When preparing government-wide financial statements at the end of the fiscal year, Lambertsville recorded an adjusting entry for salaries of $25,500,000. However, on the first Friday of the new fiscal period, additional salary expense was recognized and the total accrued salaries of $42,500,000 were paid. The entry to record the payment of salaries was
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When preparing government-wide financial statements at the end of the fiscal year, Lambertsville recorded an
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- Tired Company, a domestic corporation, started operations in the latter part of the first quarter of 2020. The company opted to report its financial statements for the nine months ended December 31, 2020. The pretax financial income for the period was P1,200,000. In preparing the income tax return for the period, the tax accountant determined the following differences between 2020 financial income and taxable income. a. Because of non-compliance with some local government requirements, the city treasurer assessed fines and penalties totaling P22,500. b. The company made a donation to Hospicio de San Jose amounting to P25,000. Tax laws consider a donation of this kind as non-deductible in full amount. c. Cash dividends received from equity investments in a domestic corporation, P5,200. d. Rent was paid in advance for one year amounting to P240,000. The financial statement of Tired Company reported prepaid rent of P60,000. e. The company uses straight-line depreciation for all its…Sinigang na Baboy Company, a domestic corporation, started operations in the latter part of the first quarter of 2020. The company opted to report its financial statements for the nine months ended December 31, 2020. The pretax financial income for the period was P1,200,000. In preparing the income tax return for the period, the tax accountant determined the following differences between 2020 financial income and taxable income. a. Because of non-compliance with some local government requirements, the city treasurer assessed fines and penalties totaling P22,500. b. The company made a donation to Hospicio de San Jose amounting to P25,000. Tax laws consider a donation of this kind as non-deductible in full amount. c. Cash dividends received from equity investments in a domestic corporation, P5,200. d. Rent was paid in advance for one year amounting to P240,000. The financial statement of Sinigang na Baboy Company reported prepaid rent of P60,000. e. The company uses straight-line…State whether each situation is a deferral or an accrual Services totaling $690 have been performed but not yet recorded or billed. Legal fees of $2,890 were collected in advance. By year end, 70 percent were still unearned. Salaries earned by employees by year end but not yet paid or recorded amounted to $1,655. Property taxes that have been incurred but that have not yet been paid or recorded amount to $1,034.
- 5.) On February 1, the Acts Tax Service received a $3,600 cash retainer for tax preparation services to be provided rateably over the next 4 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized rateably over the 4 month period, what balance would be reported on the February 28 balance sheet for Unearned Service Revenue?Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…the following balances were extracted from the relevant books of accounts of the controller and accountant general department at the end of december, 2019 trail balance as at 31 december, 2019 ghs ghs foreign investment 64,780.50 taxes on domestic goods 40,000.00 taxes on international transactions 94,500.00 personal emoluments 160,000.00 domestic short term loan 6,750.00 domestic medium and loan term loan 42,750.00 ssf contribution 21,200.00 pension and gratuity 18,300.00 taxes on income & properties 155,600.00 contingency fund 67.50 local investment 5,750.00 value added tax 142,300.00 administrative expenses 100,000.00 education trust fund 14,300.00 sinking fund 337.50 road fund arrears 32,000.00 non road fund arrears 11,770.95 grants 29,300.00 district assembly common fund 119.600.00 divestiture proceeds 36,500.00 foreign loan 825.75 cash in hand 1,375.00 counterpart fund 5,280.75 other revenue receipt 21,800.00 interest payment on loan 700.00 service expenditure 14,000.00 loan…
- Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($40,000), payroll deductions for income tax ($4,000), payroll deductions for FICA ($3,000), payroll deductions for American Cancer Society ($1,500), employer contributions for FICA (matching), and state and federal unemployment taxes ($350). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,250 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…The following account balances were taken from the books of a government agency: Salaries and Wages-Regular, P6,000,000; PERA, P425,000; Office Supplies Expense, P600,000; Water Expenses, P90,000; Electricity Expenses, P100,000; Telephone Expenses, P45,000; Traveling Expenses, P150,000; Representation Allowance and Transportation Allowance (RATA), P250,000; Honoraria, P120,000; Subsidy from National Government, P11,000,000; Interest Income, P100,000; Interest Expenses, P150,000; Bank Charges, P7,500, Retirement and Life Insurance Premiums, P750,000; Pag-IBIG Contributions, P200,000; Phil-Health Contributions, P150,000; Employees Compensation Insurance Premiums, P80,000; Semi-Expendable Machinery and Equipment Expense, P80,000; Representation Expenses, P450,000; Depreciation Expense, P250,000; Amortization Expense, P200,000 and Impairment Loss-PPE, P100,000. How much is the total amount of expenses under Maintenance and Other Operating Expenses( Cash Expenses)?For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows: TAXABLE EARNINGS DEDUCTIONS NAME TOTAL EARNINGS SOCIAL SECURITY MEDICARE FEDERAL INCOME TAX SOCIAL SECURITY TAX MEDICARE TAX Brown, D. D. 16,629.00 16,629.00 16,629.00 2,494.00 1,031.00 241.12 Carey, L. R. 18,528.00 18,528.00 18,528.00 2,780.00 1,148.74 268.66 Domzalski, T. P. 14,665.00 14,665.00 14,665.00 2,100.00 909.23 212.64 Grisson, R. O. 13,721.00 13,721.00 13,721.00 2,058.00 850.70 198.95 Tyler, J. L. 17,406.00 17,406.00 17,406.00 2,510.00 1,079.17 252.39 Valdez, K. R. 15,287.00 15,287.00 15,287.00 2,295.00 947.79 221.66 96,236.00 96,236.00 96,236.00 14,237.00 5,966.63 1,395.42 The company has had six employees throughout the year. Assume that the FICA Social Security (employer)…
- Sandler Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($260,000),payroll deductions for income tax ($28,000), payroll deductions for FICA ($20,000), payrolldeductions for United Way ($4,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($2,000). Employees were paid in cash, but payments for thecorresponding payroll deductions have not been made and employer taxes have not yet beenrecorded.b. Collected rent revenue of $1,500 on December 10 for office space that Sandler rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the entries required on December 31 to record payroll.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3. Show how any…Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($350,000), payroll deductions for income tax ($37,000), payroll deductions for FICA ($29,000), payroll deductions for United Way ($4,900), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,900). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded. Collected rent revenue of $1,770 on December 10 for office space that Sandler rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any liabilities related to…1. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A particular faculty member earns $70,000 per year. Assuming that the college maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements and assuming that any appropriate accruals have been made, what is the appropriate entry to record the employee s salary paid while on sabbatical leave? a. Debit Expenditures $70,000; Credit Cash $70,000. b. Debit Expenses $70,000; Credit Cash $70,000. c. Debit Sabbatical Leave Payable $70,000; Credit Cash $70,000. d. No entry required. 2. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A…
