Payroll Accounting Class (2301-900)Cengage - eBook Bieg/Toland's Payroll Accounting (2021, 31th Edition)Ch. 3: Problem Case 3-8AI need help with finding the formula used to get the answerOASDI Taxable Wage Base = 137,700 O 3-8ALO 3 D See Example 3-5Ralph Henwood was paid a salary of $64.600 during 20- by Odesto Company: In addition, during theyear Hemwood started his own business as a public accountant and reported a net business income of$80.000 an his income tax return for 20-. Compute the followinga. The amount of FICA taves that was withheld from hisOASDI Scamings during 20- by Odesto Company.HI Sb. Henwood's sel-employment laves on the income derivedfrom the public accounting business for 20-OASDI SHI S liliFileInsertPage LaycutFormulasDataHelp=|シ.三三2Wrap TextArial10A王王|三三三Merge & CenterAlignmentPasteClipboardFontAB.Name:Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appearto the right of an incorrect answer.3-8ASalary(a) The amount of FICA taxes that was withheld fromOASDIhis earnings paid by Odesto Company.IHBusiness1.(b) Henwood's self-employment taxes on net business2.income from public accounting business.OASDI3.4.1.212223.25B-1BB-6B3-8BH Type here to search

Self-employed tax rate: The self-employed tax rates for 2020 are 15.3 percent in which the 12.4% for…

LO 3 See Examala 2-5 Ralph Henwood was paid a salary of $64.600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of s80.000 en his income tax return for 20--. Compute the following a. The amourt of FICA Laes that was withedd from his camings during 20- by Odesto Company. OASDI S b. Henwood's sel-employment tawes on the income derived from the public accunting business for 20--. OASDI S HI S

LO 3 See Examala 2-5 Ralph Henwood was paid a salary of $64.600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of s80.000 en his income tax return for 20--. Compute the following a. The amourt of FICA Laes that was withedd from his camings during 20- by Odesto Company. OASDI S b. Henwood's sel-employment tawes on the income derived from the public accunting business for 20--. OASDI S HI S

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 72C: Case 3-72 Cash- or Accrual-Basis Accounting Karen Ragsdale owns a business that rents parking spots...

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Financial statements We-Sell Realty, organized as a corporation on August 1, 2018, is owned and operated by Omar Farah, the sole stockholder. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations? We-Sell Realty Income Statement August 31, 2018 Sales commissions 140,000 Expenses: Office salaries expense 87,000 Rent expense 18,000 Automobile expense 7,500 Miscellaneous expense 2,200 Supplies expense 1,150 Total expenses 115,850 Net income 25,000 Omar Farah Retained Earnings Statement August 31, 2017 Retained earnings, August 1,2018 0 Dividends (10,000) (10,000) Issued additional common stock August 1,2018 15,000 5,000 Net income 25,000 Retained earnings, August 31, 2018 30,000 Balance Sheet For the Month Ended August 31, 2018 Cash Assets 8,900 Accounts payable 22,350 Total assets 31,250 Liabilities Accounts receivable 38,600 Supplies 4,000 Stockholders Equity Retained earnings 30,000 Total liabilities and stockholders equity 72,600
Case 3-72 Cash- or Accrual-Basis Accounting Karen Ragsdale owns a business that rents parking spots to students at the local university. Karens typical rental contract requires the student to pay the years rent of $450 ($50 per month) on September 1. When Karen prepares financial statements at the end of December, her accountant requires that Karen spread the $450 over the 9 months that each parking Spot is rented. Therefore, Karen can recognize only $200 of revenue (4 months) from each parking spot rental contract in the year the cash is collected and must defer (delay) recognition of the remaining $250 (5 months) to the next year. Karen argues that getting students to agree to rent the parking Spot is the most difficult part of the activity so she Ought to be able to recognize all $450 as revenue when the cash is received from a student. Required: Why do generally accepted accounting principles require the use of accrual accounting rather than cash-basis accounting for transactions like the one described here?
Parrish 2-3 Pg 33 Rules of Debits and Credits Please use DR and CR in accounting equation A=L+SE for the following 1) Shareholders invested $5000 cash to begin busines 2) Copymaster bought a copying machine f0r $1500 3) Copymaster sold copies to customers for $500 cash 4) Copymaster produced copies for Fellow Corporation, its customer. The total sale amount was $1200. Copymaster agreed to bill Fellows for the sale at the end of the month 5) Copymaster paid employees $600 6) Copymaster bought supplies for $300 7) Copymaster paid rent of $700 8) Copymaster paid utilities of $200 9) Copymaster bought office furniture for $500 10) Copymaster had an unpaid balance bill at month-end for $100 11) Calculate the total assets, liabilities, and equity and calculate the Net Income
i am doing chart of accounting general journal, 4/5 Received $1,750 from TD Price Company for preparing their company tax return. 4/6 Received $3,150 from Miller Transport Company for preparing their company tax return. 4/8 Paid employee salaries of $550. 4/9 Paid $250 for another advertisement in the Gazette. how to solve this problem? with puting into general journal as debit and credit side Received $1,750 from TD Price Company for preparing their company tax return.
For Questions 3 – 5. The accountant for Franklin Company prepared the following list of account balances from the company’s records for the year ended December 31, 2021: Fees Earned ‎₱165,000 Cash ‎₱30,000 Accounts Receivable ₱14,000 Selling Expenses ₱44,000 Equipment ₱64,000 Franklin, Capital ₱27,000 Accounts Payable ₱12,000 Interest Income ₱3,000 Salaries & Wages Expense ₱40,000 Prepaid Rent ₱2,000 Income Taxes Payable ₱5,000 Income Taxes Expense ₱18,000 Notes Payable ₱20,000 Rent Expense ₱20,000 Determine the total assets at the end of 2021 for Franklin Company. Determine the total liabilities at the end of 2021 for Franklin Company. Based on this information, is Franklin Company profitable? Explain your answer.
Analyze and journal the transactions: The Company is VAT- registered with 5% tax rate. 03-Jan Mr Y used his money to put up a business amounting 500,000 Dhs with a trade name of Amazing Company. 03-Jan The annual office rent contract is 150,000+5% which is agreed to be paid quarterly with a security deposit of 5,000 Dhs. 03-Jan Paid deposit for DEWA 2,000 & etisalat 500 in cash 03-Jan Paid security deposit for rent 5,000 dhs in cash. 04-Jan Pay Ejari amounting 219.50 AED in cash. 04-Jan Trade Licenses amounting 15,788 AED, was complited and granted, pay in cash. 04-Jan Open an account to Dubai Islamic Bank at 100,000 Dhs cash. 04-Jan Purchase a machinery ( with 5yrs useful life) to be used in business 50,000 Dhs+5% in cash from Greece Company. 05-Jan Paid the PRO who process the trade licenses 2,500 AED in cash. 05-Jan Purchase…
Case 1: Real Estate Agency Oct. 1 Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000. 2 Paid rent, P35,000, on office space. 3 Purchased office equipment for P140,000 on account. 6 Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed. 27 Paid P55,000 on the balance related to the transaction of October 3. 30 Received bill for October utilities, P6,500 (not paid at this time). Requirement: Journalize the transactions. Explanations can be omitted. Case 2: GTC Company The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance P 3,600 Equipment 28,000 Notes Payable 20,000 Unearned Service Revenue 4,200 Service Revenue 1,800 Analysis reveals the following additional data. Prepaid insurance is the cost of a 2-year insurance…
EX.01.270 From the following list of items taken from Lamar's accounting records, identify those that would appear on the Income Statement with either "Yes" or "No". a. Rent expense b. Land c. Capital d. Fees earned e. Withdrawal f. Wages expense g. Investment 13. EX.01.271 Identify which of the following items would appear on a balance sheet with either "Yes" or "No". a. Cash b. Fees earned c. Joe Brown, capital d. Wages payable e. Rent expense f. Prepaid advertising g. Land
pm.4 The supplies account had a balance of $1,075 at the beginning of the year and was debited during the year for $2,800, repr the year. If $2,973 of supplies are on hand at the end of the year, the supplies expense to be reported on the income staten Oa. $3,875 Ob. $902 O c. c. $5,773 Od. $2,973
P3.1 (LO 2, 4) (Transactions, Financial Statements—Service Company) Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist, invests $20,000 cash, and issues 2,000 shares of $10 par stock. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. 4 Pays rent for office space, $680 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $942. 8 Receives cash of $1,690 from patients for services performed. 10 Pays miscellaneous office expenses, $430. 14 Bills patients $5,820 for services performed. 18 Pays Green Jacket Co. on account, $3,600. 19 Pays a dividend of $3,000 cash. 20 Receives $980 from patients on account. 25 Bills patients $2,110 for services performed. 30 Pays the following expenses in cash: salaries and wages $1,800; miscellaneous office expenses $85. 30 Dental supplies used during September, $330.…
1. Record the effect of the following transactions on the accounting equation using a table similar tothe example.a. Owen inherited $20,000 and invested the cash in the business.b. Performed services for a client and received cash of $700.c. Purchased supplies on account, $1,000d. Invested personal cash of $1,000 in the business.Prepare Income Statement and Balance Sheet. (Ans: Net profit= $2,100 Balance = $22,300)
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