The employees of xitrex, inc., are paid each friday. the company’s fiscal year-end is june 30, which falls on a wednesday for the current year. salaries are earned evenly throughout the five-day work week, and $14,000 will be paid on friday, july 2. required: 1. prepare an adjusting entry to record the accrued salaries as of june 30, a reversing entry on july 1, and an entry to record the payment of salaries on july 2. 2. prepare journal entries to record the accrued salaries as of june 30 and the payment of salaries on july 2 assuming a reversing entry is not recorded.

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Prior to its closing, income summary had total debits of $1,190,500 and total credits of $1,476,300. what purpose is served by the income summary account and what is the nature of the entries that resulted in the $1,190,500 and the $1,476,300? the income summary account is used to the accounts. the $1,190,500 represents the , and the $1,476,300 represents . the company had of $ .

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.