Question
In: Accounting
PA10-3 Recording and Reporting Current Liabilities [LO 10-2] Lakeview Company completed the following two transactions. The...
PA10-3 Recording and Reporting Current Liabilities [LO 10-2] Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($44,000), payroll deductions for income tax ($4,400), payroll deductions for FICA ($3,300), payroll deductions for American Cancer Society ($1,650), employer contributions for FICA (matching), and state and federal unemployment taxes ($385). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,325 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the liabilities related to these items should be reported on the company’s balance sheet at December 31
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December...
Lakeview Company completed the following two transactions. The
annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($68,000), payroll deductions for income tax
($6,800), payroll deductions for FICA ($5,100), payroll deductions
for American Cancer Society ($2,550), employer contributions for
FICA (matching), and state and federal unemployment taxes ($595).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not yet been made and employer taxes have
not yet...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December...
Lakeview Company completed the following two transactions. The
annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($100,000), payroll deductions for income tax
($10,000), payroll deductions for FICA ($7,500), payroll deductions
for American Cancer Society ($3,750), employer contributions for
FICA (matching), and state and federal unemployment taxes ($875).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not yet been made and employer taxes have
not yet...
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders’ equity...
Exercise 11-10 Recording and reporting treasury stock
transactions LO P3
On October 10, the stockholders’ equity of Sherman Systems
appears as follows.
Common stock–$10 par value, 94,000 shares
authorized, issued, and outstanding
$
940,000
Paid-in capital in excess of par value, common stock
326,000
Retained earnings
1,040,000
Total stockholders’ equity
$
2,306,000
1. Prepare journal entries to record the following
transactions for Sherman Systems.
Purchased 7,200 shares of its own common stock at $47 per share
on October 11....
Question 3 (10 marks) Harie Company has the following transactions related to non-current liabilities. On January...
Question 3 Harie Company has the following
transactions related to non-current liabilities. On January 1,
2019, Harie Company issued 10% bonds with a par value of $1,000,000
due in 10 years. They were issued to yield 8% (i.e. the effective
interest rate is 8%) and were callable at 102 at any date after
January 1, 2020. Interest are payable semiannually on July 1 and
January 1, starting from July 1, 2019.
Required:
(a) Compute the selling price of the bonds...
CP9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6]...
CP9-3 Analyzing and Recording Long-Lived Asset Transactions with
Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6]
[The following information applies to the questions
displayed below.]
Palmer Cook Productions manages and operates two rock bands. The
company entered into the following transactions during a recent
year.
January
2
Purchased a tour bus for $94,000 by paying $33,000 cash and
signing a $61,000 note due in two years.
January 8
The bus was painted with the logos of the two bands at...
Exercise 11-13A Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE...
Exercise 11-13A Recording and reporting treasury stock
transactions LO 11-5
The following information pertains to JAE Corp. at January 1,
Year 1:
Common stock, $10 par, 12,000 shares authorized,
2,400 shares issued and outstanding
$
24,000
Paid-in capital in excess of par, common stock
12,100
Retained earnings
57,400
JAE Corp. completed the following transactions during Year
1:
Issued 900 shares of $10 par common stock for $29 per
share.
Repurchased 220 shares of its own common stock for $26 per...
Niles Corporation completed the following selected transactions during the current year: Mar. 3 Distributed a 10%...
Niles Corporation completed the following selected transactions
during the current year: Mar. 3 Distributed a 10% stock dividend on
the 90,000 common shares outstanding. The market price of the
common shares was $25 per share. May 16 Declared a cash dividend on
the $5 preferred shares (5,000 shares outstanding). 30 Paid the
cash dividends. Dec. 8 Issued 1,500 common shares for $27 per
share. 19 Issued 10,000 common shares for $28 per share.
Requirement Analyze each transaction in terms of...
Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current...
Problem 10-54 (LO 10-2, LO 10-3)
Convers Corporation (calendar-year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table 2, and
Table 5.)
Date Placed
Original
Asset
in Service
Basis
Machinery
October 25
$
110,000
Computer equipment
February 3
$
50,000
Used delivery truck*
March 17
$
63,000
Furniture
April 22
$
190,000
Total
$
413,000
*The delivery truck is not a luxury automobile.
In addition to...
M4-6 Recording Adjusting Journal Entries [LO 4-2] For each of the following transactions for the Sky...
M4-6 Recording Adjusting Journal Entries [LO 4-2] For each of
the following transactions for the Sky Blue Corporation, prepare
the adjusting journal entries required on October 31. (If no entry
is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
a. Collected $3,300 rent for the period October 1 to December 31,
which was credited to Unearned Revenue on October 1.
b. Paid $1,920 for a two-year insurance premium on October 1 and
debited Prepaid...
Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized...
Exercise 11-9A Recording and reporting common and preferred
stock transactions LO 11-4
Eastport Inc. was organized on June 5, Year 1. It was authorized
to issue 320,000 shares of $8 par common stock and 50,000 shares of
4 percent cumulative class A preferred stock. The class A stock had
a stated value of $30 per share. The following stock transactions
pertain to Eastport Inc.:
Issued 20,000 shares of common stock for $13 per share.
Issued 10,000 shares of the class...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- explain the difference between quantitative and qualitative research strategies. Provide an example of a crime based...
- use postorder and inorder tree traversals to make preorder traversal. #!/usr/bin/env python3 # encoding: UTF-8 """Turning...
- 1. Write an if-else statement to describe an object. Print "Balloon" if isBalloon is true and...
- An investor is considering purchasing a Treasury bond with a 20 year maturity, an 8% coupon...
- Write a program that copies the contents of one file to a destination file. This program...
- how to conduct a marketing mix for 3d crest white strips
- Is big data analytics used for service innovation at Amazon? If so, please write a brief...
ADVERTISEMENT