Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson completed his first year as a financial planner. The following data are available from his accounting records Fees billed to clients for services rendered $97,700 Rent expense for year just ended $10,800 Cash received from clients Supplies purchased for cash Supplies used during the year Cash paid for rent (rent is paid through Feb. of next year) 85,000 Utility expense incurred 4,000 Utility bills paid 3,300 Salary earned by assistant 30,000 Salary paid to assistant 27,000 12,000 a. Compute Hermani's net income for the year just ended using the accrual basis of accountin b. Compute Hermani's net income for the year just ended using the cash basis of accounting c. Which net income amount is computed in accordance with generally accepted accounting principles? Accrual

Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is ​$200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18​% on the account and that the billing date is April 1st.   .....   Date Transaction April 3 Charged ​$125 for a coat April 11 Made payment of ​$142 April 21 Charged ​$34 for DVDs April 28 Charged ​$25 for groceries       The finance charge for the month of April is ​$enter your response here.

Based on the following data, determine the total liabilities Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase $2,713 $2,564 $2,300 $4,174 $2,891 $1,610 1,400 1,270 7,950 264 327 3,180 212 1,780 137 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $4,340 2,700 2,300 83 162 3,750 149 166 1,400 224

Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings.           Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentWeekly Earnings UnemploymentCompensation SocialSecurity Click, Katelyn       $6,660      $850       Coombs, Michelle   6,380      750       Fauss, Erin   23,010      1,220       Lenihan, Marcus   6,900      980       McMahon, Drew   125,200      5,260       Newell, Marg   25,150      1,110       Stevens, Matt   28,970      1,240

Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note.   Required:   Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…

need help with full working and steps thanks answer in text   Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000.     Required: Prepare all the journal entries necessary to record the…

PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL