The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1. Employee Union Dues Payable 2. Wages payable. 3. Employee Federal Income Taxes Payable 4. Unearned revenues (to be earned over next 3 months) 5. Accounts receivable. 6. Salaries payable. 7. Accounts payable (due in 30 days) 8. Bonds payable (due in 9 months) 9. Notes payable (mature in five years). 10. Notes payable (due in 120 days).

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1. Employee Union Dues Payable 2. Wages payable. 3. Employee Federal Income Taxes Payable 4. Unearned revenues (to be earned over next 3 months) 5. Accounts receivable. 6. Salaries payable. 7. Accounts payable (due in 30 days) 8. Bonds payable (due in 9 months) 9. Notes payable (mature in five years). 10. Notes payable (due in 120 days).

Name: I need help with this question Exercise 9-1 Classifying liabilities LO
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Description: I need help with this question Exercise 9-1 Classifying liabilities LO C1The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification ofeach item as follows: Cif it is a current liab

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.2.2C

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 101 Salaries Payable 108 Bond Deductions Payable 2,300 102 Social Security Tax Payable 2,913 109 Medical Insurance Payable 2,520 103 Medicare Tax Payable 728 201 Operations Salaries Expense 700,000 104 Employees Federal Income Tax Payable 4,490 301 Officers Salaries Expense 340,000 105 Employees State Income Tax Payable 4,078 401 Office Salaries Expense 155,000 106 State Unemployment Tax Payable 1,260 408 Payroll Tax Expense 59,491 107 Federal Unemployment Tax Payable 360 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for 2,520, in payment of the semiannual premium on the group medical insurance policy. 1. Issued Check No. 816 to Alvarez Bank for 8,131, in payment for 2,913 of social security tax, 728ofMedicare tax, and 4,490 of employees federal income tax due. 2. Issued Check No. 817 for 2,300 to Alvarez Bank to purchase U.S. savings bonds for employees. Dec. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations 14,500 Officers 7,100 Office 2,600 24,200 Deductions: Social security tax 1,452 Medicare tax 363 Federal income tax withheld 4,308 State income tax withheld 1,089 Savings bond deductions 1,150 Medical insurance deductions 420 8,782 Net amount 15,418 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll. 12. Journalized the entry to record payroll taxes on employees earnings of December 12: social security tax, 1,452; Medicare tax, 363; state unemployment tax, 315; federal unemployment tax, 90. 15. Issued Check No. 830 to Alvarez Bank for 7,938, in payment of 2,904 of social security tax, 726 of Medicare tax, and 4,308 of employees federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations 14,250 Officers 7,250 Office 2,750 24,250 Deductions: Social security tax 1,455 Medicare tax 364 Federal income tax withheld 4,317 State income tax withheld 1,091 Savings bond deductions 1,150 8,377 Net amount 15,873 Dec. 26. Issued Check No. 840 for the net amount of the biweekly payroll. 26. Journalized the entry to record payroll taxes on employees earnings of December 26: social security tax, 1,455; Medicare tax, 364; state unemployment tax, 150; federal unemployment tax, 40. 30. Issued Check No. 851 for 6,258 to State Department of Revenue, in payment of employees state income tax due on December 31. 31. Issued Check No. 852 to Alvarez Bank for 2,300 to purchase U.S. savings bonds for employees. 31. Paid 55,400 to the employee pension plan. The annual pens1on cost is 65,500. (Record both the payment and the unfunded pension liability.) Instructions 1.Journalize the transactions. 2.Journalize the following adjusting entries on December 31: A. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 13,350.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: A. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 13,350.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: A. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries, 1,400. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 15,000.
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Payroll register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2016: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Aaron 46 68.00 750.20 100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 DiMaggio 35 56.00 366.04 0 Griffey, Jr. 45 62.00 641.84 130 Mantle 1,800 342.45 120 Robinson 36 54.00 382.56 130 Williams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employees annual earnings. The next payroll check to be used is No. 901. Instructions 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2016. Use the following columns for the payroll register: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. 2. Journalize the entry to record the payroll for the week]