Reference no: EM13927253
During January 2014, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)
1. Morgan paid $250 interest on the note payable on January 1, 2014. The note is due December 31, 2015.
2. Morgan purchased $261,100 of inventory on account.
3. Morgan sold for $440,000 cash, inventory which cost $265,000. Morgan also collected $28,600 in sales taxes.
4. Morgan paid $230,000 in accounts payable.
5. Morgan paid $17,000 in sales taxes to the state.
6. Paid other operating expenses of $30,000.
7. On January 31, 2014, the payroll for the month consists of salaries and wages of $60,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $8,900 federal income taxes are withheld. The salaries and wages are paid on February 1.
Adjustment data:
1. Interest expense of $250 has been incurred on the notes payable.
2. The insurance for the year 2014 was prepaid on December 31, 2013.
3. The equipment was acquired on December 31, 2013, and will be depreciated on a straight-line basis over 5 years with a $2,000 salvage value.
4. Employer"s payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.8% federal unemployment tax.
Instructions
(You may need to set up T-accounts to determine ending balances.)
(a) Prepare journal entries for the transactions listed above and the adjusting entries.
(b) Prepare an adjusted trial balance at January 31, 2014.
(c) Prepare an income statement, an owner"s equity statement for the month ending January 31, 2014, and a classified balance sheet as of January 31, 2014.
|
Quickbooks student trial edition
: QuickBooks Student Trial Edition will operate for how many days after registration?
|
|
What total amount of dividends should lenberg pay
: If Lenberg has $12 million of investment projects having expected returns greater than 14 percent, what total amount of dividends should Lenberg pay?
|
|
What do you suggest as an optimal dividend policy
: What do you suggest as an optimal dividend policy for both Phoenix and Denver that might lead to increases in both of their share prices? What are the limitations of your suggestions?
|
|
Are they essential skills for project managers
: Describe the skills listed below in the context of the organizational structure. Are they essential skills for project managers?
|
|
Problem regarding the perpetual inventory system
: During January 2014, the following transactions occurred. (Morgan Company uses the perpetual inventory system.) 1. Morgan paid $250 interest on the note payable on January 1, 2014. The note is due December 31, 2015.
|
|
Motherboard components identification
: The motherboard is the main printed circuit board in a computer containing the computer's basic circuitry and components. The motherboard carries the central processing unit and system buses and is equipped with sockets that connect to the compute..
|
|
Replacing a motherboard
: The motherboard is the center or the heart of the computer system, and once we find some issues relevant to motherboard efficiency, we must replace the old motherboard with a new motherboard.
|
|
Providing description of the standards movement as is exists
: Identifying and explaining your position in regard to these approaches. Are they contradictory or compatible? Can they be successfully integrated, or are they mutually exclusive?
|
|
Define the term xerophyte
: Identify whether your plant is a C4 or CAM plant. Explain the difference between C4 and CAM plants in relation to the adaptations they have for carrying out photosynthesis that allow them to live in dry, arid environments - Discuss other adaptatio..
|