Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following totals for the month of April were taken from the payroll records of Marigold Corp.. $93600 7160 19500 Salaries FICA taxes withheld Income

image text in transcribed

image text in transcribed

image text in transcribed

The following totals for the month of April were taken from the payroll records of Marigold Corp.. $93600 7160 19500 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes 3500 250 1680 The entry to record the payment of net payroll would include a O debit to Salaries and Wages Payable for $63440. O debit to Salaries and Wages Payable for $56280. O debit to Salaries and Wages Payable for $61760. O credit to Cash for $70600. A corporation issues $327000.8%, 5-year bonds on January 1, 2020, for $340800. Interest is paid annually on January 1. If the corporation uses the straight-line method of amortization of bond premium, the amount of bond interest expense to be recognized in December 31, 2020's adjusting entry is $28920. $26160. $2760. O $23400 Sheridan Company received proceeds of $912000 on 10-year, 6% bonds issued on January 1, 2019. The bonds had a face value of $968000, pay interest annually on December 31, and have a call price of 104. Sheridan uses the straight-line method of amortization. What is the amount of interest expense Sheridan will show with relation to these bonds for the year ended December 31, 2020? $54720 $52480 O $63680 $58080

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

Pioneers Of A Profession Chartered Accountants To 1879

Authors: Jas. C. Stewart

1st Edition

0367532557, 9780367532550

More Books

Students also viewed these Accounting questions

Question

What is the content-level meaning?

Answered: 1 week ago