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Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Legal Service Revenue when his clients pay him in advance. In June Mike collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June?
1) Legal Service Revenue 3,000 Unearned Revenue 3,000
2) Unearned Revenue 3,000 Legal Service Revenue 3,000
3) Unearned Revenue 9,000 Legal Service Revenue 9,000
4) Cash 12,000 Legal Service Revenue 12,000
Assume further that the FICA tax rate was 7.5% (on earnings up to $100,000) and federal income tax to be withheld was $235. Determine the gross pay for the week.
Blue Highway Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2007,at a cost of $120,000. Over its 4-year useful life, the bus is expected to be driven 160,000 miles.
st. joseph hospital has overall variable costs of 30 of total revenue and fixed costs of 42 million per year. compute
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gannon company establishes a 400 petty cash fund on september 9. on september 30 the fund shows 166 in cash along with
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The following documents are used in the revenue cycle: - Customer order - Sales order - Sales invoice - Credit memo
use the internet to research at least three 3 recent cases of fraud in the workplaceusing the internet searches above
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According to a summary of teh payroll of Matrix Publishing Co., $380,000 was subject to the 7.5% FICA tax. Also $16,000 was subject to state and federal unemployment taxes.
Conrad Corporation sold a piece of equipment at a loss of $3,600. The equipment was purchased several years ago at a cost of $70,500 and had been depreciated a total of $52,900. Using the indirect method, what amount is reported under the operatin..
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
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