Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

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Answer 1

Question

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

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For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $14,563. 1. Prepare the journal entry at December 31 to record the bonus due the employees. 2. Prepare the later journal entry at January 19 to record payment of the bonus to employees.

Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company reports net income of $121,980 before the calculation of the bonus. The journal entry to record the accrued bonus includes OA. a debit to Employee Bonus Payable, $7,980. OB. a credit to Cash, $8,539. OC. a credit to Employee Bonus Payable, $7,980. OD. a debit to Employee Bonus Expense, $8,539.

For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $50,000. 1. & 2. Prepare the journal entries at December 31 to record the bonus due and later on January 19 to record payment of the bonus to employees.

Answer 2

Question

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

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Answer 3

Question

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

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Answer 4

Question

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

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Answer 5

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

Answer 6

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

Answer 7

Chapter 11, Problem 14E

a

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

Answer 8

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

Answer 9

b

To determine

Concept Introduction: Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable.

The entry to record payment of bonuses to the employees.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 11 - Prob. 1QS Ch. 11 - Prob. 2QS Ch. 11 - Prob. 3QS Ch. 11 - QS 11-3 Unearned revenue C2 Ticketsales, Inc.,...Ch. 11 - Interest-bearing note transactions P1 On November...Ch. 11 - Prob. 6QS Ch. 11 - Prob. 7QS Ch. 11 - Prob. 8QS Ch. 11 - Prob. 9QS Ch. 11 - Prob. 10QS

Bonuses are offered to employees by their employer, generally bonuses depend on the net income of an employee. Year-end adjustments for bonuses are recorded by debiting bonuses paid to the bonus expenses account and credited to bonuses payable. The entry to record bonuses due to the employees.

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