3)Wage rate per day =5000 /5 = $ 1000 per day
Date | Account title | Debit | credit |
Dec 31 | Wage expense | 4000 | |
Wage payable | 4000 | ||
[Being wages accrued for 4 days (Monday -Thursday) :4*1000=4000] | |||
1 Jan | Wage expense | 1000 | |
Wage payable | 4000 | ||
cash | 5000 |
**Being salary accrued for one day (Friday) on 1 Jan of next year
4)Number of laptops to be repaired = 10000*1/200 = 50 laptops
Cost of repair = 50 *75 = 3750
Warranty expense= 3750
5)
Payment number | Cash payment [A] | Principal [A-B] | Interest [B] | Loan balance |
1 | 1126.01 | 1126.01-210= 916.01 | 6000*3.5%= 210 | 6000-916.01= 5083.99 |
2 | 1126.01 | 1126.01-177.94= 948.07 | 5083.99*3.5%= 177.94 | 5083.99-948.07= 4135.92 |
3 | 1126.01 | 1126.01-144.76= 981.25 | 4135.92*3.5%= 144.76 | 4135.92-981.25= 3154.67 |
4 | 1126.01 | 1126.01-110.41= 1015.60 | 3154.67*3.5%= 110.41 | 3154.67-1015.60= 2139.07 |
5 | 1126.01 | 1126.01-74.87= 1051.14 | 2139.07*3.5%= 74.87 | 2139.07-1051.14= 1087.93 |
6 | 1126.01 | 1126.01-38.08= 1087.93 | 1087.93*3.5%= 38.08 | 0 |
#Semiannual rate = 7/2 =3.5% [2semiannual period in a year ]
Revenue tate tar-80, no. F.T Paxable, 3. RI Lawn Service Inc. pays its he state Tax...