MARKRICH SPORTSWORLD, INC.

ACCRUED LIABILITIES
DECEMBER 31, 19X2

Per Books Final

Adjustments
12-31-X2 12-31-X2
304 Salaries and Wages $ 2,160 $ 2,160

305 Accrued Payroll Taxes $ 5,738 $ 5,738

306 Sales Taxes $ 2,945 $ 2,945

309 Interest Payable $ 41,250 $ 41,250

303 Property Taxes $ 3,680 $ 3,600 $ 7,280

307 State Income Taxes $ 4,000 $ 4,000

308 Federal Income Taxes $ 12,000 $ 12,000

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 MARKRICH SPORTSWORLD, INC
ACCRUED PAYROLL TAXES
DECEMBER 31, 19X2

Income Sales Withhold

Federal
Salaries :
Expensed and paid in 19X2 $ 256,000
Less salaries which recorded
The $40.000 FICA limit
The $7.000 unemployment limit
Tax base $ 256,000
Tax rate 25%
$ 64,000
Wages :
Expensed in 19X2 $ 97,344
Less wages not paid in 19x2 $ (2,160)
$ 95,184
Less wages which recorded the $7.000 unemployment limit
Tax base $ 95,184
Tax rate 25%
$ 23,796
Combined taxes withheld and accured
Less quarterly payroll
April $ 21,775
July $ 21,775
October $ 21,775
December $ 21,775
Additional payroll tax
Tax accrual at 12-31-X2 $ (87,100)
ARKRICH SPORTSWORLD, INC.
ACCRUED PAYROLL TAXES
DECEMBER 31, 19X2

ncome Sales Withhold Unemployment Taxes

Total
State Employee Employeer Federal State

$ 256,000 $ 256,000 $ 256,000 $ 256,000 $ 256,000

$ 48,800 $ 48,800

$ 256,000 $ 207,200 $ 207,200 $ 256,000 $ 256,000

5% 7% 7% 4% 0.5%
$ 12,800 $ 14,504 $ 14,504 1 $ 10,240 2 $ 1,280 3 $ 117,331

$ 97,344 $ 97,344 $ 97,344 $ 97,344 $ 97,344

$ (2,160) $ (2,160) $ (2,160) $ (2,160) $ (2,160)
$ 95,184 $ 95,184 $ 95,184 $ 95,184 $ 95,184
$ 40,475 $ 40,475
$ 95,184 $ 95,184 $ 95,184 $ 54,709 $ 54,709
5% 7% 7% 4% 0.5%
$ 4,759 $ 6,663 $ 6,663 4 $ 2,188 5 $ 274 6 $ 44,352
$ -

$ 4,500 $ 12,200 $ 12,200 $ 1,800 $ 200

$ 4,500 $ 12,200 $ 12,200 $ 1,800 $ 200
$ 4,500 $ 12,200 $ 12,200 $ 1,800 $ 200
$ 4,500 $ 12,200 $ 12,200 $ 200 $ -

$ (18,000) $ (48,800) $ (48,800) $ (5,600) $ (600)

Payroll Taxes Expense
1 $ 14,504
2 $ 10,240
3 $ 1,280
4 $ 6,663
5 $ 2,188
6 $ 274
$ 35,149
 MARKRICH SPORTSWORLD, INC. H-2
PROPERTY TAXES PAYABLE CH
DECEMBER 31, 19X2

Accrual at 1-1-X2 $ 3,680

Accrual for 19X2

Land and Building $ 400,000 √ ○
Personal Properties $ 50,000 √ ○
Valuation Base $ 450,000
Assessment Rate 20% √
$ 90,000
Rate of $4 per $100 0.04 √
$ 3,600
Total $ 7,280
Less Advance Payment $ 3,680 Ⱡ
Accrual, 12-31-X2 $ 3,600

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301 Voucher Payable $ 3,600

303 Property Tax Payable $ 3,600
 MARKRICH SPORTSWORLD, INC. H-3
SALES TAXES PAYABLE CH
DECEMBER 31, 19X2

Retail sales for December, 19X2 $ 62,000 Ѱ

Combined state retail sales tax and local retail sales tax rate 5% Ф
Monthly sales tax collected $ 3,100
Less processing fee of 5% $ 155
Accrual at 12-31-X2 $ 2,945 ¬

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 MARKRICH SPORTSWORLD, INC.
INCOME TAX ACCREUALS
DECEMBER 31, 19X2

State income tax

Earnings for 19X2 before taxes $ 43,000
Less dividends exclusion (85% x 600) $ (510) $ 42,490
State tax rate 10%
$ 4,249
Excess accrual $ (249)
Accrual at 12-31-X2 $ 4,000
Adjustment required
Ledger balance at 12-31-X2 before adjusment $ 4,000

Federal income tax

Earnings for 19X2 before taxes $ 43,000
Less dividends exclusion (85% x 600) $ (510) $ 42,490
Less state taxes at 10% computed above $ 4,249
Tax base $ 38,241
Fede tax rate :
22% $ 25,000 $ 5,500
45% $ 13,241 $ 5,958
Excess accrual $ 542 $ 12,000
Adjustment requiered
Ledger balance at 12-31-X2 before adjustment $ 12,000
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