Answer:
Bal. June 30 Receipts Disbursements Bal. July 31
Balance per Bank 355,001 835,846 684,747 506,100
Deposit in Transit
June 30 86,899 -86,899
July 31 51,240 51,240
Outstanding Checks
June 30 42,690 -42,690
July 31 73,340 73,340
Unrecorded Receipts -150,000 -150,000
Unrecorded Disbursement -150,000 -150,000
Balance per Books 399,210 650,187 565,397 484,000
Answer and Explanation:
Income statement-Partial
Income from operation 6545600
Other revenue & gains
Interest revenue 17250
6562850
other expenses & losses
Loss due to volcano 787700
Impairment loss 49730
Income before income tax 5725420
income tax 1717626
Net income /loss 4007794
Per share common stock
Net income /loss 0.81
Earning per share
Earning per share common stock
Income from operation(6545600/4936300) 1.33
Non operating income
interest revenue (17250/4936300) 0.003
Income before extraordinary items 1.33
extraordinary loss
(787700+49730)/4936300 -0.17
Income tax expenses (1717626/4936300) -0.35
Net income 0.81
Answer:
Option B is the correct answer,a credit to salaries payable for $10,350
Explanation:
First of all,the net payment of salaries of Arcon Company equal the gross salaries expenses of $14,000 minus the deductions except the federal unemployment tax of $210
Net pay=$14,000-$1,050-$2,600=$10,350
In to record the salaries,the salaries expense account would be debited with $14,000 while the social security and medical taxes payable and federal income taxes payable account are credited with $1,050 and $2,600 respectively.
The net pay of $10,350 is credited to salaries payable in expectation of actual payment