Wagner

The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable — 212 Social Security Tax Payable $16,302 213 Medicare Tax Payable 4,290 214 Employees Federal Income Tax Payable 26,455 215 Employees State Income Tax Payable 25,740 216 State Unemployment Tax Payable 2,717 217 Federal Unemployment Tax Payable 858 218 U.S. Saving Bond Deductions Payable 6,000 219 Medical Insurance Payable 49,800 411 Operations Salaries Expense 1,732,000 511 Officers Salaries Expense 1,130,000 512 Office Salaries Expense 287,000 519 Payroll Tax Expense 245,960 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2 Issued Check No. 410 for $6,000 to Jay Bank to purchase U.S. savings bonds for employees. Dec. 2 Issued Check No. 411 to Jay Bank for $47,047 in payment of $16,302 of social security tax, $4,290 of Medicare tax, and…

An exempt organization, reports unrelated business income of $290,000 and unrelated business expenses of $45,000. In addition, the organization has positive adjustments of $88,000. Assume a 21% corporate income tax rate. Calculate the amount of unrelated business income tax. (Is 1,000 standard deduction applicable?)

A summary of the transactions of Ramstage Co, which is registered for sales tax at 15% showed the following for the month of August 20X9. Outputs $60000(exclusive of sales tax) Inputs $46000(inclusive of sales tax) At the beginning of the period Ramstage Co owed $3400 to the government tax authority,and during the period $2600 was paid to the tax authority. What was the amount owed to the government tax authorities at the end of the accounting period?

The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:   Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Paid $62,000 cash for other operating expenses during the year. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1.   The following transactions apply to Walnut Enterprises for Year 2:   Paid the balance of the sales tax due for Year 1. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $102,500 of other…

After making four quaterly estimated payments of $3,500, a corporation's actual income tax liability for the year is $17,200.  The year-end adjusting entry would require: