If a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:
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If a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:
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- The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…If an insurance expense is incurred in February but was paid in January, the journal entry recorded in January isIf a utilities expense is incurred in February but is not paid until March, the following will be an effect on the financial statements in February
- Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.What is the total book receipts for December?Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 28% of the current month's net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following information is available for the fourth quarter of the year just ended. When tax computations are completed on January 20 of the following year, Nishi determines that the quarter's Income Taxes Payable account balance should be $29,446 on December 31 of the year just ended (its unadjusted balance is $24,346). October net income November net income $ 31,000 20,150 35, 800 December net income 1. Determine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in the Income Taxes Payable account. 2. Prepare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and (b) the later January 20 payment of…
- Calculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March.Sole this journal entry Question: Record the appropriate adjustment to the January and February revenue.Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
- Sarasota Corp.s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for El, and $9,061 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Sarasota on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatlcally Indented when the amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.)On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes.Trombone deducts employment taxes from its employees' wages on a monthly basis and pays these to the local taxation authorities in the following month. At the year-end the financial statements will contain an accrual for income tax payable on employment income. You will be in charge of auditing this accrual. Question: Describe the audit procedures required in respect of the year-end accrual for tax payable on employment income.