Business, 30.03.2020 21:21 BLUE1700

Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes.
$40,000 for Ken.
$30,000 for Jayne.
$20,000 for Jill.
$10,000 for Justin.
Required:
1. How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios?
a. Jorgense paid the bonuses to the employees on March 1 of year 2.
b. Jorgense paid the bonuses to the employees on April 1 of year 2.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 13:30

Who collects federal taxes? a. irs b. ins c. treasury d. federal reserve

Answers: 2

Answer

Business, 22.06.2019 04:50

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

Answers: 1

Answer

Business, 22.06.2019 11:10

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

Answers: 1

Answer

Business, 22.06.2019 17:00

Vincent is interested in increasing his earning potential upon completing his internship at a major accounting firm. which option can immediately boost his career in the intended direction? b. complete a certification from a professional organization c. complete a new four-year undergraduate program in a related field d. complete a two-year associate degree in a related field e. complete an online course in accounting

Answers: 3

Answer

You know the right answer?

Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgense...

Questions