Critz Company was started on January 1, Year 1. During the month of January, Critz earned $8,600 of revenue and incurred $5,000 of expenses. During the remainder of Year 1, Critz earned $72.000 and incurred $62,000 of expenses. Critz closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing.
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- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Prepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800Assume the following data for Blossom Care Dry Cleaning for the year ended December 31. • Gross earnings $305,000.00 • All employees’ salaries are greater than $7,000 in the first quarter of employment • Number of employees at the beginning of the year: 10 • One new employee hired during fourth quarter (assume employee earns $7,800 before December 31) • FUTA deposits for the year: $420.00 (a) Determine the amounts entered on Form 940 for the following line items. Line 3: Total payments to all employees $ Line 4: Payments exempt from FUTA tax $ Line 5: Total of payments made to each employee in excess of $7,000 $ Line 7: Total taxable FUTA wages $ Line 8: FUTA tax before adjustments $ Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior year $ Line 14: Balance due $ Line 15: Overpayment $ Line 16a: 1st quarter $ Line 16b: 2nd quarter $ Line 16c: 3rd…
- Chavez Company's salaried employees earn four weeks' vacation per year. Chavez estimated and must expense $7,500 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a one-week vacation and is paid $570 cash for that week. View transaction list Journal entry worksheetSelected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity. .... .. $30,000 Employee federal income taxes payable $9,000 Equipment.... Salaries payable ... Accounts receivable. Cash ... Current portion of long-term debt Notes payable (due in 6 years) . 40,000 Federal unemployment taxes payable ... .00 . 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable ... 50,000 Employee medical insurance payable . . 4,000 State unemployment taxes payable . . 10,000 Sales tax payable (due in 2 weeks) . . 725 3,100 .2,000 1,800 ... .... .... ... •. 275For each transaction, prepare journal entries. Paid payroll, $8340 during the year.
- A company has three employees, each of whom has been employed since January 1, earns $2,850 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,103.30 (liability for February). b. El Payable, $340.63 (liability for February). c. CPP Payable, $759.82 (liability for February). d. Employees' Medical Insurance Payable, $1,660.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, El, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI $141.93 Income Taxes $1,103.30 CPP $379.91 Medical Insurance $415.00 Total Deductions $2,040.14 Net Pay $6,509.86 Office Salaries $2,850.00 Shop Salaries…PART 1 Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($72,000), payroll deductions for income tax ($7,200), payroll deductions for FICA ($5,400), payroll deductions for American Cancer Society ($2,700), employer contributions for FICA (matching), and state and federal unemployment taxes ($630). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,850 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Make the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…Paragraph Prepare journal entries for each of the following transactions for a company that has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company loaned its chief financial officer $10,000; principal and interest at 6% on the note are due in one year; and (3) equipment costing $60,000 was purchased at the beginning of the year for cash. Search # G E DOLL Jul 26, 2023, 7:57 PM
- Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting entry to accrue interest on a note payable that has the interest ratestated separately from the principal amount.b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regular weekly payroll, including payroll taxes, amounts withheld from employ-ees, and the issuance of paychecks. d. Earned an amount previously recorded as unearned revenue.e. Made arrangements to extend a bank loan due in 60 days for another 36 months.f. Made a monthly payment on a fully amortizing installment note payable. (Assume this note isclassified as a current liability.)g. Called bonds payable due in 10 years at a price below the carrying value of the liability in theaccounting records.h. Issued bonds payable at 101 on January 31, 2011. The bonds pay interest on January 31 andJuly 31.i. Recorded July 31, 2011, interest expense and made semiannual interest…A company has three employees, each of whom has been employed since January 1, earns $2,850 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. Employees’ Income Taxes Payable, $1,103.30 (liability for February). EI Payable, $340.63 (liability for February). CPP Payable, $759.82 (liability for February). Employees’ Medical Insurance Payable, $1,660.00 (liability for January and February). During March and April, the company completed the following related to payroll.Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, EI, and CPP amounts due.Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI Income Taxes CPP Medical Insurance Total Deductions Net Pay Office Salaries Shop Salaries $ 141.93 $ 1,103.30 $ 379.91 $ 415.00 $ 2,040.14 $ 6,509.86 $…Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting entry to accrue interest on a note payable that has the interest ratestated separately from the principal amount.b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regular weekly payroll, including payroll taxes, amounts withheld from employ-ees, and the issuance of paychecks. d. Earned an amount previously recorded as unearned revenue.e. Made arrangements to extend a bank loan due in 60 days for another 36 months.f. Made a monthly payment on a fully amortizing installment note payable. (Assume this note isclassified as a current liability.)g. Called bonds payable due in 10 years at a price below the carrying value of the liability in theaccounting records.h. Issued bonds payable at 101 on January 31, 2011. The bonds pay interest on January 31 andJuly 31.i. Recorded July 31, 2011, interest expense and made semiannual interest…