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G32 C GAINS and LOSSES Logan purchased a machine on 01/01/17 dar Use the following data in your calculations 14,000 3,000 5 YEARS 8 COST 9 SALVAGE VALUE 10 LIFE 11 DEPRECIATION METHOD: SL 12 13 What is the depreciation amount per year? 14 What is the Accumulated Depreciation after 3 years? 15 What is the book value of the at the end of year 37 2200 6600 7400 GAIN 1100 17 The machine was sold at the end of years for cash of $8,500 18 Did the company make a GAIN or a LOSS? 19 What was the AMOUNT of the pain or loss? 20 21 General Journal 22 CASH 23 ACCUM. DEPR, EQUIPMENT 24 GAIN ON DISPOSAL 25 EQUIPMENT 8500 6600 Use dropdowns for your accounts. Thank you 1100 14000 7 - 9 0 1 ALT-TWO PAYROLL-ENTRIES Using the data below, make the entry for the Employees' payroll AND the employer's Payroll Te. sim Carnaby Company has five employees. The total salaries of the employees is $12,400. The company prepares the payroll entry, using a social security rate of 6% and a Medicare rate of 1.5%. The Federal income tax withholding is venas $3,200. Prepare the entry for the employees' payroll 10 12,400 : 12 13 14 15 16 Salles pense Social Security Tax Payable Medicare Tax Payable Employee Federal Income Tus Payable Wages Payable 744 186 3.200 3.270 19 SHOW FINAL BALANCES OF THESE ACCOUNTS AFTER BOTH ENTRIES HAVE BEEN MADE. USE GREEN CELL FOR TINAL BALANCE 20 21 22 Carnaby also makes the entry to accrue the payroll taxes. The company matches the social security and Medicare amounts, and computes State Unemployment at the rate of 5.4% of salaries earned. The Federal Unemployment rate s.8% Prepare the entry for the employer's payroll taxes SOCIAL SEC. TAX PAYABLE Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable MEDICARE TAX PAYABLE 744 186 446 58 9920 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 90 41 42 632 GAINS and LOSSES Logan pred machine 01/01/17 Use the following in your long 14,000 3.000 5 YEARS 3200 6600 7400 GAIN 1100 & COST 9 SALVAGE VALUE 10 LIFE 11 DEPRECIATION METHODS 12 13 What is the depreciation monterar? 14 What is the Accumulated Depreciation har 3 years! 15 What is the book value of the the end of year 37 10 17 The machine wawold the end of years for cash.500 18 Did the company make a GAIN or LOSS 19 What was the AMOUNT of the pain or low? 20 21 General 22 CASH 23 ACCUM DER EQUIPMENT 24 GAIN ON DEPOSAL 25 EQUIPMENT 26 27 28 23 30 31 17 Use apdowns for your count. Thank you 8500 5600 1100 14000 135 H ALT-TWO PATROL ENTRIES Using the data below, make the entry for the Employees AND te employer's Papelle Carnaby Company has for employees. The total aries of the employees is $13,400 The company prepare the payroll entrywing social securitate of and Medicare of. The federal income tax withholding is given $1.200 Prepare the entry for the employed all 12.400 Salaries Social Security Tea Payable Medicare Taxi Employee federal income Tax Payable Wapes Payable 144 186 3,200 8.230 SHOW FINAL BALANCES OF THESE ACCOUNTS A TER BOTHENTIS HAVE BEEN MADE USE GRINCILLOR HINAL BALANCE 10 11 12 13 14 15 16 17 13 19 20 21 22 23 24 25 26 27 28 29 30 Carnaby we makes the entry to true the payroll as the company matches the social security and Medicare amounts, and compute Unemployment at the rate of 54% of caries earned. The Federal Unemployment rate in a Prepare the entry for the employer's payrolles SOCIALIC TAXPAYA MEDICARE TAX PAYABLE Payroll Tax Expense Social Security Tas Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tas Pahle 744 186 658 9920 A 14,000 3,000 5 YEARS 1 2 3 GAINS and LOSSES 4 5 Logan purchased a machine on 01/01/17. 6 Use the following data in your calculations: 7 8 COST 9 SALVAGE VALUE 10 LIFE 11 DEPRECIATION METHOD: SL 12 13 What is the depreciation amount per year? 14 What is the Accumulated Depreciation after 3 years? 15 What is the book value of the asset at the end of year 3? 16 17 The machine was sold at the end of 3 years for cash of $8,500. 18 Did the company make a GAIN or a LOSS? 19 What was the AMOUNT of the gain or loss? 20 21 General Journal 22 CASH 23 ACCUM. DEPR. EQUIPMENT 24 GAIN ON DISPOSAL 25 EQUIPMENT 26 27 28 2200 6600 7400 a GAIN 1100 8500 6600 1100 sh,000 Carnaby Company has five employees. The total salaries of the employees is $12,400. The company prepares the payroll entry, using a social security rate of 6%, and a Medicare rate of 1.5%. The Federal income tax withholding is given as $3,200. Prepare the entry for the employees' payroll. Salaries Expense 12,400 Social Security Tax Payable 744 Medicare Tax Payable 186 Employee Federal Income Tax Payable 3,200 Wages Payable 8,270 SHOW FINAL BALANCES OF THESE ACCOUNTS AFTER BOTH ENTRIES HAVE BEEN MADE USE GREEN CELL FOR FINAL BALANCE Carnaby also makes the entry to accrue the payroll taxes. The company matches the social security and Medicare amounts, and computes State Unemployment at the rate of 5.4% of salaries earned. The Federal Unemployment rate is.8%. Prepare the entry for the employer's payroll taxes. SOCIAL SEC. TAX PAYABLE 1698.8 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable MEDICARE TAX PAYABLE 744 186 669.6 99.2 JX D G . Using information from the trial balance, can you create an income statement, OE statement and balance sheet? Use the dropdowns to choose your accounts Benson Consulting Company Income Statement For the Month Ended June 30, 2021 18.000 SERVICE REVENUE SALARIES EXPENSE ADVERTISING EXPENSE SUPPLIES EXPENSE DEPRECIATION EXPENSE NET INCOME 8.000 2.400 3.500 1,500 15.000 2.600 Benson Consulting Company Owner's Equity Statement For the Month Ended June 30, 2021 Benson Consulting Company Trial Balance 3 30-Jun-21 DR CR 0 Hn 15,000 11 Accounts Receivable 1,800 12 Supplies 1,400 13 Equipment 15,000 14 Accumulated Depr.Equip. 2.000 15 Accounts Payable 1,400 16 Notes Payable 4,000 17 Benson, Capital 25,000 18 Benson, Drawing 1.800 19 Service Revenue 18,000 20 Salaries Expense 3,000 21 Advertising Expense 2,400 22 Supplies Expense 3,500 23 Depreciation Expense 1,500 24 Totals 50,400 50,400 25 26 27 28 29 30 31 32 BEGINNING CAPITAL NET INCOME SUBTOTAL DRAWINGS ENDING CAPITAL Benson Consulting Company Balance Sheet 30 Jun 21 ACCOUNTS PAYABLE NOTES PAYABLE TOTAL LIMITES CASH ACCOUNTS RECEIVABLE SUPPLIES EQUIPMENT ACCUM. DER EQUIPMENT TOTAL ASSETS BENSON CAPITAL TOTAL LABANO DE 34 35 36 37 ALT-DDB-DEPRECIATION-SCHEDULE Granite Company purchased a machine with cost of $90,000 and salvage value of $6,000. The life of the machine was estimated to be 5 years. Complete the depreciation schedule shown below using DDB depreciation. BOOK VALUE BEGINNING DEPRECIATION EXPENSE ACCUM DEPRECIATION BOOK VALUE END YEAR DDB RATE 1 2 3 4 5

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