Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi someone can help me to get solutions P 10-1B and E 10-5B Please Chapter 10: Reporting and Analyzing Liabilities P10-1B: On January 1, 2014,

image text in transcribed

image text in transcribed

Hi someone can help me to get solutions P 10-1B and E 10-5B Please

Chapter 10: Reporting and Analyzing Liabilities P10-1B: On January 1, 2014, the ledger of Zaur Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 15,000 $42,500 5,800 During January, the following selected transactions occurred. Borrowed $15,000 in cash from Platteville Bank on a 4-month, 6%, $15k note. Sold merchandise for cash totaling $9,434, which includes 6% sales taxes. Provided services for customers who had made advance payments of $9,000. Paid $5.8k state treasurer's department for sales taxes collected in Dec. 2013, sold 700 units of a new product on credit at $44 per unit, plus 6% sales tax. 5 12 14 20 Instructions: (a) Journalize the January transactions. (b) Journalize the adjusting entries at January 31 for the outstanding notes payable. (c) Prepare the current liabilities section of the balance sheet at January 31, 2014. Assume no change in accounts payable. E10-5B: During the month of December, Novel Company's employees earned wages of $70,000 Withholdings related to these wages were $5,355 for Social Security (FICA), $8,000 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $900 for state unemployment tax. Instructions (a) Prepare the necessary December 31 journal entry to record wages expense and wages payable. Assume that wages earned during December will be paid during January (b) Prepare the entry to record the company's payroll tax expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Blood Audit

Authors: Edward S Blythe

1st Edition

1480180394, 978-1480180390

More Books

Students also viewed these Accounting questions

Question

Analyse the various techniques of training and learning.

Answered: 1 week ago