Johnson Company has ten employees who have each accrued $2,700 in vacation benefits. What is the journal entry to record accrued vacation pay earned? O Vacation Benefits Payable 27,000 Vacation Benefits Expense O Vacation Benefits Payable Cash O Vacation Benefits Expense Cash O Vacation Benefits Expense Vacation Benefits Payable 2,700 2,700 27,000 27,000 2,700 2,700 27,000
Q: total market
A: Introduction The overall demand for a good or service across all market groups, prospective…
Q: 4. What is the difference between the SCI of a service entity from a merchandising entity? 5. What…
A: Merchandise Vs Service Entity - Merchandise Entity earned revenue by selling goods to the customer.…
Q: Make-or-Buy Decision, Alternatives, Relevant Costs Each year, Giada Company produces 24,000 units of…
A: In making or buying decision making only that option should be chosen which is less costly. In most…
Q: Prepare a consolidated account for the group that ended 28th February 2020
A: A Consolidated account is the account which is actually the financial statements which are required…
Q: Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal…
A: The Accounts Receivable Turnover Ratio and the number of days of sales outstanding (DSO), both are…
Q: The cost of an asset is $1,150,000, and its residual value is $210,000. Estimated useful life of the…
A: There are a few advantages to employing the double declining balance technique of depreciation. One…
Q: The bookkeeper for the de Vos Company asks you to prepare the following adjusting entries at…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Break-Even Analysis Media outlets such as ESPN and FOX Sports often have websites that provide…
A: Formula: Break-even point units=Fixed costRevenue per unit-Variable cost per unit
Q: Describe the accounting for bonds payable, including bonds issued at face amount, bonds issued at a…
A: Bond is a type of security wherein the company or person who issues bonds owes the holder a debts…
Q: 1. Returned 20 widget product units (that were purchased on account) to the vendor who adjusted our…
A: The journal entries are the initial recording of the transaction in the books of accounts. It is…
Q: Required: 1. What level of unit sales and dollar sales is needed to attain a target profit of…
A: Break-even sales are a sale where the organization has not earned any profit. At that time the…
Q: Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the…
A: According to contract accounting, the revenue from a contract with a customer is recognized when…
Q: An asset is purchased for $80,000. Its estimated life is 30 years ,after which is sold for $5000.…
A: The sum of year digit method is the method of charging depreciation to an asset. It is an…
Q: Green Earth Landscaping Company provides monthly and weekly landscaping and maintenance services to…
A: Total administrative expense includes salaries expense, insurance expense, depreciation expense and…
Q: Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard Deduction Exemptions (per person) $4,100 nd Tina's…
A: Every person, every organization, and every company has earned income, but they all have to pay a…
Q: 1. Joint Costs are: a. Indivisible b. Present throughout the production process of joint products c.…
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…
Q: List and explain four times when there is an exception to the general rule that there is no…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Kokomochi is considering the launch of an advertising campaign for its latest dessert product, the…
A: INCOME STATEMENT income Statement is one of the important financial statements of the Company.…
Q: 1.Compute the price to net income ratio for both Kohl's and Wal-Mart. Round your answers to two…
A: Financial ratios are those ratios which simplify the financial information and it is useful for the…
Q: You want to make five annual payments of $6,000 beginning now in order to accumulate $35,000 for a…
A: We can answer this question using 'Future value of annuity ' equations. Future value of annuity =…
Q: Analyzing and Computing Issue Price, Treasury Stock Cost, and Shares Outstanding Following is the…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of…
A: The question is based on the concept of Financial Accounting.
Q: Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Basic rate…
A: Gross Pay - It is the sum of all the monetary payment made to an employees without deduction of any…
Q: Provide clearer work steps for the Bond Price PV (10,C6, -c5, -c3)
A: Price of bond depends on coupon payments and maturity value of bond. We get price of bond after…
Q: The following events occur for The Underwood Corporation during 2024 and 2025, its first two years…
A: Allowance for Doubtful Accounts - Allowance for Doubtful Accounts is the contra account deducted…
Q: A company produces one product and uses process costing. In February, they calculate the following…
A: The incremental cost is the additional cost incurred to produce one additional unit during the…
Q: A price of the new machine purchased by ABC company was P50,000 and expected to lastfor 14 years…
A: Depreciation represents the reduction in the value of asset over a useful life of the asset. It is…
Q: In the financial accounting for inventory, what is a cost flow assumption?
A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…
Q: Abdul runs his own public relations business. During the year he incurred $900 on membership of the…
A: A golf club or sports club, or any recreational club, seems to be a business that was founded…
Q: Net profit: 85000€ Retained earnings (profit) 31.12.2020: 24.000€ Regular Reserve 31.12.2020:…
A: Statement of Changes in Equity - Changes in equity contains Common stock, Other Reserves and…
Q: considered a hot asset? Accounts Receivable Inventory Land that qualifies as a 1231 asset Equipment…
A: Organizations run businesses with the help of assets such as cash, receivables, building, computer,…
Q: (a) Prepare general journal entries to record each of the four transactions. If no entry is…
A: In cash basis of accounting : on 1st Jan 2002 - no entry- may 1st -…
Q: Which of the following account (s) would be larger in amount on an adjusted trial balance than on a…
A: Options D is correct
Q: Pawn Corporation purchased 30 percent of Shop Company’s common stock on January 1, 20X5, by issuing…
A:
Q: 28
A: Generally, the Company purchases another company's business by giving the purchase price to the…
Q: 6-9. Sweet Co., a manufacturer of refined sugar, became subject to VAT effective November 1 of the…
A: VAT refers to value added tax which means tax will be levied at each stage where value will be added…
Q: Of the following, which is the most ‘Discretionary”? Accounts Payable Inventory Research…
A: A discretionary expense is a cost that a business or household can survive without, if necessary.…
Q: Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following…
A: A trial balance is a financial report showing the closing balances of all accounts in the general…
Q: Cost of Food Tab Opening Inventory Closing inventory Cooking liquor Food to bar Steward Sales Gratis…
A: Inventory turnover is the ratio that is used to indicate how many days will it take to convert…
Q: Lower of Cost or Net Realizable Value Sue Stone, the president of Tippecanoe Home Products, has…
A: The question is based on the concept of Cost Accounting. Finished goods inventory is valued at lower…
Q: On November 1, 2025, Ashton, Inc. purchased merchandise inventory for $30,000 by signing a note…
A: Note Payables = 30000 Maturity period = 6 Months Interest Rate = 2% Interest = 30000*2%*6/12 = 300…
Q: 2. 3. You borrow $80,000 at 5.00% per year and will pay off the loan in equal payments starting one…
A:
Q: As assistant to the CFO of Boulder Inc., you must estimate the Year 1 cash flow for a project with…
A: Given information: Sales = $13,000 Depreciation = $4,000 Operating costs = $6,000 Tax rate = 35%…
Q: Assume that Valley Forge Hospital has only the following three payer groups: Number of Average…
A:
Q: Samuel Jenkins made two investments; the first was 13 months ago and the second was 2 months ago. He…
A: There are different types gains short term capital gains and long term capital gains and there are…
Q: 1. What is a Statement of Changes in Equity? 2. What are the elements of an SCE? 3. Differentiate…
A: Equity is the amount of money a business owner has put into his own enterprise. The equity is…
Q: Lawrence, an employee of Light, Inc., has gross salary for March of $4,000. The entire amount is…
A: FICA taxes payable are liabilities that arise on gross salary. Payroll Tax Expense is an expense for…
Q: B20. Your client, James, is the 100% owner Best Corporation, Inc., a C Corporation. James wants to…
A: The correct answer is option - c. No, because James and Best are considered related parties for…
Q: Analyzing and Computing Accrued Wages Liability and Expense Demski Company pays its employees on the…
A: According to the given question, we are required to compute the effect of the transaction on the…
Q: eates additional expense without enough benefit through codt savings, income or capital gain, them…
A: Companies use debt in the capital structure because interest on debt is tax deductible and reduces…
Help me selecting the right answer. Thank you
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- An employer uses a career average formula to determine retirement payments to its employees. The annual retirement payout is 8 percent of the employees’ career average salary times the number of years of service. Calculate the annual benefit payment under the following scenarios. Years Worked Career Average Salary 27 $ 68,000 30 70,500 32 72,000An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?Instructions Nakajima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $244,000 during the period, and the full amount due was contributed to the pension plan administrator. Chart of Accounts CHART OF ACCOUNTS Nakajima Company General Ledger Required: On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115…
- Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3 Vacation Pay Payable fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3 Cash fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6Jerome Company has 35 employees who work 8 hours a day and are paid hourly.On January 1, 2018, the entity began a program of granting the employees 10 days ofpaid vacation each year. Vacation days earned in 2018 may first be taken on January 1,2019.Year Hourly wage Vacation daysearned by eachemployee Vacation days usedby each employee2018 129 10 02019 135 10 82020 142.50 10 1015. What is the vacation pay expense for 2018?a. 0b. P361,200c. P378,000d. P344,40016. What is the accrued liability on December 31, 2020?a. P474,600b. P453,600c. P399,000d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrueliability at the end of each year at the wage rate for that year?a. P474,600b. P453,600c. P399,000d. P478,800 Provide SOLUTION
- Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $15,000 bonus owed (but not yet paid) to its workers at calendar year-end.Find the total in the account with the following facts: Monthly contributions = $180 Employer matching = 25% Interest rate = 4.99% Years invested = 38Pharoah’s Potomac River Tours provides workers’ compensation insurance for its employees. The estimated gross payroll total for all employees this year is $382,500. The premium rate is 0.23%. Determine the estimated workers’ compensation premium. (Round answers to 2 decimal places, e.g. 52.75.) Workers’ compensation premium $
- An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 5 percent of the average salary over the employees’ last three years of service times the total years employed. Calculate the annual benefit under the following scenarios. Years Worked Average Salary during the Last Three Years of Service 17 $ 54,000 20 $ 61,000 22 $ 64,000Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium. $ Prepare the journal entry for the payment as of January 2, 20--. Page: DỌC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Jan. 2 1 2 2 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed. Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Dec. 31 2 2 3 3DETAILS ASK YOUR TEACHER The weekly payroll of Abkar Hardware includes 19 employees who earn $260 each. How much is the employer's share of total Social Security and Medicare taxes for the first quarter of the year? O $258.46 O $516.92 O $4,912.83 O $9,825.66