A company incurred the following transactions: Record the journal entries to show each transaction/adjustment. Wages of $945 accrued at the end of the prior fiscal period were paid this fiscal period....





A company incurred the following transactions:


Record the journal entries to show each transaction/adjustment.



  1. Wages of $945 accrued at the end of the prior fiscal period were paid this fiscal period.

  2. Real estate taxes of $2,535 applicable to the current period have not been accrued.

  3. Interest on bonds payable has not been accrued for the current month. The company has outstanding $300,000 of 8.5% bonds.

  4. The premium related to the bonds in partc has not been amortized for the current month. The current-month amortization is $50.

  5. Based on past experience with its warranty program, the estimated warranty expense for the current period should be 0.2% of sales of $435,000.

  6. Analysis of the company's income taxes indicates that taxes currently payable are $66,000 and that the deferred tax liability should be increased by $24,300.









Jun 10, 2022
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