Question

Ab CODE Acond On December 1, Destin Corporation borrowed $10,000 on 120-day, 8% note. Prepare the entries to record the issue of the note, the Gorus of interest year and, and the payment of the note B3 Mary Stine's regular hourly wage rate is $12, and she receives an hourly rate of $18 for work in excess of 40 hours. During a March pay period, Mary works 47 hours. Mary's federal income tax withholding is $70, and she has no voluntary deductions. Compute Mary Stine's gross earnings and not pay for the pay period. Stiner Company has the following selected accounts after posting adjusting entries Accounts Payable 145.000 Notes Payable, 3-month 80,000 Accumulated Depreciation-Equipment 14,000 Payroll and Benefits Payable 27,000 Notes Payable, 5-year, 8% 30.000 Estimated Warranty Liability 34,000 Payroll Tax Expense 6,000 Interest Payable 3,000 Mortgage Payable 200,000 Sales Tax Payable 16,000 Instructions (a) Prepare the current liability section of Stiner Company's balance sheet, assuming $25,000 of the mortgage is payable next year. (List liabilities in magnitude order, with largest first.) (b) Comment on Stiner's liquidity, assuming total current assets are $450,000. B5 Brandy and Johnson decide to organize a partnership. Brandy invests $25,000 cash, and Johnson contributes $5,000 and equipment having a book value of $3,500 and a fair market value of $10,000 Instructions Prepare the entry to record each partner's investment The J & Fril Co. reports net income of $28.000. Interest allowances are J $3.000 and FH $5,000, partner salary allowances are JW 518,000 and Fril $10,000 and the remainder is shared equally Instructions Indicate the division of net income to each partner, and prepare the entry to distribute the net Income United States) Focus E E

Answer 1

B1

Date	Account Titles	Debit	Credit
Dec-01	Cash	$          10,000
	Notes Payable		$            10,000
	(Borrowed money on 8% note)
Dec-31	Interest Expense	$                  67		=10000*8%*30/360
	Interest Payable		$                    67
	(Interest accrued for 30 days)
Mar-31	Notes Payable	$          10,000
	Interest Expense	$                200		=10000*8%*90/360
	Interest Payable	$                  67
	Cash		$            10,267

360 days has been taken for interest calculation

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