Business, 21.12.2019 01:31 miabarrett8117

During 2013, riverside company completed the following two transactions. the annual accounting period ends december 31.
a. on december 31, calculated the payroll, which indicates gross earnings for wages ($130,000), payroll deductions for income tax ($13,000), payroll deductions for fica ($10,000), payroll deductions for united way ($2,000), employer contributions for fica (matching), and state and federal unemployment taxes ($1,300). employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded.
b. collected rent revenue of $3,600 on december 10 for office space that riverside rented to another business. the rent collected was for 30 days from december 11 to january 10 and was credited in full to deferred revenue.
required:
1. complete the required journal entries to record payroll on december 31, 2013, collection of rent on december 10, 2013, and adjusting journal entry on december 31, 2013.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:00

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporationsâ€™ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Answers: 3

Answer

Business, 22.06.2019 04:40

How long have u been on dis website

Answers: 2

Answer

Business, 22.06.2019 15:00

Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?

Answers: 2

Answer

Business, 22.06.2019 20:30

The former chairman of the federal reserve, alan greenspan, used the term "irrational exuberance" in 1996 to describe the high levels of optimism among stock market investors at the time. stock market indexes such as the s& p composite price index were at an all-time high. some commentators believed that the fed should intervene to slow the expansion of the economy. why would central banks want to clamp down when the economy is growing? a. to block the formation of unsustainable speculative asset bubbles. b. to curtail excessive profits in the banking system. c. to prevent inflationary forces from gathering momentum. d. all of the above. e. a and c only.

Answers: 3

Answer

You know the right answer?

During 2013, riverside company completed the following two transactions. the annual accounting perio...

Questions