Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 7, Problem 7.2ME
Mini-Exercise 7.2
LO 4
Other accrued liabilities-payroll For the payroll period ended on June 25, 2016, gross pay was $28,600, net pay was $20,400, FICA tax withholdings were $2,000, income tax withholdings were $5,000, and medical insurance contributions were $1,200.
Required:
Use the horizontal model (or write the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1) Remaining VAT accounts of our company as of the end of January 2021 are as follows.
191 Deductible VAT = 10.000 TL Debt Remaining
391 Calculated VAT = 8.000 TL Credit Remainder
Record the journal (daily book) regarding VAT offset.
Problem 5: The following selected accounts were taken from the trial balance of
Romen Company as December 31, 2020:
750,000
150,000
450,000
2,700,000
525,000
3,900,000
30,000
150,000
240,000
900,000
1,800,000
4,460,000
222,000
393,600
150,000
2,787,500
Accounts receivable
Installment receivable – 2018
Installment receivable - 2019
Installment receivable – 2020
Beginning inventory
Purchases
Freight-in
Repossessed merchandise @ NRV
Repossession loss
Cash sales
Credit sales
Installment sales
Deferred gross profit – 2018
Deferred gross profit – 2019
Operating expenses
Cost of installment sales
Additional information:
a. Gross profit rate for 2018 and 2019 installment sales were 30% and
32%, respectively.
b. The entry for repossessed goods was:
Repossessed Merchandise
Repossession loss
Installment Receivable – 2018
150,000
240,000
180,000
210,000
c. Merchandise on hand at the end of 2020 (new and repossessed) was 282,000.
Installment Received - 2019
Required: Compute for the following :
1.…
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.).
(Use 13% for table lookup.). (Use the loan amortization table)
Note: Round your answers to the nearest cent.
Purchase price of
a used car
$5,633
By table
By formula
Down payment
$1,203
Monthly Payment
Number of
monthly
payments
48
Amount
financed
$4,430
Total of monthly
payments
$5,689.76
Total finance
charge
$1,259.76
APR
13%
Chapter 7 Solutions
Accounting: What the Numbers Mean
Ch. 7 - Prob. 7.1MECh. 7 - Mini-Exercise 7.2 LO 4 Other accrued...Ch. 7 - Mini-Exercise 7.3 LO 5 Other accrued...Ch. 7 - Prob. 7.4MECh. 7 - Exercise 7.5 LO 2 Notes payable-discount basis On...Ch. 7 - Prob. 7.6ECh. 7 - Exercise 7.7 LO 4 Other accrued...Ch. 7 - Exercise 7.8 LO 5 Other accrued liabilities-real...Ch. 7 - Exercise 7.9 LO 5 Other accrued...Ch. 7 - Exercise 7.10 LO 5 Other accrued...
Ch. 7 - Exercise 7.11 LO 3 Unearned revenues-customer...Ch. 7 - Exercise 7.12 LO 3 Unearned revenues-ticket sales...Ch. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.15ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.20ECh. 7 - Exercise 7.21 LO 4. 5, 8 Transaction...Ch. 7 - Prob. 7.22ECh. 7 - Prob. 7.23ECh. 7 - Prob. 7.24ECh. 7 - Prob. 7.25PCh. 7 - Problem 7.26 LO 3 Unearned revenues-subscription...Ch. 7 - Prob. 7.27PCh. 7 - Prob. 7.28PCh. 7 - Prob. 7.29PCh. 7 - Prob. 7.30PCh. 7 - Prob. 7.31PCh. 7 - Prob. 7.32PCh. 7 - Prob. 7.33CCh. 7 - Prob. 7.34CCh. 7 - Prob. 7.35C
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
- Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)arrow_forwardUnearned Interest by the Actuarial Method Each loan was paid in full before its due date. (a) Obtain the value of h from the appropriate formula. Then (b) use the actu- arial method to find the amount of unearned interest, and (c) find the payoff amount. 33. 34. Regular Monthly Payment $212 $575 APR 4.7% 5.9% Remaining Number of Scheduled Payments after Payoff 4 8arrow_forward5. EX 10.183 Journalize the following transactions: Dec. 31 The accrued product warranty expense for the year is estimated to be 1.5% of sales. Sales for the year totaled $7,760,000. 31 The accrued vacation pay for the year is estimated to be $46,000. 31 Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31arrow_forward
- In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000arrow_forwardobligation 300,000 100,000 rent income Required: Compute the total current liabilities on December 31, 2020. Problem #2: Multiple Company provided the following information on December 31, 2021: Accounts payable after deducting debit balances in suppliers' accounts of P100,000 Accrued liabilities Note payable - due March 31, 2022 Note payable – due May 1, 2022 Bonds payable – due December 31, 2023 500,000 50,000 1,000,000 800,000 2,000,000 On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. Required: 1. Compute total current liabilities 2. Compute total noncurrent liabilities "Not intended for publication. For classroom instruction purposes onlyarrow_forwardCalculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Payments Made Remaining 36 23 Sum-of-the- Digits Payments Remaining Sum-of-the- Digits Number of Payments Rebate Fractionarrow_forward
- Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $126,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. Apr. 30 May 30 3 3 000 ?arrow_forwardWalmart Inc (WMT) has the following excerpts from their financial statements January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions) 8,280 6,516 *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022 Gross (Accounts) Receivables, January 31, 2022: $9,265 Million Gross Receivables, January 31, 2021: $7,421 Million Accounts Written-off in FY 22 $221 Million 2% of credit sales is assumed to be uncollectable CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22arrow_forwardAccounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. Long Term Liability?arrow_forward
- please dont provide answer in image format thank you Are there any calculations involved in the Profit or Loss statement ending on 30 June 2023? It says: 1. Warranty expense of $1,290,000. The balance of the provision for warranty at 30 June 2022 was $690,000. Of the balance of this provision at 30 June 2023, 65% is expected to be used by 30 June 2024. 2. $9,430,000 for employee expenses. This includes annual leave expense of $783,000. The balance of the provision for annual leave at 30 June 2022 was $1,230,000. 3. The carrying amount of the shop furniture and fittings sold in March 2023 of $740,000. This is comprised of cost of $2,250,000 less accumulated depreciation to date of sale of $1,510,000.arrow_forwardQuestion 31 Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15.000 dated December 1 of the current yoar. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and what is the amount? Interest Income, P 75 Interest Income, P 900 Oc Accrued Interest Income, P 150 Unearmed Interest Income, P150arrow_forwardNet revenues Standard warranty liability, end of year 158 Charges incurred during the year 163 Extended warranty deferred revenue, end of year 573 Revenue deferred for new extended warranty contracts 260 Warranty expense Required: 1. Compute the amount of warranty expense for 2017 and 2018. (Enter your answers in millions of dollars.) No 1 View transaction list View journal entry worksheet 2 2018 2. Prepare journal entries to record both the warranty expense for 2018 and the payments made under the warranty during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of dollars.) Transaction A 2017 B 2018 2017 2016 $81,591 $81, 139 $81,919 192 205 606 307 Warranty expense Estimated warranty liability Estimated warranty liability Cash 196 204 571 303 General Journal Debit Credit Ⓒarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License