Prepare the adjusting entry for each of the following for the year ending Dec. 31, 2008: a. The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending Dec. 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and Wednesday, Dec. 31. c. The Supplies account had a balance of P4,480 on Jan. 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of five years with an P80,000 salvage value at the end of five years. Record the depreciation for the yea

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.   16   Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.     31   Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb.   14   Received Todd’s payment of principal and interest on the note dated December 16. Mar.   2   Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.     17   Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr.   16   Privet dishonored her note. May   31   Midnight Co. dishonored its note. Aug.   7   Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep.   3   Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…

In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a.     November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600         Grant, Mary, VP Secretary 37,200         b.     December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600…

In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a.     November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 58,800         Wie, Pam, VP Personnel 52,800         Grant, Mary, VP Secretary 45,600         b.     December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 58,800         Wie, Pam, VP Personnel 52,800…

Global Enterprises, Inc. signed a one-year $42,000 note payable at 8% inerest on April 1, 2025. If Global only adjusts it's accounts once a year at year end, how much interest expense was accrued on December 31, 2025?

An employee has $75 withheld from each monthly paycheck that is deposited in an account. The account earns 12% interest annually, and the interest is compounded monthly. Assuming the employee makes deposits for two and a half years, determine the total account balance on the date of the final deposit.

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthlysalary basis.Given on the form below are the current annual and monthly salary rates for five office workers for the weekended December 13, 2019 (50th payday of the year). In addition, with this pay, these employees are paid their slidingscale annual bonuses. The bonuses are listed on the register.For each worker, compute:1. Regular earnings for the weekly payroll ended December 13, 2019.2. Overtime earnings (if applicable).3. Total regular, overtime earnings, and bonus.4. FICA taxable wages for this pay period.5. FICA taxes to be withheld for this pay period.