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PA10-3 Recording and Reporting Current Liabilities [LO 10-2]

ioda

Answer:

See the explanation for the answer.

Explanation:

The required journal entries will be prepared as follows:

1 & 2

i. To record payroll on December 31.

Date General Journal Debit Credit

Dec. 31 Salaries and Wages Expense 80000

Withheld Income Taxes Payable 8000

FICA Taxes Payable 6000

Contribution to American 3000

Cancer Society

Cash 63000

Dec. 31 Payroll Tax Expense 6600

FICA Taxes Payable 6000

State and Federal Unemployment 600

Taxes Payable

ii. To record collection of rent on December 10.

Date General Journal Debit Credit

Dec. 10 Cash 6000

Unearned Rent Revenue 6000

iii. Adjusting entry on December 31.

Date General Journal Debit Credit

Dec. 31 Unearned Rent Revenue 4000

Rent Revenue 4000

3.

The liabilities should be reported in the balance sheet as follows:

L COMPANY

Balance Sheet (Partial)

At December 31

Current Liabilities:

Income Taxes Payable 8000

FICA Taxes Payable 12000

Contribution to American Cancer Society 3000

State and Federal Unemployment Taxes Payable 600

Unearned Rent Revenue 2000

Total current liabilities 25600

5 0

3 years ago

Type the correct answer in the box. Which marketing-related concept is described in the following scenario? The booming Industri

DanielleElmas [232]

Answer: Production concept

Explanation:

Production concept is based on concentrating on the efficiency of the production and manufacturing. The basis of production concept is to make the goods available to the consumer at affordable prices. By producing in mass quantities the companies believed they can reduce the cost of production.

Also that supply can be increased when the cost of production is lower. Economies of scale can be achieved by the company when they reduce cost of production they can increase their profit earning capacity.

4 0

3 years ago

1 2 3 all a firm that purchases electricity from the local utility for $350,000 per year is considering installing a steam gener

nikdorinn [45]

The more attractive choice is the choice that has less present value which is Using steam generator valued at $1, 364,165.02

Given data;

cost of electricity per year: = $350,000

cost of installing a steam generator = $280,000

generator operation cost per year = $260,000

generator will last for = 5 years

cost of capital for local utility option = 10%

purchasing electricity from the local utility

cost of electricity per year: = $350,000

cost of capital for local utility option = 10%

Present value = - 350,000 - 350,000 / 1.10 - 350,000 / 1.10^2 - 350,000 / 1.10^3 - 350,000 / 1.10^4

Present value = - 1,453,452.906

Present value = - 1,453,452.91

Using steam generator

cost of installing a steam generator = $280,000

generator operation cost per year = $260,000

Present value = - 280,000 - 260,000 - 260,000 / 1.10 - 260,000 / 1.10^2 - 260,000 / 1.10^3 - 260,000 / 1.10^4

Present value = - 1, 364,165.016

Present value = - $1, 364,165.02

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4 0

2 years ago

The marginal cost of production that is borne by the entire society is called the marginal A. public cost. B. private cost. C. e

ArbitrLikvidat [17]

Answer:

D) social cost

Explanation:

Social costs are the total costs beared by the entire society. Social costs includes all the private production costs plus all the externalities.

Marginal social costs are the marginal costs beared by the entire society, and it includes all the private marginal production costs and the marginal costs of externalities.

6 0

3 years ago

Andy's two nephews want to travel to Philadelphia with him to see a show. Andy has two free plane tickets and three tickets to t

amid [387]

The two plane tickets represent a scarce resource because there are three of them who are going to Philadelphia and it needs three tickets to fly over there. The available resources that they have are not enough for them to realize their desire to watch the show in that place.

7 0

3 years ago