Provide the journal entires for the Governmental Fund and Governmental Activity. Taxes levied due January 1, 2023 - $950,000 Estimated uncollectible - $10,000 Date Account Date Account Taxes received $955,000 Date Account Debit Debit Debit

Provide the journal entires for the Governmental Fund and Governmental Activity. Taxes levied due January 1, 2023 - $950,000 Estimated uncollectible - $10,000 Date Account Date Account Taxes received $955,000 Date Account Debit Debit Debit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Required Information [The following information applies to the questions displayed below.] BMX…

A: Social Security Tax :Social Security tax is the tax levied on both employers and employees to fund…

Q: If you get paid $5,460 per month gross and 10% of that paycheck was chheld for federal income taxes…

A: Monthly gross income = $5,460 Federal income taxes = 10% State income taxes = 6%

Q: Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security…

A: Payroll tax expense = Social Security taxes payable+ Medicare taxes payable+ State unemployment- tax…

Q: What is the vat payable? P43,830 P44,280 P46,680 P59,248

A: Value Added Tax The calculation of Value added tax which is taken consideration of total output…

Q: if you have a percentage tax due of 70,000, is this monthly or quartelry paid to BIR

A: Given in the question: Percentage tax due is 70,000 Taxes have to be paid to the department of tax…

Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…

A: Value Added Tax is referred to as VAT. The value contributed to goods and services at each level of…

Q: Richard eami $42,250 perycao. what i8 hi8 annual Income tax-2

A: Income tax is the tax that is paid by the individuals and the businesses to the government on the…

Q: What is the total of pre-tax amounts for invoices billed in 2017? $774,431.14 $700,657.38…

A: Part 2: Explanation:Step 1: List the pre-tax amounts for invoices billed in 2017.- $774,431.14-…

Q: Using the following table, calculate the taxes for an individual with taxable income of $25,800.…

A: Tax is the amount of money paid by a tax payer to the appropriate tax authorities on the basis of…

Q: What amount will reduce the amount due on an invoice of $2072.19 by $1220.41 if the terms of the…

A: A discount, whether expressed in terms of money or as a percentage, is a reduction in the regular…

Q: Name No. of Earnings Deductions Marital W/H (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…

A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…

Q: Calculate net earnings. Gross pay $250.00 Fed Tax $17.88 Social Security Tax $10.71 Medicare tax…

A: Gross Pay = 250 Federal Tax = 17.88 Social Security Tax = 10.71 Medicare Tax = 3.25

Q: alculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed…

A: Formula: Property tax due = Assessed value x tax rate Assessed value multiply with tax rate to…

Q: What is the correct term for the above document and what would need to be included for it to qualify…

A: An invoice is a documentary evidence for the occurrence of a transaction.

Q: Based on the following data, calculate the items requested: Buying Costs Rental Costs Annual rent…

A: Solution:a. Total rental cost Particulars A,mount $Rent $ 8,180Insurance $ 225Interest on security$…

Q: Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to…

A: Social security and Medicare tax are the taxes which are imposed by the central government to fund…

Q: Not a graded assignment

A: a. Prepare all income tax entries for Wildhorse for 2023:Account Titles and Explanation Debit…

Q: What is the charge to statement of profit or loss for receivables expense for the year?

A: Allowances for receivables can be defined as the amount of receivables which is expected to be…

Q: Based on the following data, calculate the items requested: Rental Costs Annual rent Buying Costs…

A: Capital budgeting involves the evaluation of various options available for investments or projects.…

Q: A customer purchases $28.14 in products only $12.83 is taxable. How much sales tax is owed if the…

A: Sales tax is a tax levied on the sale and purchase of goods and services. It is typically a…

Q: for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725…

A: Deductible expenses in respect of gifts = $ 400.

Q: A year end data of Snikers Corp. is given here for T4A reporting purpose. You are responsible to…

A: T4A is used to report all other incomes which arare not reported on other slips earned in the…

Q: 7.Please answer all the tables in their entirely

A: Here are the adjusted financial statements for Merck & Company based on the provided…

Q: How much business tax payable for the third quarter return if: i. it only been able to have its VAT…

A: Value-added tax (VAT) is a multi-stage tax charged on the incremental value added to a product or…

Q: e the percentage method of income tax calculations to complete the payroll roster: Marital…

A: Taxes are to be withhled depends on the income and the marital status and it depends on the slab of…

Q: PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees’ bank…

A: Payroll transaction is journalized by debiting the total salaries expense and crediting the amount…

Q: A person who owes total federal income taxes of $4,420 but had total withholdings of $3,980 would:…

A: Total Federal Taxes = $4420 Total withholdings = $3980

Q: Calculate the property tax payment for $3578 annual taxes, paid quarterly.

A: The property tax is the tax imposed on real estate by the government. The property tax is paid for…

Q: Based on the following data

A: Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income.…

Q: Directions: In the chart below, you are given your Gross Income amount and all required deductions.…

A: Since you have posted two different questions, we will do the first one for you. The get the other…

Q: The original price of an item was $146. Given that the total price with tax was $156.45, determine…

A: Original Price after tax = op = $146Total Price Before Tax = tp = $156.45

Q: Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings FICA…

A: SOLUTION- JOURNAL ENTRY IS A SET OF ECONOMIC EVENTS WHICH CAN BE MEASURED IN MONETARY TERMS .THESE…

Q: A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how…

A: Taxes are levied on taxable supply. In the question the given details areTaxable purchase =…

Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…

A: An income tax is kind a type of tax that governments impose on income generated by businesses and…

Q: Wages and Salaries Expense Employee Federal Income Tax Payable United Way Contributions Payable…

A: The taxes that are paid by both the employer and the employee to support the country's employee…

Q: Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following…

A: Payroll refers to the formation of the list which includes the payment of salaries or wages to…

Q: Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security…

A: The payroll accounting includes the recording of the payroll expenses, employees'…

Q: At the end of its first year of operations, a company establishes an allowance for future…

A: The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Q: am. 107.

A: Detailed explanation:The transaction to be recorded is the issuance of check to deposit/pay the…

Q: Double entry for the invoice you have received base on the account and supplier number provided.…

A: The double entry system is the system which is followed by the company through the transactions are…

Q: Use the percentage method to compute the federal income taxes to withhold from the wages or salaries…

A: To determine the amount or percent of something in terms of 100, use the percentage formula. In the…

Q: You just completed your taxes and had $3,79 withheld for income taxes and a final tax liability of…

A: A tax refund seems to be the difference between the total amount of tax paid and the total amount of…

Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the…

A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to…

Q: What is the impact of writing off a $500 account under the allowance method on Net Realizable Value?

A: Solution: Under the allowance method of uncollectible accounts, bad debts expense are recognized…

Question

Hint: For taxes received journal entry, the $5,000 must come from estimated uncollectible revenues.

Provide the journal entires for the Governmental Fund and Governmental Activity.
Taxes levied due January 1, 2023 - $950,000
Estimated uncollectible - $10,000
Date
Account
Date
Account
Taxes received $955,000
Date
Account
Debit
Debit
Debit
DS

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Journal entries

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

From the data: May 2 - On sale to the public Purchase price, VAT not included P400,000 Selling price, VAT not included P900,000 May 9 - On sale to the Government Purchase price, VAT not included P200,000 Selling priceq P600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?
Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
taxable income : 1225000 income taxes payable: 245000
A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false
None
B3.
Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
How much tax is withheld from $36,200 if the tax rate is 4%?