Accounting Midterm - 15-Jan Salaries Wages Payable Federal...

Info icon This preview shows pages 1–9. Sign up to view the full content.

Debit Credit 15-Jan Salaries & Wages Payable $367,000.00 Federal Income Tax $75,000.00 State Income Tax $13,500.00 FICA Taxes $28,075.00 Union Dues $4,100.00 United Fund Contributions $2,700.00 Salaries & Wages Payable $243,625.00
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Debit Credit Oct-14 Cash $450,000.00 Unearned Subscriptions Revenue $450,000.00 18,000 x ($25) Dec. 31st Unearned Subscriptions Revenue $37,500.00 Subscription Revenue $37,500.00 450,000 x (1/12) Mar. 31st Unearned Subscriptions Revenue $112,500.00 Subscription Revenue $112,500.00 450,000 x (3/12)
Image of page 2
Debit Credit Mar. 1 Cash $150,000.00 Notes payable $150,000.00 Jun. 30 Interest Expense $4,000.00 Interest Payable $4,000.00 Aug. 31 Interest Expense $6,000.00 Interest Payable $6,000.00 Notes Payable $150,000.00 Interest Payable 6,000 Cash 156,000
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Cash $24,000.00 Accounts Recieva $18,000.00 Allowance for dou $1,500.00 Accounts Payable $11,000.00 Notes payable $- Salaraies and Wag $2,500.00 Equipment $33,000.00 Accumulated Depr $6,000.00 Total Assets & Liabilities 96,000
Image of page 4
Carraway Mardens Total Sallary Allowance $48,000.00 $36,000.00 $84,000.00 Interest Allowance 90,000x(10%)=9000 12,000x(10%)=12000 Total Interest $9,000.00 $12,000.00 $21,000.00 Total Salaries & Income $57,000.00 $48,000.00 $105,000.00 Rem. Inc 15,000 15,000x(60%)=9000 15,000x(40%)=6000 $15,000.00 Total Division/Net Inc. $66,000.00 $54,000.00 $120,000.00 Sales Revenue 495,000 Cog Sold 290,000 Gross Profit 205,000 Operations Expense 85,000 Total 120,000
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Debit Credit Jan 1. Organization Expense 5000 Cash 5000 Jan 15. Cash 5000,000x6 3,000,000 Common/S 500,000x5 2,500,000
Image of page 6
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '14
  • Accounting, Taxes, Generally Accepted Accounting Principles, Double-entry bookkeeping system, Income tax in the United States

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern