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Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida.The following account balances appear on the year-end adjusted
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- On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.5.) On February 1, the Acts Tax Service received a $3,600 cash retainer for tax preparation services to be provided rateably over the next 4 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized rateably over the 4 month period, what balance would be reported on the February 28 balance sheet for Unearned Service Revenue?As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 andSchedule A. Use the following information to complete Form 940 and Schedule A on pages 5-52 to 5-54.The net FUTA tax liability for each quarter of 2019 was as follows: 1st, $97.00; 2nd, $87.00; 3rd, $69.70; and 4th,$59.50.Since the net FUTA tax liability did not exceed $500, the company was not required to make its first deposit ofFUTA taxes until January 31, 2020. Assume that the electronic payment was made on time.a. One of the employees performs all of his duties in another state—Louisiana.b. Total payments made to employees during calendar year 2019:Texas..........................$53,450Louisiana ...................22,150Total ..........................$75,600c. Employer contributions into employees’ 401(k) retirement plan: $1,250.d. Payments made to employees in excess of $7,000: $22,150.e. Form is to be signed by Vernon Scott, Vice President, and dated 1/31/20.f. Phone…
- Romie Ltd is preparing accounts for the year ended 31 December 20X5. The company has an estimated tax charge of $35,000 for the year ended December 20X5. The trial balance includes an entry of $2,000 relating to an over provision of tax in the previous financial year. What is the charge for tax in the statement of profit or loss for the year ended December 20X5?Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $16,000; Liabilities = $13,500; Revenues = $25,000; Expenses = $31,500. Net loss=? Stockholders equity=?Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxesfor the year, the company identifies an additional $40,000 of income tax expense that should be recorded.A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearendadjusting entry for income tax expense.
- (To help answer this question, create an Income Taxes Payable T-account and insert the beginning andending balances.) If the company debited Income Tax Expense and credited Income Taxes Payable $700during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?What does the amount of these debits represent?Lynden Company has the following balances in its general ledger as of June 1 of this year: a. FICA Social Security Tax Payable (employee and employer) is $1,393.50. FICA Medicare Tax Payable (employee and employer) is $325.90. b. Employees’ Federal Income Tax Payable (liability for May), $995.00. c. Federal Unemployment Tax Payable (liability for April and May), $380.00. d. State Unemployment Tax Payable (liability for April and May), $1,205.75. The company completed the following transactions involving the payroll during June and July: June and July Transactions: June 13 Issued check for $2,714.40, payable to Security Bank, for the monthly deposit of May FICA taxes and employees’ federal income tax withheld. 30 Recorded the payroll entry in the general journal from the payroll register for June.* 30 Recorded payroll taxes. FICA Social Security rates are 6.2 percent (employee) and 6.2 percent (employer). The employer matches the employee’s FICA…Lynden Company has the following balances in its general ledger as of June 1 of this year: a. FICA Social Security Tax Payable (employee and employer) is $1,393.50. FICA Medicare Tax Payable (employee and employer) is $325.90. b. Employees’ Federal Income Tax Payable (liability for May), $995.00. c. Federal Unemployment Tax Payable (liability for April and May), $380.00. d. State Unemployment Tax Payable (liability for April and May), $1,205.75. The company completed the following transactions involving the payroll during June and July: June and July Transactions: June 13 Issued check for $2,714.40, payable to Security Bank, for the monthly deposit of May FICA taxes and employees’ federal income tax withheld. 30 Recorded the payroll entry in the general journal from the payroll register for June.* 30 Recorded payroll taxes. FICA Social Security rates are 6.2 percent (employee) and 6.2 percent (employer). The employer matches the employee’s FICA…
- Lynden Company has the following balances in its general ledger as of June 1 of this year: a. FICA Social Security Tax Payable (employee and employer) is $1,393.50. FICA Medicare Tax Payable (employee and employer) is $325.90. b. Employees' Federal Income Tax Payable (liability for May), $995.00. c. Federal Unemployment Tax Payable (liability for April and May), $380.00. d. State Unemployment Tax Payable (liability for April and May), $1,205.75. Required: Record transactions in a general journal The company completed the following transactions involving the payroll during June and July:The following program has been prepared for the audit of accruedreal estate taxes of a client that pays taxes on 25 different pieces of property, some ofwhich have been acquired in the current year:1. Obtain a schedule of accrued taxes from the client and tie the total to the generalledger.2. Compare the charges for annual tax payments with property tax assessment bills.3. Recompute accrued/prepaid amounts for all bills on the basis of the portion of theyear expired.a. State the purpose of each procedure.b. Evaluate the adequacy of the audit programSneed Corporation reported balances in the following accounts for the current year: Income taxes payable Deferred tax liability Income tax expense was $232 for the year. What was the amount paid for taxes? Beginning $ 53 84 $188. $212. $285. ○ $199. Ending $ 33 148
