Carrboro Construction Company elected to change its method of accounting from the percentage-of-completion method to the completed-contract method. Prior-years income (cumulative) would have been $310,000 lower if Carrboro had always used the completed contract method. The company is subject to a 35% tax rate. Prepare the journal entry to record the change in method. (Record debits first, then credits. Exclude explanations from any journal entries.) Account ... Current Year

ABD Company pays a weekly payroll of $285,000 that includes federal taxes withheld of $38,100, FICA taxes withheld of $23,670, and 401(k) withholdings of $27,000.  (Although not required, preparing journal entries may help you answer questions  1A- What is the effect of assets from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)   1B- What is the effect of liabilities from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)

! Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.30% of its annual credit sales of $812,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $406 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each transaction, indicate whether there would be an increase, decrease, or no effect, for Assets, Liabilities, and Equity. Note: Leave no cells blank. December 31 February 1 June 5 Assets Liabilities Equity

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On March 1, the Applewood Corporation wanted to purchase a $475,000 piece of equipment, but Applewood was only able to furnish $161,500 of its own cash to purchase the equipment. Applewood borrowed the remainder of the $475,000 from the People’s National Bank on a 2-year, 5.5% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Applewood make on December 31? If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Dec. 31   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6   (Record accrued interest expense)

Current Attempt in Progress Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $55,000, GST $2,750, and PST $3,850. 2. 3. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,240 for CPP, $1,264 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 4. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,240 and $1,770, respectively. 5. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 6. On December 31, Swifty's legal counsel believes that the company will have to pay damages of $62,000 next year to a local…

In December of 2019, a company received consulting services of $100,000. No entry was recorded for these service in 2019. The invoice for the services was received in January 2020 and recorded by debiting consulting expense and crediting accounts payable. This error was discovered in 2020 and was determined to be a material error. What is the impact of the error on the net income of 2019 and 2020? Provide the proper correcting journal enntry assuming a 30% tax rate.

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