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Alborosie
3 years ago
11

Unearned Seminar Fees has a balance of $6,500, representing prepayment by customers for five seminars to be conducted in June, J

uly, and August 2019. Two seminars had been conducted by June 30, 2019.
Prepaid Insurance has a balance of $6,000 for six months’ insurance paid in advance on May 1, 2019.Store equipment costing $19,840 was purchased on March 31, 2019. It has a salvage value of $400 and a useful life of six years.Employees have earned $150 that has not been paid at June 30, 2019.The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $4.50; FUTA, $0.90; Medicare, $2.18; and social security, $9.30.Management estimates uncollectible accounts expense at 1 percent of sales. This year’s sales were
$1,000,000.Prepaid Rent has a balance of $5,100 for six months’ rent paid in advance on March 1, 2019.The Supplies account in the general ledger has a balance of $300. A count of supplies on hand at June 30, 2019, indicated $100 of supplies remain.The company borrowed $10,600 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 6 percent.Required:Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end.
Business
1 answer:
hram777 [196]3 years ago
7 0

Answer:

Dr Merchandise Inventory 500.00

Cr Cost of Goods Sold 500.00

Dr Unearned Seminar Fees 2,000.00

Cr Seminar Fees 2,000.00

Dr Insurance Expense 2,000.00

Cr Prepaid Insurance 2,000.00

Dr Depreciation Expense 810.00

Cr Accumulated Depreciation 810.00

Dr Wages Expense 150.00

Cr Wages Payable 150.00

Dr Payroll tax expense 16.88

Cr SUTA Payable 4.50

Cr FUTA Payable 0.90

Cr Medicare Payable 2.18

Cr Social Security Payable 9.30

Dr Bad Debt Expense 10,000.00

Cr Allowance for Doubtful Debts 10,000.00

Dr Rent Expense 3,400.00

Cr Prepaid Rent 3,400.00

Dr Supplies Expense 200.00

Cr Supplies 200.00

Dr Interest Expense 53.00

Cr Interest Payable 53.00

Explanation:

Journal entries for Unearned Seminar Fees

Dr Merchandise Inventory 500.00 (7000-6500)

Cr Cost of Goods Sold 500.00

(Increase in inventory on hand)

Dr Unearned Seminar Fees 2,000.00 (5000/5*2)

Cr Seminar Fees 2,000.00

(Fees earned during the period)

Dr Insurance Expense 2,000.00 (6000/6*2)

Cr Prepaid Insurance 2,000.00

(Prepaid insruance expired)

Dr Depreciation Expense 810.00 [(19840-400)/6*3/12]

Cr Accumulated Depreciation 810.00

(Deprecaition expense for the period)

Dr Wages Expense 150.00

Cr Wages Payable 150.00

(Wages accrued but not paid)

Dr Payroll tax expense 16.88

Cr SUTA Payable 4.50

Cr FUTA Payable 0.90

Cr Medicare Payable 2.18

Cr Social Security Payable 9.30

(Payroll tax expense)

Dr Bad Debt Expense 10,000.00 (1,000,000*1%)

Cr Allowance for Doubtful Debt 10,000.00

(Bad debt expense)

Dr Rent Expense 3,400.00 (5100/6*4)

Cr Prepaid Rent 3,400.00

(Prepaid rent expired during the period)

Dr Supplies Expense 200.00

(300-100)

Cr Supplies 200.00

(Supplies consumed during the period)

Dr Interest Expense 53.00 (10600*6%*1/12)

Cr Interest Payable 53.00

(Interest accrued but not paid)

The Balance in Prepaid Rent is :

5100 - 3400 = 1700

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Intel Corporation
statuscvo [17]

Answer:

a. Gross income = sales - COGS

Pretax = gross income - SG$A expense +operating income + non operating income- interest expense - unusual expense

income taxes = Pretax - net income

income statement    2016 2015 2014 2013 2012

sale                        59387 55355 55870 52708 53341

COGS                23425 20651 20522 21418 20507

gross earnings   35962 34704 35348 31290 32834

SG&A EXPENSE   21149 19835 19693 18729 18117

operating income   14813 14869 15655 12561 14717

non operating income  533   -51          224   595 463

interest expense   733    337     192          244 90

unusual expense   1677 269        -114     301          217

pretax                27749 29081 31456 25172 29590

income taxes         17433 17661 19752 15552 18585

Net income          10316 11420 11704 9620 11005

b. Average tax rate = total taxes / total taxable income ( for this calculation we need the tax table for identifying the correct tax brackets for each taxable income falling on it.

                                             2016            2015        2014       2013          2012

gross profit margin       0.61%          0.63%   0.63%   0.59%     0.62%

net profit margin        0.17 %         0.21%        0.21%    0.18%      0.21 %

c. is attached

d.income statement   2016 2015 2014 2013 2012

sale                             100   100   100  100           100

COGS                   39.44% 37.31% 36.73% 40.64% 38.45%

gross earnings   60.56% 62.69% 63.27% 59.36% 61.55%

SG&A EXPENSE   35.61% 35.83% 35.25% 35.53% 33.96%

operating income   24.94% 26.86% 28.02% 23.83% 27.59%

non operating expense  0.90% -0.09% 0.40% 1.13% 0.87%

interest expense   1.23% 0.61% 0.34% 0.46% 0.17%

unusual expense   2.82% 0.49% -0.20% 0.57% 0.41%

pretax                   46.73% 52.54% 56.30% 47.76% 55.47%

income taxes          29.35% 31.90% 35.35% 29.51% 34.84%

Net income        17.37% 20.63% 20.95% 18.25% 20.63%

Explanation:

gross profit margin = gross profit/ sales

net profit margin = net profit / sales

no c is an attachment

5 0
3 years ago
Which bond recommendation would be the MOST safe for an individual who seeks income that is free from federal income tax?
12345 [234]

Answer:

AA-rated revenue bond that is escrowed to maturity.

Explanation:

AA-rated revenue bond that is escrowed to maturity, is the bond recommendation for an individual who seeks income that is free from federal income tax. Escrowed to maturity bond are pre-funded municipal bond and it is backed by the government. The Issuer invests the new bond´s income too high credit securities and also issuer hold proceeds from the new bond issue in a separate escrow account to pay off existing bond when it matures.

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Exercise 14-27 (Algorithmic) (LO. 3) On May 9, 2020, Glenna purchases 500 shares of Ignaz Company stock for $14,400. On June 30,
mars1129 [50]

Answer: uh huh, this my sh

All the girls stomp your feet like this

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

I heard that you were talking sh

And you didn't think that I would hear it

People hear you talking like that

Getting everybody fired up

So I'm ready to attack, gonna lead the pack

Gonna get a touchdown, gonna take you out

That's right, put your pom-poms downs

Getting everybody fired up

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

So that's right dude, meet me at the bleachers

No principals, no student-teachers

Both of us want to be the winner, but there can only be one

So I'm gonna fight, gonna give it my all

Gonna make you fall, gonna sock it to you

That's right I'm the last one standing, another one bites the dust

Few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Let me hear you say, this sh is bananas

B-A-N-A-N-A-S

This sh is bananas

B-A-N-A-N-A-S

Again, the sh is bananas

B-A-N-A-N-A-S

This sh is bananas

B-A-N-A-N-A-S

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

A few times I've been around that track

So it's not just gonna happen like that

'Cause I ain't no hollaback girl

I ain't no hollaback girl

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

Ooh, ooh, this my sh, this my sh

5 0
3 years ago
Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $50 ea
Leno4ka [110]

Answer:

1.Dr Cash 25,000

Cr Sales revenue 25,000

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3.Journal entry for actual warranty expense

Dr Warranty liability 500

Cr Cash 500

Explanation:

Preparation of Dynamo's journal entries related to the sales and warranty in Year 1.

1.Dr Cash 25,000

Cr Sales revenue 25,000

(50*500)

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3. Dr Warranty liability 500

Cr Cash 500

7 0
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A Cajun trinity, used in many Louisiana Creole and Cajun dishes such as gumbo, contains
lubasha [3.4K]
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