Reference no: EM131206423
According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $130.00 for FICA taxes, $17.50 for federal unemployment taxes, and $84.50 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 10.50.)
On January 1, 2017, Klosterman Company issued $563,500, 10%, 10-year bonds at face value. Interest is payable annually on January 1.
(a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the journal entry to record the payment of interest on January 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
What is the acquisition cost of each asset
: Lump-Sum Purchase To add to his growing chain of grocery stores, on January 1, 2014, Danny Marks bought a grocery store of a small competitor for $435,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building,..
|
|
Contractual liability claims such as trade accounts payable
: Provide me answer in details for the following Corporate Taxation related course. “To what extent are the personal assets of a general partner, limited partner, or member of an LLC subject to (a) contractual liability claims such as trade accounts pa..
|
|
Properly classified between current and long-term
: At the financial statement date of December 31, 2017, the liabilities outstanding of ABC Corporation included the following: Cash dividends on common stock, $50,000, payable on January 15, 2018. Note payable to XYZ State Bank, $470,000, due January 2..
|
|
Prepare the entry to record the employer payroll taxes
: The following information about a company is as follows: Total payroll was $2,760,000. $480,000 of the $2,760,000 represented amounts paid in excess of $118,500 to certain employees. Prepare the journal entry for the salaries and wages paid. Prepare ..
|
|
Prepare the journal entry to record the accrual of interest
: According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $130.00 for FICA taxes, $17.50 for federal unemployment taxes, and $84.50 for state unemployment taxes. Prepare the journal entry to record the issuance of th..
|
|
Partner basis in the partner partnership interest
: Which of the following decreases a partner’s basis in the partner’s partnership interest? Jim, one of two equal partners of the JJ Partnership, a general partnership, contributed business property with an adjusted basis to him of $15,000 and a fair m..
|
|
Susceptible to earnings management manipulation
: A company accounts for Inventories on a FIFO basis. Compared to LIFO, is FIFO a more balance-sheet oriented approach to accounting for inventory, or is it a more income- statement approach? Explain. Generally, is FIFO or LIFO more susceptible to ear..
|
|
Compute the amount of goodwill acquired
: On September 1, 2018, PPP Corporation acquired SSS Enterprises for a cash payment of $820,000. At the time of purchases, SSS's balance sheet showed assets of $610,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of the acq..
|