7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The journal entry to record this includes a credit to
social security tax payable |
||
salaries expense |
||
cash |
||
social security tax expense |
||
Burns Inc. purchased a mining site for $2,000,000 on January 1,
2019. The company expects to mine coal for the next 10 years and
anticipates that a total of 1,000,000 tons will be recovered.
During 2019, the company extracted 100,000 tons of coal. The
depletion expense for 2019 is
$200,000
$400,000
$300,000
$1,000,000
c) The balance sheet of Vikings Suck, LLC has included the following information:
Cash $83,000
Accounts Receivable $37,000
Inventory $63,000
Accounts Payable $49,000
Notes Payable $150,000 (Long-Term Debt)
What is Vikings Suck, LLC's Current Ratio?
3.73 |
||
2.45 |
||
0.92 |
||
5.82 |
d) DJ Partners has current assets of $107,000 and current liabilities of $42,000. The current assets included inventory of $24,000. What would is their quick ratio?
2.31 |
||
1.98 |
||
0.68 |
||
2.55 |
a |
The journal entry to record this includes a credit to social security tax payable |
Option A is correct |
b | ||
Cost | 2000000 | |
Divide by Total tons | 1000000 | |
Depletion per ton | 2 | |
Depletion expense for 2019 | 200000 | =100000*2 |
Option A is correct | ||
c | ||
Cash | 83000 | |
Accounts Receivable | 37000 | |
Inventory | 63000 | |
Total Current assets | 183000 | |
Divide by Current liabilities | 49000 | |
Current Ratio | 3.73 | |
Option A is correct | ||
d | ||
Quick Assets | 83000 | =107000-24000 |
Divide by Current liabilities | 42000 | |
Quick ratio | 1.98 | |
Option B is correct |
7. a) Paige's payroll included social security tax withholding of $139.75 for the pay period. The...
2. a) Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $2,856 of social security withheld and $714.00 of Medicare tax withheld on total salaries of $47,600 for the period. Earnings of $13,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it...
Refer to Harrisons’ Income Statement data which is located in
Appendix B to the Partner’s Memo and record your answers to the
following questions:
Perform analytical procedures for the completeness assertion of
advertising expense, security expense and bad debts expense and
indicate whether you believe that there is a concern about material
misstatements in each accoun
Suggest an appropriate substantive procedure to test the
completeness of security expense.
Monet & Associates Memo To: Dean Smith (Audit Senior) From: Vince Mater...