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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Problem 10-09A (Part 2)
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annually.
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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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