In providing accounting services to small businesses, you encounter the following situations. Sheffield Corporation rings up...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In providing accounting services to small businesses, you encounter the following situations. Sheffield Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,100 plus GST of $255 and PST of $408. 1. 2 3. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (i) During the month of March, Martinez Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,300 for income taxes. (ii) Martinez's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) In providing accounting services to small businesses, you encounter the following situations. Sheffield Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,100 plus GST of $255 and PST of $408. 1. 2 3. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (i) During the month of March, Martinez Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,300 for income taxes. (ii) Martinez's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.)
Expert Answer:
Answer rating: 100% (QA)
1 Cash Sales and Sales Taxes Debit Cash 5100 Debit GST Receiva... View the full answer
Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Posted Date:
Students also viewed these accounting questions
-
Assume that an economy starts at long-run equilibrium, where there is no output gap. The Government decides to provide a package of tax cuts to workers. Assume there is no change in labour supply....
-
Discuss in detail the various functions involved in Transaction Cycle with suitable examples.
-
c. For an invalidly named file that starts with file and is followed by any characters that include some non-binary digits: i. echo the following output to the terminal screen: invalid filename...
-
Consider the Cobb-Douglas production function f(x, y) = 300x0.85, 0.15 When x = 4000 and y = 800, find the following. (Round your answers to two decimal places.) (a) the marginal productivity of...
-
Which is more critical to success in organizations continuous improvement or quality control? Support your position.
-
What are some incentives or pressures to misappropriate assets?
-
When a team member engages in social loafing, one of the recommended strategies for dealing with this situation is to ____________. (a) forget about it (b) ask another member to force this person to...
-
Four-drive theory is conceptually different from Maslows needs hierarchy (as well as ERG theory) in several ways. Describe these differences. At the same time, needs are based on drives, so the four...
-
Assume that a Financial Corporation issued SAR 500,000 of 8% term bonds on January 1, 2021, due on January 1, 2026, with interest payable each July 1 and January 1. Investors require an...
-
Clear Lake Nursing Home defines outputs as a patient day. Its present volume is 26,000 patient days. The average cost per day is $90,00. Present revenues and costs are presented below: Clear Lake...
-
The kinetic friction coefficient m 1 and surface is 0 . 1 the system starts from rest. the speed of m 2 is 6 m / s when it has fallen 2 m . if m 1 = 2 kg what is ma ? use the conservation of...
-
Calculate life-time profit (Net Profit) for all distributed generation types under Renewable Energy scheme. Use dollar currency for the calculation. Important parameters are shown below; Maximum...
-
Hurdle Corporation is authorized to issue 200,000 shares of common stock. In its only issuance to date, Hurdle sold50,000 shares. A few months later, Hurdle reacquired 5,000 of those issued shares...
-
Your client wishes to insure their Lamborghini. MooncorpInsurance has quoted an annual premium to insure the car of$40,000. Mooncorp offers a 4% discount if you pay the lump sumimmediately. They also...
-
About half way down the first page of the article the author makes the comment, "As a response to these shifting expectations and behaviours, brands had to hand over a certain amount of agency to...
-
Two bonds A and B have the same credit rating, the same par value, and the same coupon rate. Bond A has 30 years to maturity and bond B has 5 years to maturity. As a bond investor, if you expect a...
-
Question 2 a) One of the objectives of a system of corporate governance is to secure the effective, sound and efficient operation of companies. This objective transcends any legislation or voluntary...
-
Burberrys competitive advantage is through its differentiation strategy. What risk should Burberry remain aware of?
-
Ankara Company uses as imprest petty cash system. The fund was established on March 1 with a balance of TL100. During March the following petty cash receipts were found in the petty cash box. The...
-
Scully Corporations comparative statements of financial position are presented below. Scullys 2011 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of...
-
Data for Arma Ltd. Are presented in PA. Further analysis reveals that accounts payable pertain to merchandise creditors. Instructions Prepare a statement of cash flows for Arma Ltd. Using the...
-
Donna Inc Donna Inc operates a defined benefit pension scheme for staff. The pension scheme has been operating for a number of years but not following IAS 19. The finance director is unsure of which...
-
The following are extracts from the financial statements of Heidelberger Druckmaschinen AG showing the accounting policy and detailed notes regarding the provision of pensions according to IAS 19. As...
-
Kathryn Kathryn plc, a listed company, provides a defined benefit pension for its staff, the details of which are given below. Pension scheme As at the 30 April 2004, actuaries valued the companys...
Study smarter with the SolutionInn App