Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Record the transaction.
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Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Record the transaction.
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- A company’s salaried employees earn two weeks’ vacation per year. The company estimated and must expense $9,000 of accrued vacation benefits for the year. (a) Prepare the year-end adjusting entry to record accrued vacation benefits. (b) Prepare the entry on May 1 of the next year when an employee takes a one-week vacation and is paid $450 cash for that week.answer complete and correct with all working like explanation , computation , formulation with steps An employee was earning 80 hours of vacation per year and got promoted midway on July 1 when vacation was increased by an additional 40 hours. Calculate the total vacation hours an employee would receive for the whole year assuming a monthly payroll.Mr X enrolls in a 12-month customer service assistance program for a computer software from CYBER COMPANY costing P1,200 per month on August 1, 20x8. Given that the computer assistance occurs evenly throughout the year, CYBER COMPANY uses the “proportion of time” as its measure for membership revenue, what is the amount of sales revenue to be recognized on December 31?
- You just completed your first year in business on 31 December 2021. Operating revenues were $360,000. Your company paid you an annual salary of $96,000. Two employees had annual salaries of $48,000 and $36,000. Your employment taxes and benefits during the year for you and employees were $34,600. Office supplies and postage were $10,400. Travel and entertainment expense to promote your new business was $17,000. Monthly tax-deductible expense for leasing office space was $2,700. The year’s depreciation expense on office furniture and fixtures was $15,600. You borrowed $120,000 and spent $15,000 in interest payments. The average tax rate for the business was 30%. (a) Prepare a multi-step income statement from the above information. (b) Analyze the financial performance of the new company’s first year in businessTA services were formed on May 1, 2020. The following transactions took place during the first month. May 1 Mr. Tarek Ahmed invested $80,000 in the business, as its sole owner.May 2 Hired two employees, who will be paid a salary $1,000 per month.May 3 Paid $20000 in advance for rent of a warehouse.May 4 Purchased furniture & equipment costing $30,000. $10,000 paid in cash and $20,000 payable in next 6 months.May 5 Paid $22,000 for 1-year insurance policy.May 7 Purchase basic office supplies for $500 on account.May 8 $1,500 received in advance for which services to be performed in June.May 10 Revenue earned in cash $20000 and on account $10000.May 12 Payment to creditor for May 7 transactions.May 16 Received from debtors for May 10 transaction.May 22 Withdraw by owner $ 700.May 27 Purchase of pick-up van $ 5000 on account. Instructions:(a) Pass the Journal Entry & Post to ledger.(b) Prepare Trial Balance.Chavez Co.’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $8,000 of accrued vacation benefits for the year. (a) Prepare the December 31 year-end adjusting entry for accrued vacation benefits. (b) Prepare the entry on April 1 of the next year when an employee takes a oneweek vacation and is paid $500 cash for that week.
- Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year’s Day (January 1) was an unpaid holiday. a. Prepare the year-end adjusting entry for wages expense. b. Prepare the journal entry to record payment of the employees’ wages on Friday, January 4.Maquoketa Services was formed on May 1, 2019. The following transactions took place during the first month. Transactions on May: Jay Bradford invested $40,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment. Purchased basic office supplies for $2420 cash. Purchased more office supplies for $1,500 on account. Total revenues earned were $20,000—$8,000 cash and $12,000 on account. Paid $400 to suppliers for accounts payable due. Received $3,000 from customers in payment of accounts receivable. Received utility bills in the amount of $380, to be paid next month. Paid the monthly…The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 24. The Supplies account had a balance of P4,480 of January 1. During the year, P11,000 of supplies were brought. A year-end inventory showed that P6,400 worth of supplies are still on hand. Equipment costing P588,000 has a useful life of five years with an P80,000 salvage value at the end of five years. Record the depreciation for the year.
- An employee is paid every two weeks. She worked the last week of December and the first week of January, and got paid $2,000 on January 10th. How would this be recorded under the cash and accrual methods? Group of answer choices Under the accrual method, one-half of the amount paid - $1,000 – is an expense in December and the other half is an expense in January; under the cash method, the $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in January and under the cash method $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in December and under the cash method $2,000 is an expense in JanuaryPablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year’s Day (January 1) was an unpaid holiday. Solve: a. Prepare the year-end adjusting entry for wages expense. b. Prepare the journal entry to record payment of the employees’ wages on Friday, January 4.Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000