Business, 02.08.2021 18:50 DESIRE44030

Recording and Reporting Current Liabilities Riverside Company completed the following two transactions. The annual accounting period ends December 31.
a. On December 31, calculated the payroll, which indicates gross earnings for wages ($130,000), payroll deductions for income tax ($13,000), payroll deductions for FICA ($10,000), payroll deductions for United Way ($2,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($1,300). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded.
b. Collected rent revenue of $3,600 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Rent Revenue.
Required:
1. Give the journal entries to record payroll on December 31.
2. Give (a) the journal entry for the collection of rent on December 10 and (b) the adjusting journal entry on December 31.
TIP: Notice that the revenue recorded on December 10 includes revenue for 10 days (out of 30) that isn’t earned until after December 31.
3. Show how any liabilities related to these items should be reported on the company’s balance sheet at December 31.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 22:20

Outstanding stock consists of 8,300 shares of cumulative 7% preferred stock with a $10 par value and 4,300 shares of common stock with a $1 par value. during the first three years of operation, the corporation declared and paid the following total cash dividends. year dividend declared 2016 $ 0 2017 $ 7,300 2018 $ 45,000 the amount of dividends paid to preferred and common shareholders in 2018 is:

Answers: 2

Answer

Business, 22.06.2019 10:00

Marco works in the marketing department of a luxury fashion brand. he is making a presentation on the success of a recent marketing campaign that included a fashion show. which slide elements can he use to include photographs and footage of the fashion show in his presentation? marco can use the: table images audio option to include photographs and the: flowcharts images video option to include footage of the fashion show.

Answers: 1

Answer

Business, 22.06.2019 13:30

Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.

Answers: 1

Answer

Business, 22.06.2019 20:30

Data for hermann corporation are shown below: per unit percent of sales selling price $ 125 100 % variable expenses 80 64 contribution margin $ 45 36 % fixed expenses are $85,000 per month and the company is selling 2,700 units per month. required: 1-a. how much will net operating income increase (decrease) per month if the monthly advertising budget increases by $9,000 and monthly sales increase by $20,000? 1-b. should the advertising budget be increased?

Answers: 1

Answer

You know the right answer?

Recording and Reporting Current Liabilities Riverside Company completed the following two transacti...

Questions