FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On December 1, Concord Company introduces a new product that includes a one-year warranty on parts. In December, 1,300 units are sold. Management believes that 6% of the units will be defective and that the average warranty costs will be $90 per unit. Prepare the adjusting entry at December 31 to accrue the estimated warranty cost, assuming no warranty claims have been honored to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31arrow_forwardTurner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the previous Monday to the end-of-business on Friday, or a 5-day work week. Each employee earns $80 per day. Required: 1. Calculate the total weekly payroll cost and the salary adjustment at March 31, 2016. 2. Prepare the adjusting entry at March 31, 2016. 3. Prepare the subsequent cash entry on April 4, 2016.arrow_forwardOn January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at the time of a product sale. Prepare the Journal entry?arrow_forward
- Prepare a payroll register for Thriwback Industries Inc for weeks ended Dec 7 2014arrow_forwardAccrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.arrow_forwardDuring the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…arrow_forward
- Assume that the weekly payroll of A Inc. is $5,000. Employees work five days a week, Monday through Friday. December 31, the end of the year falls on Wednesday, but the company won't pay employees for the full week until its usual payday, Friday. What adjusting entry will A Inc., make on Wednesday, December 31? Accounts Dr. Cr. O Salaries Expense $5,000 Salaries Payable $5,000 Accounts Dr. Salaries Expense $5,000 Cash Cr. $5,000 Accounts Dr. Cr. Salaries Payable $5,000 Salaries Expense $5,000 Accounts Dr. Cr. Salaries Expense $5,000 Accumulated Salarles $5,000arrow_forwardplease assist me with workings and explanation thanksarrow_forwardGodoarrow_forward
- Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?arrow_forwardBrianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Taxarrow_forwardWant helparrow_forward
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