Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 12, Problem 12.28EX
a.
To determine
It is that form of organization which is owned and managed by two or more persons who invest and share the
The revenue per employee for the year 2017 and 2016.
b.
To determine
To interpret: The trend between the two years.
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A company's accounting year ends on 31st December 2016. During the year the company paid a salary of $100,000. This includes $8,000 for the previous financial year. Salary for the month of December 2016, $10,000 remains unpaid. What is the salary to be accounted in the income statement for the period?
Income Statement would report a salary of $102,000
Income Statement would report a salary of $110,000
Income Statement would report a salary of $92,000
Income Statement would report a salary of $98,000
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner’s capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year.
1. Prepare and complete a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on these additional facts.
a. The supplies available at the end of fiscal year 2017 had a cost of $3,300.
b. The cost of expired insurance for the fiscal year is $3,800.
c. Annual depreciation on equipment is $8,400.
d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.
e. The company’s employees have earned $1,800 of accrued wages at fiscal year-end.
f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500.
g. Additional…
Assume the following data for Blossom Care Dry Cleaning for the year ended December 31.
•
Gross earnings $305,000.00
•
All employees’ salaries are greater than $7,000 in the first quarter of employment
•
Number of employees at the beginning of the year: 10
•
One new employee hired during fourth quarter (assume employee earns $7,800 before December 31)
•
FUTA deposits for the year: $420.00
(a)
Determine the amounts entered on Form 940 for the following line items.
Line 3: Total payments to all employees
$
Line 4: Payments exempt from FUTA tax
$
Line 5: Total of payments made to each employee in excess of $7,000
$
Line 7: Total taxable FUTA wages
$
Line 8: FUTA tax before adjustments
$
Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior year
$
Line 14: Balance due
$
Line 15: Overpayment
$
Line 16a: 1st quarter
$
Line 16b: 2nd quarter
$
Line 16c: 3rd…
Chapter 12 Solutions
Accounting (Text Only)
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1APECh. 12 - Prob. 12.1BPECh. 12 - Prob. 12.2APECh. 12 - Prob. 12.2BPECh. 12 - Prob. 12.3APECh. 12 - Prob. 12.3BPECh. 12 - Prob. 12.4APECh. 12 - Prob. 12.4BPECh. 12 - Prob. 12.5APECh. 12 - Prob. 12.5BPECh. 12 - Prob. 12.6APECh. 12 - Prob. 12.6BPECh. 12 - Prob. 12.7APECh. 12 - Prob. 12.7BPECh. 12 - Prob. 12.1EXCh. 12 - Prob. 12.2EXCh. 12 - Prob. 12.3EXCh. 12 - Prob. 12.4EXCh. 12 - Prob. 12.5EXCh. 12 - Prob. 12.6EXCh. 12 - Prob. 12.7EXCh. 12 - Prob. 12.8EXCh. 12 - Prob. 12.9EXCh. 12 - Prob. 12.10EXCh. 12 - Prob. 12.11EXCh. 12 - Prob. 12.12EXCh. 12 - Prob. 12.13EXCh. 12 - Prob. 12.14EXCh. 12 - Prob. 12.15EXCh. 12 - Prob. 12.16EXCh. 12 - Prob. 12.17EXCh. 12 - Statement of members equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Prob. 12.21EXCh. 12 - Prob. 12.22EXCh. 12 - Liquidating partnershipscapital deficiency...Ch. 12 - Prob. 12.24EXCh. 12 - Prob. 12.25EXCh. 12 - Prob. 12.26EXCh. 12 - Prob. 12.27EXCh. 12 - Prob. 12.28EXCh. 12 - Prob. 12.1APRCh. 12 - Prob. 12.2APRCh. 12 - Prob. 12.3APRCh. 12 - Prob. 12.4APRCh. 12 - Prob. 12.5APRCh. 12 - Prob. 12.6APRCh. 12 - Prob. 12.1BPRCh. 12 - Prob. 12.2BPRCh. 12 - Prob. 12.3BPRCh. 12 - Prob. 12.4BPRCh. 12 - Prob. 12.5BPRCh. 12 - Statement of partnership liquidation On August 3,...Ch. 12 - Prob. 12.1CPCh. 12 - Prob. 12.2CPCh. 12 - Revenue per employee The following table shows key...Ch. 12 - Prob. 12.4CP
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