Business, 06.04.2021 01:00 klocke2001

Piltdown Carpet had the following items that require adjusting entries at the end of the year. a. Piltdown pays payroll of $28,700 every other Friday for a two-week period. The last payday is Friday, December 20th. (Note: The work week is Monday through Friday.)
b. Piltdown purchased $100,000 of tile on March 1 with a note payable requiring 12% interest. The interest and principal on this note are due within one year. As of December 31, Piltdown had not made any principal or interest payments.
c. Piltdown's earned income is $500,000 for the year for tax purposes. Its effective tax rate is 25%. These taxes must be paid by April 15 of next year.

Required:
Prepare the adjusting journal entries to record these transactions at the end of the current year.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 15:30

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?

Answers: 1

Answer

Business, 22.06.2019 20:00

If a government accumulates chronic budget deficits over time, what's one possible result? a. a collective action problem b. a debt crisis c. regulatory capture d. an unfunded liability

Answers: 2

Answer

Business, 22.06.2019 20:10

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)

Answers: 1

Answer

Business, 22.06.2019 21:50

Assume that (i) setups need to be completed first; (ii) a setup can only start once the batch has arrived at the resource, and (iii) all flow units of a batch need to be processed at a resource before any of the units of the batch can be moved to the next resource. process step 1 molding 2 painting 3 dressing setup time 15 min. 30 min. no setup processing time 0.25 min./unit 0.15 min./unit 0.30 min./unit which batch size would minimize inventory without decreasing the process capacity?

Answers: 1

Answer

You know the right answer?

Piltdown Carpet had the following items that require adjusting entries at the end of the year. a. P...

Questions