Chapter 8 Problems – Problem 2 1. $46,875 ($625,000 × 7.5%) 2. Balance Assets = Liabilities + Stockholders’ Equity Income Employee FICA Bond Group Statement Income Tax Tax Deduction Ins. Salaries Retained Payable + Payable + Payable + Payable + Payable + Earnings July 17. 98,000 46,875 15,000 12,500 452,625* July 17. –625,000 Income Statement July 17. salaries exp. –315,000 Warehouse salaries exp. –185,000 Office salaries exp. –125,000 *$452,625 = $625,000 $98,000 $46,875 $15,000 $12,500 – – – –
Chapter 8 – Problems Problem 2 1. $46,875 ($625,000 × 7.5%) 2. Balance Assets = Liabilities + Stockholders’ Equity Income Employee FICA Bond Group Statement Income Tax Payable + Tax Payable + Deduction Payable + Ins. Payable + Salaries Payable + Retained Earnings July 17. 98,000 46,875 15,000 12,500 452,625* –625,000 July 17. Income Statement July 17. salaries exp. Warehouse salaries exp. –315,000 –185,000 Office salaries exp. –125,000 *$452,625 = $625,000 – $98,000 – $46,875 – $15,000 – $12,500
Chapter8Au2017AMIS5000Homework-zthf6g.docx