Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 7, the company recorded jobs completed and billed to the customers for the week $12,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $12,000 amount.  Date Description P.Ref. Debit Credit July 7 (1)   $12,000          (2)     $12,000  

The balance in the salaries expense account before adjustment on December 31 of the current year is $52,000. The amount of accrued salaries for December 30 and 31 are $2,500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for accrued salaries based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance: Cash, $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000. What would be the book value of the Equipment for this Balance Sheet?

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:  Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).  What would be the Total Long-Term Liabilities for this Balance Sheet? LIABILITIES       Current liabilities:                     ______   Total current liabilities     Long-term liabilities:         ______ Total liabilities      

In the closing entries to close the expense accounts, what entry would be made to each expense account?

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, Sam Roth transferred additional cash from a personal bank account for the business, $5,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account for the $5,000 amount.  Date Description P.Ref. Debit Credit July 1 (1)   $5,000          (2)     $5,000

The balance in the equipment account before adjustment on December 31 of the current year is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $10,000. What account should be debited in the journal (1) and for what amount to record the adjusting entry to record this depreciation based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

Which of the following is true concerning the first step in the closing entries?

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 2, the company purchased equipment on account $15,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $15,000 amount.  Date Description P.Ref. Debit Credit July 2 (1)   $15,000          (2)     $15,000

Assume that the MUST Co. pays a weekly payroll.  Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $600 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)–  Assume the deduction for each withholding allowance is $81.   (a)   SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is: Not over $73. . . .     The amount of income tax to withhold                                          is $0       Over— But not over–   of excess over– $73 —$260 $ 0.00 plus 10% —$73 $260 —$832 $18.70 plus 12% —$260 $832 —$1,692 $87.34 plus 22% —$832 $1,692 –$3,164 $276.54 plus 24% —$1,692 $3,164 —$3,998 $629.82 plus 32% —$3,164 $3,998 —$9,887 $896.70 plus 35% —$3,998 $9,887 . . . . . . . . . . . $2,957.85 plus 37% —$9,887