please help me answeer the following given Data table(Click the icon here o in order to copy the contents of the data table below into a spreadsheet.)Adam's salary$44,800 UtilitiesS3,220Arin's salary30,400 Groceries2,150Interest received460 Medical1,470Dividends received120 Property taxes1,657Auto insurance560Income tax, Social Security13,500Home insurance780 Clothing and accessories2,020Auto loan payment3,260 Gas and auto repair2,080Mortgage payment14,500 Entertainment2,040PrintDone Income statement preparation Adam and Arin Adams have collected their personal income and expense information and have asked you to put together an income and expense statement for the year. The followinginformation is received from the Adams family Ea. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement.b. Did the Adams family have a cash surplus or cash deficit?c. If the result is a surplus, how can the Adams family use that surplus?a. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement.Complete the income part of the personal income and expense statement: (Round to the nearest dollar.)Personal Income and Expense StatementPeriod Ended December 31, 2021IncomeAdam's salary$Arin's salaryInterest receivedDividends receivedTotal IncomeComplete the expenses part of the personal income and expense statement: (Round to the nearest dollar.)

Income and expenses statement in personal finance refers to the statement which comprises of all…

Income statement preparation Adam and Arin Adams have collected their personal income and expense information and have asked you to put together an income and expense statement for the year. The following information is received from the Adams family 9 a. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement. b. Did the Adams family have a cash surplus or cash deficit? c. If the result is a surplus, how can the Adams family use that surplus? a. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement. Complete the income part of the personal income and expense statement (Round to the nearest dollar.) Personal Income and Expense Statement Period Ended December 31, 2021 Income Adam's salary $4 Arin's salary Interest received Dividends received Total Income Complete the expenses part of the personal income and expense statement: (Round to the nearest dollar.)

Income statement preparation Adam and Arin Adams have collected their personal income and expense information and have asked you to put together an income and expense statement for the year. The following information is received from the Adams family 9 a. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement. b. Did the Adams family have a cash surplus or cash deficit? c. If the result is a surplus, how can the Adams family use that surplus? a. Create a personal income and expense statement for the Adams family. It should be similar to a corporate income statement. Complete the income part of the personal income and expense statement (Round to the nearest dollar.) Personal Income and Expense Statement Period Ended December 31, 2021 Income Adam's salary $4 Arin's salary Interest received Dividends received Total Income Complete the expenses part of the personal income and expense statement: (Round to the nearest dollar.)

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 11P

See similar textbooks

Similar questions

Take me to the textJohn Jones is a working at a law firm. His salary recently increased and he would like to keep track of his net worth. John has gathered the following information to help you track his net worth. Assume opening net worth for November 30 is $380. • November 30, 2016 December 31, 2016 January 31, 2017 Cash$7,330$12,830$18,830Automobile$13,000$13,000$13,000Credit Card Bills$1,500$1,300$1,000Automobile Loan$12,000$11,500$11,000Salary$9,100$9,500$9,500Food Expense$1,570$2,290$1,620Entertainment Expense$200$130$200Rent Expense$880$880$880Do not enter dollar signs or commas in the input boxes.Use the negative sign for a deficit.RequiredComplete the table below.November 30, 2016 December 31, 2016 January 31, 2017Opening Net WorthSurplus (Deficit)Closingi Net WorthCheck
The following Trial Balance relates to the affairs of AUGUSTINE for the year ended 31st December 2020. (All figures in thousands of shillings) Dr Cr Sh Sh Salaries and wages 4,800 Rent and rates 300 Sales 25,600 Purchases 16,700 Stock 1 January 2020 4,350 Insurance 150 Motor expenses 420 General expenses 280 Premises 25,000 Motor vehicles 2,000 Debtors 4,320 Creditors 3,140 Bank 840 Capital 33,320 Drawings 2,900 62,060 _______ 62,060 The following information was also provided at 31st December 2020: 1. Stock Sh 4,590 2. Rates prepaid Sh 40 3. General expenses owing Sh 30 4. Insurance prepaid Sh 40. 5. Ignore the depreciation of fixed assets REQUIRED (a) Prepare the income statement for year ended 31st Dec 2020. (b) Statement of Financial Position as at the same date.
Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places.
Using the accounting equation to analyze transactions Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: Received $520 cash for service revenue earned. Paid $325 cash for salaries expense. Investors contributed $1,000 to the corporation in exchange for common stock. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet. Received utility bill of $85, which will be paid next month. Cash dividends of $100 were paid to stockholders. Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel. Transaction (a) is answered as a guide. (a). Increase asset (Cash); Increase equity (Service Revenue)
The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a Statement of Comprehensive Income for the year ended 31 October 2021 and a Statement of Financial Position as at the same date. (All figures in thousands) DEBITCREDIT ££Purchases 16,950 Sales 23,240Stock in hand 31 October 20204,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors (Receivables) 4,698 Creditors(Payables) 3,174Premises 10,000 Motor vehicles 2,350 77Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2021:1. Stock on hand was £2,8592. Expenses owing: Sundry expenses £22; Motor expenses £58.3. Expenses prepaid: Rates £23; Telephone £11.4. Provide for depreciation of Premises at 10 percent on cost and Fixtures and Fittings and Motor vehicles at 5 percent on cost per annum.
Mary's transactions for her Coffee Shop during May 2020 are indicated below: Profit from services rendered: P47,500 Expenses for the maintenance of her car: 15,000 Expenses for rent: 120,000 annually Expenses for electricity: 24,600 Expenses for salary of each of her 2 employees: 5,000 Expenses incurred for the month of May 2020 shall be recorded at what amount? a. 212,100 b. 154,600 c. 149,600 d. 59,600 e. 164,600 f. 44,600 g. 54,600
Q4Journalize the following transactions in the books of AHMED for the month of March. 2020 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.
Use the following items taken from the financial statements of the Postal Service for the year ending December 31, 2018 to answer questions: Accounts payable ..............................................................$10,000 Accounts receivable ............................................................11,000 Accumulated depreciation – equipment ..........................28,000 Advertising expense ............................................................21,000 Cash ......................................................................................14,000 Owner’s capital (1/1/18) ...................................................105,000 Owner’s drawings ...............................................................14,000 Depreciation expense ........................................................12,000 Insurance expense ...............................................................3,000 Note payable, due 6/30/19…
Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The following account balances appear on the year-end adjusted trial balance of Wagner Accounting & Tax Services: Retained Earnings, $218,000; Service Revenue, $840,000; Salaries Expense, $378,000; Rent Expense, $138,000; Interest Expense, $73,000; and Dividends, $48,000. I've looked at other questions similar to this and for the first journal entry it looks advised to include the "Income Summary" but when I'm inputting the Account, there is not Income Summary, just "Cash". Will this suffice for the input?
Michael is an accountant who works as a teacher on weekends. Here is his income from W-2 and 1099 forms: wages from accountant job $74,280 wages from teaching $12,100, intrest $740, dividends $410, and royalties $980. What is Michael's total income?
James Herrera, the owner of spa, has the following account balances as of February 1, 2019 as well as transactions and expenses for February. Salaries payable – P12,300 Herrera, Capital – P127,300 Investments – P292,294 Supplies expense – P3,750 Building – P325,250 Transportation – P7,200 Service Income – P53,676 Utilities Expense – P4,300 Equipment – P72,500 Office Supplies – P61,300 Taxes payable – P10,210 Licenses – P7,100 Withdrawals – P17,000 Accounts payable – P9,320 Cash – P6,700 1. How much is the revenue generated by James?
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,200 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.)2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.)3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits…