Harrison Industries 3-18

Scenario: Payment for note payable 29.050 The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have Dividend paid Book value of equipment sold 90,950 just been prepare and presented to the owners by the company's Accountant. Upon close examination of the financial information received, it was discovered that some figures in the balance sheet were erroneously omitted due to an oversight by the accountant who is not available to fix the problem due to his unavoidable absence from work. In addition, the Requirements ouners were concemed about the movement in the company's cash and cash equivalent given that the balance sheet does not show or explain the reason or reasons why there was an 1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Maple Group Ltd Income Statement increase or decrease in this area The company uses the indirect method to prepare the statement of cash flows and it is expected…

Question 1 Consider following two independent scenarios: » During the preparation of financial statement for Master Ltd for 2023 it was discovered that an amount of $22,000, incurred in September 2021 and payable to an overseas supplier, was overlooked and not paid or provided for in the financial statement ending 30 June 2022. The amount is considered to be material and will be permitted as a deduction for tax purposes (tax rate 30%). Required: a Prepare the necessary journal entry to correct this error On 30 June 2023, the end of the current reporting period, Master Ltd decided, using the information obtained over the past few years, to revise the useful life of a Machine acquired 2 years earlier for $100,000. The useful life was revised from being a total of 10 years to being a total of 14 years. The machine was depreciated on straight-line basis over its useful life and have no residual value. No depreciation has been provided in the current year. Required: Prepare the journal…

Question 15 of 20 <. -/5 View Policies Current Attempt in Progress The following information is available for Sage Hill Corporation: Retained Earnings, December 31, 2019 $1,575,000 Net Income for the year ended December 31, 2020 $250,000 The company accountant, in preparing financial statements for the year ending December 31, 2020, has discovered the following information: The company's previous bookkeeper, who has been fired, had recorded depreciation expense on equipment in 2018 and 2019 using the double-declining-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effects of the error on prior years was $24,000, ignoring income taxes. Depreciation was computed by the straight-line method in 2020. Prepare the entry for the prior period adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No…

Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title   Enter a debit amount   Enter a credit amount   Enter an account title   Enter a debit amount   Enter a credit amount   (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off?     Before Write-Off   After Write-Off Cash realizable value   $Enter a dollar amount     $Enter a dollar amount

Skip to question   [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended.   Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

Problem 8 You were engaged by CPA Co. to audit its financial statements for the first time. In examining the books, you found out that certain adjustments had been overlooked at the end of 2019 and 2020. You also discovered that other items had been improperly recorded. These omissions and other failures for each year are summarized below: 12/31/2020 12/31/2019 Salaries payable P780,000 213,000 307,800 P873,600 Interest receivable 259,200 384,000 Prepaid insurance Advances from customers (collections from customers had been recorded as sales but should have been recognized as advances from customers because goods were not shipped until the following year) Machinery (capital expenditures had been recorded as repairs but should have been charged to Machinery; the depreciation rate is 10% per year, but depreciation in the year of expenditure is to be recognized at 5%) 561,000 470,400 522,000 564,000 Required: Based on the above and the result of your audit, determine the following:…

h Current Attempt in Progress Bonita Corporation provides its officers with bonuses based on net income. For 2020, the bonuses total $359,400 and are paid on February 15, 2021. Prepare Bonita's December 31, 2020, adjusting entry and the February 15, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) $ 4 Your answer is partially correct. R F Date 12/31/20 V 2/15/21 V FS % 5 ACC341-2022-Ho....xlsx ^ Dmusic 2.jpeg Account Titles and Explanation T O Interest Expense Accounts Payable Accounts Receivable B Cash *+ Bi 6 M ہے Y G H of A & 7 N tegel U J - tot * 00 F9 M Ps I 9 W 10 ( 9 K DDD O " Alt F11 O L Debit X 8882 F12 P /. V 359400 359400 Home PrtSc { C End = ? Credit 40°F Mostly cloudy Ctrl 359400 359400 Insert } 1 OM Delete Backspace PgUp

AP#5 Issue:  Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state unemployment taxes. On reviewing the “unemployment file” with the head accountant, Deborah Murtha, he learns that the company’s tax rate is near the top of the range of the state’s experience-rating system.  After calling the local unemployment office, Stone realizes that the turnover of employees at Hilton Company has had an adverse effect on the company’s tax rates. In addition, after consulting with Murtha, he discovers that the eligibility reports that come from the state unemployment office are just signed and sent back to the state without any review.  The eligibility reports are notices that an ex-employee has filed a claim for unemployment benefits. By signing these reports “blindly,” the company, in effect, tells the state that the employee is eligible for the benefits. Any benefits paid are charged by the…

Payroll Accounting 2020 by Landin Question: Ginger Klein is the payroll clerk for Neolane Transportation. A colleague who is classified as an independent contractor requests to be classified as an employee. What factors should Ginger consider?  Relationship of the parties.checked Behavioral control.checked Financial control.checked Method of compensation.

Current Attempt in Progress Your examination of the records of a company that follows the cash basis of accounting tells you that the company's reported cash- basis earnings in 2022 are $30,500. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. 2022 $3,800 Accounts receivable Supplies on hand Unpaid wages owed 2,160 2,340 Other unpaid expenses 1.430 1.340 2021 $2,900 1,380 1.550 Determine the company's net earnings on an accrual basis for 2022. Net earnings on an accrual basis for 2022 s

Question 32: What statement about Form l-9 is accurate? Answer: A. O The employee submits one or two documents to verify employment eligibility. В. O It was significantly revised and expanded in 2020. C. O A company submits this to request an EIN. D. O It is also referred to as Publication 15. Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Employee may purchase shares of the business after meeting predetermined goals Stock options DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Monies received for reaching a specific sales/production goal Cash incentives DROP HERE Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimum wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens…

Show the solution in good accounting form How much continuing franchise revenue be recognized on December 31, 2020 assuming the sales of P 4,987,500 was generated for the first year of operations? A. Zero B. P 190,000.00 C. P 49, 875.00 D. P417, 591.50

Exercise 9-20 (Algorithmic In 2022, Ava, an employee, who files single, has AGI of $26,600 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $1,020 Home office expenses: $3,060 Unreimbursed employee expenses: $1,428 Gambling losses to the extent of gambling winnings: $1,625, What is Ava's total itemized deduction related to these items?

Read the following information to answer questions 2.1 - 2.2. LA Fashion has credit sales of $6,400,000 for the financial year ending June 30, 2021, and estimates at the end of the financial year that five per cent of accounts receivable will not be received. Accounts receivable total $3,100,000. The corporation uses the allowance method to account for bad debts, based on the percentage of receivables approach.

P&L Acc. for accountant in 31/12/2020   Expenses   Revenues   Salaries   30,000 Office revenues 30,000 Rent exp.   20,000 Auditing revenues 10,000 Office exp.   10,000     Other exp.   20,000     Total expenses   80,000 Net loss

Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below. Greer Utsey earned $47,900 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to decimal places. Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding

Question 13 of 20 Select the best answer for the question. 13. Which of the following transactions would not affect a company's net income? O A. The payment of employees's salaries OB. Services provided for clients on account OC. Interest earned on invested money OD. A cash withdrawal by the owner O Mark for review (Will be highlighted on the review page) Previous Question D Type here to search W 3 F2 E F3 $ Next Question: R F4 O 21 76) G F5 7 40 14 TEAT F6 F7 8 Fr 9

Answer No. 24 Using the Percentage of completion Method, the realized gross profit or loss for the year 2021 is: a. 822,500 b. -35,000 c. 840,000 d. -122,500 No. 16 (the other picture: Roman Construction Company) The billings in excess of cost or the cost in excess of billings to be reported in the balance sheet as od December 31,2019 a. 20,000 excess of cost over billings b. 20,000 excess of billings over cost c. 900,000 excess of cost over billings d. 900,000 excess of billings over cost Provide a complete solution. Thank You

27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *

26 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable - - BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 - Fees Income BD2700- Furniture BD10000 Required: Compute the net income or net loss and show solution steps.

Example 5-10 Spencili Company is an employer located in a state with an unemployment compensation law containing merit-rating provisions for employers who meet certain requirements. Below is a summary of the total wages for the years 2019 to 2022, inclusive. For the purpose of the illustration, assume that the total wages and taxable wages are the same amount. Quarter 2019   2020   2021   2022 1st $11,000   $10,000   $8,500   $10,500 2nd 10,000   9,000   9,500   11,000 3rd 10,000   9,500   10,000   11,000 4th 10,500   9,750   9,500   9,500 Total $41,500   $38,250   $37,500   $42,000 The State Unemployment Compensation Commission maintains a separate account for each employer. The account is credited with contributions paid into the unemployment compensation fund by the employer and is charged with unemployment benefits paid from the fund. For 2023, the state law set up the following contribution rate schedule for employers: Reserve Ratio Rate Negative reserve…

1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees С. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called A. Gross pay В. Net pay С. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. 4 New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup