Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 6QC
Assume that the weekly payroll of In the Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What
| Learning Objective 3 |
| Date | Accounts and Explanation | Debit | Credit |
| a. | Salaries Expense | 120 | |
| Salaries Payable | 120 | ||
| b. | Salaries Payable | 300 | |
| Salaries Expense | 300 | ||
| c. | Salaries Expense | 120 | |
| Cash | 120 | ||
| d. | No adjustment is needed because the company will pay the payroll on Friday. |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
MindTap - Cengage Learning
2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false
ork
items
week 6: Homework
eBook
Salary
State income taxes
Exercise 12-22 (Algorithmic) (LO. 2, 3, 5)
Yanni, who is single, provides you with the following information for 2021:
CengageNOWv2 | Online teachin X
Print Item
Mortgage interest expense on principal
residence
Charitable contributions
Interest income
a. Yanni's taxable income:
b. Yanni's AMT base:
Check My Work
Click here to access the exemption table. If required, round your answers to the nearest dollar.
Compute the following:
c. Yanni's tentative minimum tax:
$117,400
11,740
10,566
2,348
1,761
94,507
32,647
X +
8,488
9 Quiz: Accounting for Current Liabi... G
Help
Save & Exit
Submi-
Saved
Check my work
i
Required information
Knowledge Check 01
Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid on the 15th and last
day of each month. On January 15, Lopez is subject to the following payroll taxes: FICA-Social Security Taxes (at 6.2% of the
first $118,500 each employee earns in the calendar year), FICA-Medicare Taxes (at 1.45%), FUTA (at 0.6% of the first $7,000
each employee earns in the calendar year), and SUTA (at 5.4% of the first $7,000 each employee earns in the calendar year).
The journal entry to record the employer's payroll tax expense and related liabilities would include a debit to:
O Payroll Taxes Expense for $1,108.
O FICA-Social Security Taxes Payable for $496.
O Payroll Taxes Expense for $1,032.
O FICA-Medicare Taxes Payable for $116.
II
へ
F3
F5
F4
F7
F8
F10
F12
Finder
LL
1AA
$4
3.
0.
Cengage Learning
* CengageNOWv2 | Online teachin x
* Cengage Learning
Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false
eBook
Show Me How
Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
Feedback
T Check My Work
The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
The…
Chapter 3 Solutions
Horngren's Accounting (11th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Prob. S3.1SECh. 3 - Prob. S3.2SECh. 3 - Prob. S3.3SECh. 3 - Prob. S3.4SECh. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 -
S3-6 Journalizing and posting adjusting entries...Ch. 3 - Prob. S3.7SECh. 3 - Prob. S3.8SECh. 3 - Prob. S3.9SECh. 3 - Prob. S3.10SECh. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Prob. S3.13SECh. 3 - Determining the effects on financial statements...Ch. 3 - Prob. S3.15SECh. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Prob. E3.20ECh. 3 - Prob. E3.21ECh. 3 -
E3-22) Journalizing adjusting entries
Consider...Ch. 3 - Prob. E3.23ECh. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Prob. E3.26ECh. 3 - Prob. E3.27ECh. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Prob. E3.29ECh. 3 - Prob. E3.30ECh. 3 - Prob. E3A.31ECh. 3 - Prob. E3A.32ECh. 3 - Prob. P3.33APGACh. 3 - Prob. P3.34APGACh. 3 - Prob. P3.35APGACh. 3 - Prob. P3.36APGACh. 3 - Prob. P3.37APGACh. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - Prob. P3.40BPGBCh. 3 - Prob. P3.41BPGBCh. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Prob. P3.45CPCh. 3 - Prob. P3.46PSCh. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- (Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward-et: Mod x * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel x G module 5 problem set x om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. O eBook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Previous Next Check My Work. 3:34 P 56°F Mostly cloudy A O E O 40 11/28/2 (田arrow_forwardTue Sep narks Window Help A v2.cengagenow.com Learning Module 2 – ACCT1105: Financia. * CengageNOWv2 | Online teach Student Services & Financial Aid O Mail - Whisby (STUDENT), Keyosha - Ou. eBook Show Me How Federal Income Tax Withholding Stan Stately's weekly gross earnings for the present week were $2,400. Stately has two exemptions. Using the wage bracket withholding table in Exhibit 2 with an $81 standard withholding allowance for each exemption, what is Stately's federal income tax withholding? Round your answer to two decimal places. Feedback Previous Next> Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 21 DII DD 888 F10 F1 F12 F5 F7 FB F2 F3 F4 #3 $ 2 3 5 7 8. delete { W T Y U S F G H J Karrow_forward
- Completing a payroll register 1 € (30 min) Check Figure Net Pay $2,529.97 P10-2A. Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to determine deductions. Claim Code 3 1 1 Department Sales Sales Weekly Salary $950 620 980 650 Employee Jenny Quan Frank Sloan Alberta Nobel Office Jeremy Gold Office 4 Assume that each employee contributes $12 per week for union dues.arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward(Learning Objective 4: Account for accrued payroll) Fitzgerald Company pays itsemployees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018,Fitzgerald paid wages of $112,000, which covered the 14-day period from December 20, 2017,through January 2, 2018. Wages were earned evenly across all days, including Saturdays andSundays. Employee income taxes withheld for this payroll period totaled $15,610, while theFICA tax withheld was $12,600. (Ignore the employer payroll taxes in this exercise.) Preparethe entry to accrue the company’s wages and payroll taxes at December 31, 2017.arrow_forward
- FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION (BACK NEXT Exercise 11-11 a-b (Part Level Submission) Ramirez Company has the following data for the weekly payroll ending January 31. Hours Hourly Rate Federal Income Health Insurance Employee M T. F Tax Withholding L. Helton 8 8. 10 3 $12 $34 $10 R. Kenseth 8 8. 8 8 8 2 14 37 25 8 9 D. Tavaras 10 8. 15 58 25 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings. v (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings…arrow_forwardLearning Objective 3: Purchase inventory, accrue interest, and pay a short-termnote) On August 1, 2019, The Shoppes at Mill Lake, Inc., purchased inventory costing $40,000by signing a 6%, six-month, short-term note payable. The company will pay the entire note(principal and interest) on the note’s maturity date.Requirements1. Journalize the company’s purchase of inventory.2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2019.3. At December 31, 2019, what is reported on the balance sheet related to this note payable?4. Record the payment of the note payable (principal and interest) on its maturity datearrow_forwardBookmarks < Window Help 00 eBook C CengageNOWv2 | Online teaching and learning resource from Cengage Learning v2.cengagenow.com Show Me How Feedback a. Determine the employee's gross pay for the week. 1,830 ✔ b. Determine the erpolovee's net pay for the week Round your answer to two decimal places. X Incorrect Calculate Payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $295. Check My Work 9 more Check My Work uses remaining. APR 17 All work saved. MacBook Pro Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay. Okay tv ♫ 94 Thank ☎ < q 3 Cengage Learning Email Instructor Save and Exit . Previous Mon Apr 17 4:0 Submit Assignmen Nextarrow_forward
- (Learning Objective 4: Account for payroll expense and liabilities) Key West has anannual payroll of $150,000. In addition, the company incurs payroll tax expense of 10% of theannual payroll. At December 31, Key West owes salaries of $8,000 and FICA and other payrolltax of $1,000. The company will pay these amounts early next year. Show what Key West willreport for the foregoing on its income statement for the year and on its year-end balance sheetarrow_forwardDirections: Prove to me that you are having fun and you are learning more than what I expected. Compute the total amount of Pedro's Meal Expenses for May 2020 using MS Excel. Pedro's Meal Expenses for May 2020 Monday Tuesday Wednesday Thursday Friday Sunday Saturday Total P100.00 P120.00 4 6 8 P120.00 P120.00 P100.00 P120.00 P100.00 P120.00 P150.00 10 11 12 13 14 15 16 P100.00 P110.00 P110.00 P120.00 P120.00 P110.00 P120.00 17 18 19 20 21 22 23 P150.00 P110.00 P110.00 P110.00 P100.00 P120.00 P150.00 24 25 26 27 28 29 30 P100.00 P120.00 P110.00 P100.00 P110.00 P110.00 P150.00 31 P100.00 TOTAL MEAL EXPENSES FOR THE MONTH OF MAYarrow_forwardO Odysseyware Ô https://sfdr.owschools.com/owsoo/studentAssignment/index?eh=65534403 San Felipe Der RIO CISD- IS JALYN GARCIA Odysseyware LEARN MESSAGE HELP SIGN OUT Assignment - 1. Credit Scores and Loans Attempt 1 of 1 ASSIGNMENTS COURSES SECTION 3 OF 4 QUESTION 6 OF 8 1 2 4 5 >> Match the option with the lowest monthly payment to highest monthly payment. $12,000 loan with 1% simple 1. lowest payment interest over 7 years $7,500 loan with 4% simple interest 2. second highest payment over 5 years $8,500 loan with 2% simple 3. third highest payment interest over 6 years $10,000 loan with 3% simple 4. fourth highest payment interest over 4 years 9:19 PM 后 ENG 2/4/2021 P Type here to search Rarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY