payments totaled $11,000 this year. Journalize the payment of warranties.
Estimated Warranty Payable 11,000
Cash 11,000
How should I report the below contingency?
We received notice that we are being sued. We believe this lawsuit is of little importance and will not go through successfully.
Do not disclose
What is the JE for paying off a sales tax liability of $5,423?
Sales Tax Payable 5,423
Cash 5,423
Netball, water polo, and Olympic rugby are all played with how many players per team?
7
What are the percentages for the SUTA and FUTA taxes?
SUTA: 5.4%
FUTA: 0.6%
Our company estimates that our 4 year guaranteed trampolines will have warranty costs of 4% of sales. Assume our sales were $550,000 this year. We received cash for 20% of the sales, and the rest were on account. Our warranty payments totaled $11,000 this year. Journalize the sale and the estimate of the warranty.
Cash 110,000
Accounts Receivable 440,000
Sales Revenue 550,000
Warranty Expense 22,000
Estimated Warranty Payable 22,000
The net income for our company was 12,000 dollars. Our income tax expense was 1,000, our salaries expense was 2,000, our interest expense was 1,500, and our depreciation expense was 1,000. Calculate the times interest earned ratio.
14500 / 1500 = 9.67
After Chicago, what is the most populous U.S. city in the Central Time Zone? Hint: They're about 1,000 miles apart from each other
Houston
Heather works all year and earns a monthly salary of $9,700. There is no overtime pay. Heather’s income tax withholding rate is 10% of gross pay. In addition, he contributes 2% to charity. Her employer also deducts $150 for health insurance. As of April 30, Heather had cumulative earnings of 120,700.
Compute net pay for April.
9700 - 2056 = 7,644
Calculate the SUTA taxes for the below employees:
Sam: $5,400
Alex: $7,100
Kayla: $4,300
Sam: 291.60
Alex: 378.00
Kayla: 232.20
(Alex would only be 7000* .054)
Our company has 12 employees. Each employee earns 3 vacation days per month. Our company pays a weekly salary of $1,900 per week for each employee for a five-day work week. Journalize the accrual of the vacation expense for the month.
Vacations Benefits Expense 13,680
Vacation Benefits Payable 13,680
How should I report the below contingency?
We estimate that it is reasonably possible but not likely we will lose a lawsuit coming up. Our attorney estimates the potential loss will be $1,000,000.
Describe in a note on the financial statements
What is the JE for paying off a $8,000 3% 90-day note at maturity?
Notes Payable 8000
Interest Expense 59.18
Cash 8,059.18
Dalton works all year and earns a monthly salary of $10,700. There is no overtime pay. Dalton’s income tax withholding rate is 16% of gross pay. In addition, he contributes 2% to charity. His employer also deducts $300 for health insurance. As of June 30, Dalton had cumulative earnings of 129,700.
Compute net pay for June.
10,700 - 2,580 = 8,120
Journalize the payment of all taxes if you met no maximum limits and had the previous entry to accrue salaries expense.
Salaries Expense 14,500
OASDI Payable 899
Medicare Payable 210.25
Employee Income Tax Payable 2,175
Salaries Payable 11,215.75
OASDI Payable 1798
Medicare Payable 420.50
SUTA Payable 783
FUTA Payable 87
Employee Inc Tax Payable 2,175
Cash 5,263.50
What is the common name of the object that is formerly known as a besom, has a common association with Halloween, and is produced and sold by brands such as Treelen, Libman, and SWOPT?
A broom
How should I report the below contingency?
We are currently the defendant in a lawsuit, and we believe we will likely lose. The damages are estimated to be $45,000.
Record as an expense and a liability based on estimated accounts
What is the JE for making sales of $10,400 for cash including sales tax of 6%?
Cash 11,024
Sales Revenue 10,400
Sales Tax Payable 624
Josh works all year and earns a monthly salary of $13,500. There is no overtime pay. Josh’s income tax withholding rate is 18% of gross pay. In addition, he contributes 1% to charity. His employer also deducts $200 for health insurance. As of November 30, Josh had cumulative earnings of 126,200. Round to the nearest dollar.
Journalize the accrual of salaries related to Josh.
Salaries Expense 13,500
Employee Income Taxes Payable 2,430
FICA - OASDI Taxes Payable 415
FICA - Medicare Taxes Payable 196
Employee Health Insurance Payable 200
Charity Payable 135
Salaries Payable 10,124
We have employee salaries to pay of $25,000. Assume we pay all standard payroll deductions, and none of our employees have reached the payroll tax limits. Journalize the accrual of employer payroll taxes.
Payroll Tax Expense 3,412.50
OASDI Payable 1550
Medicare Payable 362.50
FUTA Payable 150
SUTA Payable 1350
On December 31st, Cheeseburger company estimates that it will pay a 2% bonus on annual net income after deducting the bonus. The company reports net income of $7,850 before the calculation of the bonus. Record the entry to accrue the bonus at the end of the year, as well as the payment during the next year.
Employee Bonus Expense 153.92
Employee Bonus Payable 153.92
Employee Bonus Payable 153.92
Cash 153.92
In what country was Haagen-Dazs ice cream developed?
USA