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please answer all bullet points entries In the General Ledger module, select General Journal under the Tasks menu on the top menu bar, to record
please answer all bullet points entries
In the General Ledger module, select General Journal under the Tasks menu on the top menu bar, to record the adjusting entries for the following adjustment information shown in the End-of-Fiscal-Period. Enter Adj. Ent in the Refer. column of each journal entry End-of-Fiscal-Period Adjustment Information, December 31 Uncollectible accounts expense is estimated at 0.25% of sales on account. Sales on account for the year equal $117,816.37. Merchandise inventory. 5,021.45 Office supplies inventory $456.06 Store supplies inventory. $1,600.00 Value of prepaid insurance: $2,720.00 Annual depreciation expense- office equipment: $5,610.00 Annual depreciation expense- store equipment: $5,118.25 Display the Income Statement under the Financial Statements menu on the top menu bar. At the bottom of this statement you will find the Net Income from Operations, which is the "before taxes" amount you will use to calculate the Federal Income Tax, along with the amount shown for income tax calculated to date. Record the transaction necessary to get the Federal Income Tax account to its final amount, calculated at the following rates: 15% of net income before taxes, zero to $50,000.00 (15% tax on the first $50,000.00 of net income) Plus 25% of net income before taxes, $50,000.00 to $75,000.00 (25% tax on the next $25,000.00 5f net income) Plus 34% of net income before taxes, $75,000.00 to $100,000.00 (34% tax on the next $25,000.00 of net income) 15% of net income before taxes, zero to $50,000.00 (15% tax on the first $50,000.00 of net income) Plus 25% of net income before taxes, $50,000.00 to $75,000.00 (25% tax on the next $25,000.00 of net income) Plus 34% of net income before taxes, $75,000.00 to $100,000.00 (34% tax on the next $25,000.00 of net income) Plus 39% of net income before taxes, $100,000.00 to $335,000.00 (39% tax on the next $235,000.00 of net income) Plus 34% of net income before taxes over $335,000.00 (34% tax on net income above $335,000.00) In the General Ledger module, select General Journal under the Tasks menu on the top menu bar, to record the adjusting entries for the following adjustment information shown in the End-of-Fiscal-Period. Enter Adj. Ent in the Refer. column of each journal entry End-of-Fiscal-Period Adjustment Information, December 31 Uncollectible accounts expense is estimated at 0.25% of sales on account. Sales on account for the year equal $117,816.37. Merchandise inventory. 5,021.45 Office supplies inventory $456.06 Store supplies inventory. $1,600.00 Value of prepaid insurance: $2,720.00 Annual depreciation expense- office equipment: $5,610.00 Annual depreciation expense- store equipment: $5,118.25 Display the Income Statement under the Financial Statements menu on the top menu bar. At the bottom of this statement you will find the Net Income from Operations, which is the "before taxes" amount you will use to calculate the Federal Income Tax, along with the amount shown for income tax calculated to date. Record the transaction necessary to get the Federal Income Tax account to its final amount, calculated at the following rates: 15% of net income before taxes, zero to $50,000.00 (15% tax on the first $50,000.00 of net income) Plus 25% of net income before taxes, $50,000.00 to $75,000.00 (25% tax on the next $25,000.00 5f net income) Plus 34% of net income before taxes, $75,000.00 to $100,000.00 (34% tax on the next $25,000.00 of net income) 15% of net income before taxes, zero to $50,000.00 (15% tax on the first $50,000.00 of net income) Plus 25% of net income before taxes, $50,000.00 to $75,000.00 (25% tax on the next $25,000.00 of net income) Plus 34% of net income before taxes, $75,000.00 to $100,000.00 (34% tax on the next $25,000.00 of net income) Plus 39% of net income before taxes, $100,000.00 to $335,000.00 (39% tax on the next $235,000.00 of net income) Plus 34% of net income before taxes over $335,000.00 (34% tax on net income above $335,000.00)Step by Step Solution
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