ABD Company pays a weekly payroll of $285,000 that includes federal taxes withheld of $38,100, FICA taxes withheld of $23,670, and 401(k) withholdings of $27,000.  (Although not required, preparing journal entries may help you answer questions  1A- What is the effect of assets from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)   1B- What is the effect of liabilities from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)

Q: Corp. maintains its accounting records on the cash basis but restates its financial statements to…

A: Here in this case we are require to calculate the reporting profit that needs to be made in income…

Q: The current liabilities section of the statement of financial position of HOPE CORP. as of December…

A: Liabilities is that amount which includes the fund raised by the company from various sources like…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Current assets are the assets which can be converted into liquidity within a period of one year or…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Following is the answer to the given question

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A: Retained earnings are those earnings which are left with the company after distrubution of…

Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Hi Student Since there are multiple questions, we will answer only first question. If you want…

Q: 1.The following accounts and their balances appear in an unadjusted trial balance of Achiever…

A: The current assets are those assets which can normally be converted into cash withing on year of…

Q: 4. Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts…

A: Total liabilities mean the sum of the amount an entity owes.

Q: The following transactions apply to Ozark Sales for 2018:   The business was started when the…

A: In terms of accountancy, liabilities can be defined as the obligations which the company is required…

Q: Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements, Following are…

A: Adjusting journal entries are accounting entries made at the close of the reporting year of a…

Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note…

A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is…

Q: Sapphire Company completed the following selected transactions during 2021:              Oct.   1…

A: Amount advanced = Assigned accounts x 75% = P2,000,000 x 75% = P1,500,000

Q: The following selected transactions relate to contingencies of Classical Tool Makers, Ic., which…

A: Note: 4. no entry would be made for this as this is not arising any liability.

Q: The following transactions occurred during December 31, 2021, for the Falwell Company.   A…

A: Adjusting entry: At the end of the year if the any transaction is not recorded then it passed the…

Q: Craig Ferguson Company has the following balances in selected accounts on December 31, 2019:…

A: Interest expense=Note×Rate×512=$20,000×12%×512=$1,000

Q: The following data relate to the accounts of Wildhorse Company. Unpaid salaries and wages at year…

A: Following Journal entries of the Wildhorse is given below in step 2:

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Using accrual accounting rules, ABC Co. receives a deposit of $2,000 on January 1, 2022, for…

A: There are two type of basis which are used in accounting. One is cash basis of accounting and other…

Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…

A: 9% note issued on June 1 for $64,800 ($96,000 - $31,200) has accrued interest for 7 months till…

Q: The following transactions apply to Ozark Sales for 2018: 1. The business was started when the…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: The following information was extracted from the records of Rampage Company as of December 31, 2021:…

A: The differences in actual tax payable and tax paid to raise the deferred tax asset and liability.

Q: The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following:…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: A company's accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary…

A: Working notes :- 1]  Issuance of check of P 350,000 was recorded on 3rd…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

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Q: We-Win Law Services received a payment of $56,000 as a retainer for a legal client for services to…

A: Solution: Unearned revenue at year end will revenues unearned at the end of the year after adjusting…

Q: The following are the changes in the accounts of BT21 Co. during the period: ·        Accounts…

A: Income Statement The purpose of preparing the income statement is to know the actual profit / loss…

Q: A company paid its property taxes on October 1 for the period October 1, year 1 to September 30,…

A: A debit increases asset or expense accounts, and decreases liability, revenue or equity accounts. A…

Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…

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Q: The Jamesway Corporation had the following situations on December 2021.   Employee salaries for…

A: Interest expense must be recognized on December 31, 2021 = $60,000 x 8% x (4 months /12 months)…

Q: Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2018, and all of…

A: Income tax expense=$30,000×30%=$9,000

Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…

A: Balance sheet -  The balance sheet statement shows the assets and liabilities of the entity as on a…

Q: The total liabilities of ABC Company for the period ending December 31, 202 amounted to P300,000.…

A: The liabilities are the amount due to be paid to the outsiders including creditors, suppliers, etc.

Q: The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000.…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: Jordan Company's annual accounting year ends on December 31. It is now December 31, 2018, and all of…

A: 1. Record adjusting entry for each transaction at December 31, 2018 as shown below:

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: The following accounts are excerpt trial balance of Strawberry Corp. at December 31, 2021 has been…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts expense = Credit sales x 2%

Q: What is the total current assets and total current liabilities at December 31, 2020?

A: As per US GAAP Current Assets means cash and other assets or resources commonly identified as those…

Q: At the end of 2021, Barker Corporation’s preliminary trial balance indicated a current ratio of 1.2.…

A: In the given case, Barker Corporation has a current ratio of 1.2. if the management made some…

Q: The following information was extracted from the records of SydMel Ltd for the year ended 30 June…

A: CONCEPT A Deferred Tax in form of asset or liability need to be recognized when there is difference…

Q: At 1 July 20X3 a limited liability company had an allowance for receivables of $83,000. During the…

A: We have the following information: At 1 July 20X3 a limited liability company had an allowance for…

Q: Wishbone, Inc., is preparing its year-end balance sheet and needs to determine how much of its…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: XYZ Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in…

A: Sales Revenue : (Accounts Receivable, Ending + Cash collection) - Accounts Receivable, Beginning =…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Following are the answers to given questions

Q: Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest-bearing…

A: Interest expense recorded on March 31, 2020 = Amount borrowed x rate of interest x no. of months/12

Q: On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year,…

A: Calculate interest expense:Interest expense = Notes payable * Interest rate * Time periodInterest…

Q: Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2018, and all of…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…