Solution-Prepare the Single-Step Income Statement for the

Prepare the Single-Step Income Statement for the fiscal year

Assignment Help Accounting Basics

Reference no: EM132446907

Questions -

Q1. Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.0% and the state unemployment tax rate is 4.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $20 per hour and worked 46 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings.

Q2. The following is the Easton Company adjusted Trial Balance:

Easton Company Adjusted Trial Balance 31-Dec-18
Account Title	Debit	Credit
Cash	$88,665
Accounts Receivable	232,400
Supplies	17,000
Equipment	395,000
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Capital Stock		220,000
Retained Earnings		127,145
Service Revenue		881,105
Interest Income		5,500
Dividends	9,000
Rent Expense	59,500
Wages Expense	529,000
Supplies Expense	42,000
Utilities Expense	8,000
Depreciation Expense	150,000
Totals	$1,530,565	$1,530,565

Required - Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.

Q3. The following is the Easton Company's adjusted Trial Balance.

Easton Company Adjusted Trial Balance 31-Dec-18
Account Title	Debit	Credit
Cash	$88,665
Accounts Receivable	232,000
Supplies	17,000
Equipment	395,000
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Capital Stock		220,000
Retained Earnings		127,145
Service Revenue		881,105
Interest Income		5,500
Dividends	7,000
Rent Expense	59,500
Wages Expense	529,000
Supplies Expense	40,000
Utilities Expense	8,000
Depreciation Expense	150,000
Totals	$1,526,565	$1,526,565

Required - Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.

Reference no: EM132446907

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Prepare the Single-Step Income Statement for the fiscal year

Reference no: EM132446907

Reference no: EM132446907

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