FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare an income statement for T.J. Chan as of March 31, 20—
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- Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 Office equipment Accounts payable Owner investments 690arrow_forwardFICA taxes are a. paid by both the employer and employee b. part of the overhead c. the employment development department d. assets which are normally kept for more than one yeararrow_forwardOn December 31, 2019, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This representsthe employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January2020 to record the last transfer (payment) of FUTA taxes for 2019.arrow_forward
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