On January 1, 2025, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $43,900...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648c35c4c0df_6356648c35bb8deb.jpg)
Transcribed Image Text:
On January 1, 2025, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $43,900 Sales Taxes Payable 8,000 Unearned Service Revenue 20,400 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $6,572, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $12,000. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2024, $8,000. 20 Sold 640 units of a new product on credit at $48 per unit, plus 5% sales tax. During January, the company's employees earned wages of $94,000. Withholdings related to these wages were $7,191 for FICA, $5,486 for federal income tax, and $1,646 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. On January 1, 2025, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $43,900 Sales Taxes Payable 8,000 Unearned Service Revenue 20,400 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $6,572, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $12,000. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2024, $8,000. 20 Sold 640 units of a new product on credit at $48 per unit, plus 5% sales tax. During January, the company's employees earned wages of $94,000. Withholdings related to these wages were $7,191 for FICA, $5,486 for federal income tax, and $1,646 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Prerequisite: You will be using "utils.py" from Python 2 Assignment Task 1) In "utils.py," add a Python function called "calculate_fourier_coefficients" that calculates the coefficients of a Fourier...
-
Micro Machines Inc. declared a cash dividend of $1.50 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on...
-
The marginal costs, average variable costs (AVC), and average total costs (ATC) for a firm are shown in Figure 13P-2. In the figure, mark the quantity the firm will choose to produce in the short run...
-
Mammoth Corporation has 100,000 shares of \(\$ 10\) par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the...
-
1. The cost of which of the following expenses is not deductible as a medical expense on Schedule A, before the 10 percent of adjusted gross income limitation? a. A psychiatrist b. Birth control...
-
Does Samsung generally evaluate its inventory based on FIFO or LIFO? What inventory items for Samsung would be FIFO vs. LIFO?
-
How can organizations leverage job crafting and role redesign interventions to enhance employees' sense of meaning, autonomy, and skill variety in their work, promoting job satisfaction, engagement,...
-
Suppose you had a friend who said that income taxes are not specified in the Bible, and who maintains that payment of taxes is something that is just a recent invention. How would you instruct that...
-
Write a java program to perform swapping of two numbers?
-
MTSULiveHere is making several apartments available for new leases. Renters will frequently call the staff to receive quotes for rental expenses, including electricity and pets. As pet food prices...
-
3 kg of water, originally at 10 degrees Celsius, is mixed with 10 kg of lead. The final result at equilibrium is 16 degrees Celsius. Find the initial temperature of the lead. C = 4186 kg-C (specific...
-
Watch the module video "Using Social Media" and read the article " How Immigrant Twin Brothers Are Beating Trump's Team on FacebookLinks to an external site. ". Answer the following questions: What...
-
Your next assignment is to determine if AAP should invest in new stores so you need to determine net cash flows and NPV and determine if the project is viable or not. Capital expenditures to produce...
-
Consider the sections of two circuits illustrated above. Select True or False for all statements.After connecting a and b to a battery, the voltage across R1 always equals the voltage across R2.Rcd...
-
Omaha, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for \(\$ 40\) cash per share, (2) purchased treasury shares at \(\$ 50\) per...
-
Kitch Corporation has 50,000 shares of \(\$ 5\) par value common stock outstanding and retained earnings of \(\$ 820,000\). The company declares a 100 percent stock dividend. The market price at the...
-
The stockholders' equity accounts of Willis Corporation at January 1 appear below: During the year, the following transactions occurred: Jan. 10 Issued 35,000 shares of common stock for \(\$ 18\)...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App