Homework Answers
1) Answer is (d).
Given that the amount is due on Jan 1 for next 4 years. Therefore on Dec 31, 2017, the current liability (i.e immediate) would be $500,000 as the due date is next day and the remaining amount $1,500,000 will be longterm debt.
2) Answer is (b)
Employer's payroll taxes include:
FICA taxes withheld - $9,180
+Federal unemployment taxes - $320
+State unemployment taxes - $2,160
Total (Debit to payroll tax expense) - $11,660
Note : Income tax is a personal tax and is not included in payroll tax.
Medical insurance deductions is an expense which is allowed as a deduction and is not included in payrolltax.
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12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of...
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Problem 10-09A (Part 2)
Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
(2) 95. (Credit account titles are automatically
indented when amount is entered. Do not...
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On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable $45,000 Sales Taxes Payable 9,100 Unearned Service Revenue 21,500 During January, the following selected transactions occurred. Borrowed $18,000 in cash from Apex Bank on a 4-month,5%. $18,000 note. Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,500. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021. $9,100....
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,330 of medical insurance deductions, and $820 of union dues No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,160 of federal income taxes, $1,430 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
Problem 10-09A (Part 2)
Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
(2) 95. (Credit account titles are automatically
indented when amount is entered. Do not...
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