Question
In: Accounting
Problem 10-01A On January 1, 2022, the ledger of Sandhill Co. contained these liability accounts. Accounts...
Problem 10-01A
On January 1, 2022, the ledger of Sandhill Co. contained these
liability accounts.
| Accounts Payable | $44,600 | |
| Sales Taxes Payable | 8,700 | |
| Unearned Service Revenue | 21,100 |
During January, the following selected transactions
occurred.
| Jan. 1 | Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. | |
| 5 | Sold merchandise for cash totaling $6,360, which includes 6% sales taxes. | |
| 12 | Performed services for customers who had made advance payments of $13,600. (Credit Service Revenue.) | |
| 14 | Paid state treasurer’s department for sales taxes collected in December 2021, $8,700. | |
| 20 | Sold 710 units of a new product on credit at $54 per unit, plus 5% sales tax. |
During January, the company’s employees earned wages of $60,000.
Withholdings related to these wages were $4,590 for Social Security
(FICA), $5,200 for federal income tax, and $1,560 for state income
tax. The company owed no money related to these earnings for
federal or state unemployment tax. Assume that wages earned during
January will be paid during February. No entry had been recorded
for wages or payroll tax expense as of January 31.
Journalize the January transactions. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order presented in
the problem. Round answers to nearest whole dollar amount, e.g.
5,275.)
Journalize the adjusting entries at January 31 for the outstanding
note payable and for salaries and wages expense and payroll tax
expense. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2022, the ledger of Crane Company contained these liability accounts. Accounts Payable $44,900...
On January 1, 2022, the ledger of Crane Company contained these
liability accounts. Accounts Payable $44,900 Sales Taxes Payable
9,000 Unearned Service Revenue 21,400 During January, the following
selected transactions occurred. Jan. 1 Borrowed $18,000 in cash
from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise
for cash totaling $5,406, which includes 6% sales taxes. 12
Performed services for customers who had made advance payments of
$13,600. (Credit Service Revenue.) 14 Paid state treasurer’s
department for sales...
On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable $44,000...
On January 1, 2022, the ledger of Ivanhoe Company contained
these liability accounts.
Accounts Payable
$44,000
Sales Taxes Payable
8,100
Unearned Service Revenue
20,500
During January, the following selected transactions occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $6,360, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $11,000. (Credit Service Revenue.)
14
Paid state treasurer’s department for sales...
Problem 10-1A On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Ivanhoe Company contained
these liability accounts.
Accounts Payable
$44,000
Sales Taxes Payable
7,350
Unearned Service Revenue
20,500
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $6,360, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $11,000. (Credit Service Revenue.)
14
Paid state treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Sheridan Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Sheridan Company contained
these liability accounts.
Accounts Payable
$43,200
Sales Taxes Payable
6,950
Unearned Service Revenue
19,700
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $5,936, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $10,300. (Credit Service Revenue.)
14
Paid state treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Crane Company contained these liability accounts. Accounts...
Problem 10-1A On January 1, 2017, the ledger of Crane Company
contained these liability accounts. Accounts Payable $42,700 Sales
Taxes Payable 6,700 Unearned Service Revenue 19,200 During January,
the following selected transactions occurred. Jan. 1 Borrowed
$18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5
Sold merchandise for cash totaling $7,314, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $11,100. (Credit Service Revenue.) 14 Paid state
treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Cullumber Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Cullumber Company contained
these liability accounts.
Accounts Payable $43,900
Sales Taxes Payable 7,300
Unearned Service Revenue 20,400
During January, the following selected transactions
occurred.
Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5 Sold merchandise for cash totaling $6,572, which includes 6%
sales taxes.
12 Performed services for customers who had made advance payments
of $12,000. (Credit Service Revenue.)
14 Paid state treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Crane Company contained these liability accounts. Accounts...
Problem 10-1A On January 1, 2017, the ledger of Crane Company
contained these liability accounts. Accounts Payable $42,700 Sales
Taxes Payable 6,700 Unearned Service Revenue 19,200 During January,
the following selected transactions occurred. Jan. 1 Borrowed
$18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5
Sold merchandise for cash totaling $7,314, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $11,100. (Credit Service Revenue.) 14 Paid state
treasurer’s department...
On January 1, 2017, Sandhill Co.'s accounting records contained these liability accounts. Accounts Payable $43,500 Sales...
On January 1, 2017, Sandhill Co.'s accounting records contained
these liability accounts.
Accounts Payable
$43,500
Sales Taxes Payable
7,100
Unearned Service Revenue
20,000
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $5,300, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $10,600. (Record Service Revenue.)
14
Paid state treasurer’s department for sales taxes...
On January 1, 2017, the ledger of Sheridan Company contained these liability accounts. Accounts Payable $44,300...
On January 1, 2017, the ledger of Sheridan Company contained
these liability accounts. Accounts Payable $44,300 Sales Taxes
Payable 7,500 Unearned Service Revenue 20,800 During January, the
following selected transactions occurred. Jan. 1 Borrowed $18,000
in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold
merchandise for cash totaling $6,254, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $12,500. (Credit Service Revenue.) 14 Paid state
treasurer’s department for sales...
At January 1, 2022, Sandhill Co. reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Sandhill Co. reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,700,000
Accumulated depreciation—equipment
54,600,000
Buildings
97,400,000
Equipment
150,800,000
Land
21,000,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjustments
annually. The buildings are estimated to have a 40-year useful life
and no salvage value; the equipment is estimated to have a 10-year
useful life and no salvage value.
During 2022, the following selected transactions occurred:...
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