In providing accounting services to small businesses, you encounter the following situations. 1. Sunland Corporation rings...
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. 1. Sunland 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 $5,500 plus GST of $275 and PST of $440. Patricia Corporation receives its annual property tax bill in the amount of $8,100 on May 31. (i) During the month of March, Flounder Corporation's employees earned gross salaries of $56,900. Withholdings deducted from employee earnings related to these salaries were $2,880 for CPP, $1,130 for El, $8,130 for income taxes. (ii) Flounder's employer portions were $2,880 for CPP and $1,582 for El for the month. 2. 3. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) In providing accounting services to small businesses, you encounter the following situations. 1. Sunland 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 $5,500 plus GST of $275 and PST of $440. Patricia Corporation receives its annual property tax bill in the amount of $8,100 on May 31. (i) During the month of March, Flounder Corporation's employees earned gross salaries of $56,900. Withholdings deducted from employee earnings related to these salaries were $2,880 for CPP, $1,130 for El, $8,130 for income taxes. (ii) Flounder's employer portions were $2,880 for CPP and $1,582 for El for the month. 2. 3. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
Expert Answer:
Answer rating: 100% (QA)
Sr No 1 Cash 2 31 Accounts Titles and Explanation Sales ... View the full answer
Related Book For
Introduction to Probability and Statistics
ISBN: 978-1133103752
14th edition
Authors: William Mendenhall, Robert Beaver, Barbara Beaver
Posted Date:
Students also viewed these accounting questions
-
To learn about quick start guides, please examine the three resources provided in Content in week 3: What is a Quickstart Guide? Quick Reference Guides Right Where You Need Them Technical Writing...
-
Quick book please elaborate and answer fully Your company plans to convert from a manual payroll process to a computerized payroll processing system. What information must be assembled before you can...
-
Quick Print Inc. uses plain and three-hole-punched paper for copying needs. Demand for each paper type is highly variable. Weekly demand for the plain paper is estimated to be normally distributed...
-
Find the critical points of the function. Then use the Second Derivative Test to determine whether they are local minima, local maxima, or saddle points (or state that the test fails). f(x, y) = x -...
-
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer...
-
BBS is a calendar- year corporation that manufactures baseballs. BBS produced 9.5 million baseballs in 20X7 and incurred fixed production overhead costs of $ 2 million. In the past 5 years it has...
-
\(\sqrt{5,472}\) Simplify the square root by expressing it in lowest terms.
-
In an annual audit at December 31, 2013, you find the following transactions near the closing date: 1. Merchandise costing $625 was received on December 28, 2013, and the invoice was not recorded....
-
9 ! Required information Part 1 of 9 8 points [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once...
-
What was the organizational problem in this story? Can someone be responsible for something over which that person does not have authority? How should the new manager have handled Billys request to...
-
Sunland Co. incurs $531000 of overhead costs each year in its three main departments, setup ($42000), machining ($399000), and packing ($90000). The setup department performs 40 setups per year, the...
-
The graph of the polar curve r = 0 is shown above for 003. What is the area of the shaded region?
-
Assume that Viva Enterprises's radio broadcast license is renewable at the end of each 10-year term and management has provided evidence that approval of the renewal is highly probable. In this case,...
-
(1 pt) Are the following statements true or false? ? 1. If Ax = Xx for some vector x, then A is an eigenvalue of A. ? 2. To find the eigenvalues of A, reduce A to echelon form. ? 3. A matrix A is...
-
Assume there is a 10% probability of the pipeline leaking, with an expected liability of $3.2 billion which will be deducted from total profit. There is a 90% probability the pipeline will not leak....
-
A fundamental difference between healthcare business models and other sectors of the US economy is that a. Health care is a heavily regulated industry b. Healthcare costs are soaring but so are...
-
Atlantic Lobster Farms Inc. had sales of $800,000, cost of goods sold of $350,000, selling and administrative expenses of $70,000, interest expenses, and an EBIT of $150,000. What was the value of...
-
Compare and contrast debt financing and equity financing as ways of starting a new business. Does one have an overall advantage over the other? What situation is more favorable to the use of debt...
-
A survey classified a large number of adults according to whether they were judged to need eyeglasses to correct their reading vision and whether they used eyeglasses when reading. The proportions...
-
Refer to Exercise 2.84. Exercise 2.84 The following data are the response times in seconds for n = 25 first graders to arrange three objects by size. a. Find the five-number summary for this data...
-
Refer to Exercise 11.7 and data set EX1107. a. Find a 90% confidence interval for m1. b. Find a 90% confidence interval for the difference (μ2 - μ3). In Exercise 11.7 and...
-
Your European subsidiary has cash and accounts receivable of 100 and 300 euros respectively, and accounts payable and short-term debt of 100 and 200 euros respectively. US headquarters re-measures...
-
In 2006, five retired software developers opened an auto dealership in Redmond, Washington, which they named WinTechMotors. The company specializes in "high-end" sports and luxury autos, and has one...
-
The time value of money Consider the following cash flows from today (year zero) to year 3 in pounds sterling: Your interest rate (or discount rate) in pounds is 10 percent. a Compute the net present...
Study smarter with the SolutionInn App