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Math HW11 - Research Paper Example

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Summary
Guyer Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2008, Guyer sells 12,000 subscriptions beginning with the December issue. Guyer prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter…
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Math HW11
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HW#11 Start 15 Nov 2008 at 08:00 PM Due 27 Nov 2008 at 01:00 AM Access after Due Yes. Mark Late Graded: Yes E11-2On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note.
Prepare the entry on June 1.
Date
Description
Debit
Credit
June 1
Bank
90000
Loan from First Bank
90000
Prepare the adjusting entry on June 30.
Date
Description
Debit
Credit
June 30
Interest on Bank Loan
900
Interest Payable
900
Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (List multiple debit/credit entries in descending order of amount.)
Date
Description
Debit
Credit
Dec.1
Loan from First Bank
90000
Interest Payable
5400
Bank
95400
What was the total financing cost (interest expense)
$5400
E11-4
Guyer Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2008, Guyer sells 12,000 subscriptions beginning with the December issue. Guyer prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscriptions and Subscription Revenue.
Prepare the entry in November for the receipt of the subscriptions.
Date
Description
Debit
Credit
Nov. 30
Bank
240000
Unearned Subscriptions
240000
Prepare the adjusting entry at December 31, 2008, to record subscription revenue earned in December 2008.
Date
Description
Debit
Credit
Dec. 31
Unearned Subscriptions
20000
Subscription Revenue
20000
Prepare the adjusting entry at March 31, 2009, to record subscription revenue earned in the first quarter of 2009.
Date
Description
Debit
Credit
Mar. 31
Unearned Subscriptions
60000
Subscription Revenue
60000
E11-5
Hiatt Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Hiatt estimates that 3% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2008 are as follows.
Month
Units
Sold
Units Defective
Prior to December 31
November
30,000
600
December
32,000
400
Determine the estimated warranty liability at December 31 for the units sold in November and December.
$37200
Prepare the journal entries to record the estimated liability for warranties and the costs incurred in honoring 1,000 warranty claims. (Assume actual costs of $20,000.)
Description
Debit
Credit
Warranty Cost
37200
Liability for warranties
37200
(To accrue estimated warranty costs.)
Liability for Warranties
20000
Bank
20000
(To record honoring of warranty contracts.)
Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $20.
Description
Debit
Credit
Liability for Warranties
10000
Bank
10000
E11-8
Kroger Co.'s 2005 financial statements contained the following selected data (in millions).
Current assets
$6,466
Accounts receivable
$680
Total assets
20,482
Interest expense
510
Current liabilities
6,715
Income tax expense
567
Total liabilities
16,092
Net income
958
Cash
210
Instructions
Compute these values:
Working capital. (If answer is negative, please put it in parenthesis.)
$(249) million
Current ratio. (Round answers to 2 decimal places.)
0.96
E11-10
Joyce Kieffer's regular hourly wage rate is $15, and she receives a wage of 1 times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period Joyce worked 42 hours. Her gross earnings prior to the current week were $6,000. Joyce is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $25 per week.
Compute the following amounts for Joyce's wages for the current week. (1) Gross earnings. (2) FICA taxes. (Assume an 8% rate on maximum of $90,000.) (3) Federal income taxes withheld. (Use the withholding table in the text, page 483.) (4) State income taxes withheld. (Assume a 2.0% rate.) (5) Net pay. (Round answers to 2 decimal places.)
1.
Gross earnings
$620.00
2.
FICA taxes
$49.60
3.
Federal income taxes
$70.68
4.
State income taxes
$12.40
5.
Net pay
$487.32
Record Joyce's pay, assuming she is an office computer operator. (List multiple debit/credit entries in descending order of amount. Round answers to 2 decimal places.)
Description
Debit
Credit
Office Salary
645.00
FICA Taxes
49.60
Federal Income Tax
70.68
State Income Tax
12.40
Group H Insurance
25.00
Bank
487.32
E11-13
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted.
Gross earnings:
State income taxes
$(3)
Regular
$8,900
Union dues
100
Overtime
(1)
Total deductions
(4)
Total
(2)
Net pay
$7,660
Deductions:
Accounts debited:
FICA taxes
$800
Warehouse wages
(5)
Federal income taxes
1,140
Store wages
$4,000
FICA taxes are 8%. State income taxes are 3% of gross earnings.
Fill in the missing amounts.
1.
$1,100
2.
$10,000
3.
$300
4.
$2,340
5.
$6,000
Journalize the February payroll and the payment of the payroll. (List multiple debit/credit entries in descending order of amount.)
Date
Description
Debit
Credit
Feb. 28
Warehouse Wages
6000
Store Wages
4000
FICA Taxes
800
Federal Income Taxes
1140
State Income Taxes
300
Union Dues
100
Wages Payable
7660
(To record Feb. payroll.)
Feb. 28
Wages Payable
7660
Bank
7660
(To record payment of payroll.)
E11-14
According to a payroll register summary of Ruiz Company, the amount of employees' gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject to state and federal unemployment taxes.
Determine the employer's payroll tax expense for the month, using the following rates: FICA 8%, state unemployment 5.4%, federal unemployment 0.8%.
$67,000
Prepare the journal entry to record December payroll tax expense. (List multiple debit/credit entries in descending order of amount.)
Description
Debit
Credit
Payroll Tax Expenses
67000
FICA Taxes
60800
State Unemployment Taxes
5400
Federal Unemployment Taxes
800
P11-2A
The following are selected transactions of Winsky Company. Winsky prepares financial statements quarterly.
Jan. 2
Purchased merchandise on account from Yokum Company, $30,000, terms 2/10, n/30.
Feb. 1
Issued a 9%, 2-month, $30,000 note to Yokum in payment of account.
Mar. 31
Accrued interest for 2 months on Yokum note.
Apr. 1
Paid face value and interest on Yokum note.
July 1
Purchased equipment from Korsak Equipment paying $11,000 in cash and signing a 10%, 3-month, $40,000 note.
Sept. 30
Accrued interest for 3 months on Korsak note.
Oct. 1
Paid face value and interest on Korsak note.
Dec. 1
Borrowed $15,000 from the Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $15,000.
Dec.31
Recognized interest expense for 1 month on Otago Bank note.
Prepare journal entries for the above transactions and events. (List multiple debit/credit entries in descending order of amount.)
Date
Description/Account
Debit
Credit
Jan. 2
Purchases
30000
Yokum Company
30000
Feb. 1
Yokum Company
30000
Account Notes Payable
30000
Mar. 31
Interest
450
Interest Payable
450
Apr. 1
Account Notes Payable
30000
Interest Payable
450
Bank
30450
July 1
Equipment
51000
Cash
11000
Account Notes Payable
40000
Sept. 30
Interest
1000
Interest Payable
1000
Oct. 1
Account Notes Payable
40000
Interest Payable
1000
Bank
41000
Dec. 1
Bank
15000
Account Notes Payable
15000
Dec. 31
Interest
100
Interest Payable
100
Post to the accounts Notes Payable, Interest Payable, and Interest Expense.
Notes Payable
4/1
30000
2/1
30000
10/1
40000
7/1
40000
12/1
15000
12/31 Bal.
15000
Interest Payable
4/1
450
3/31
450
10/1
1000
9/30
1000
12/31
100
12/31 Bal.
100
Interest Expense
3/31
450
9/30
1000
12/31
100
12/31 Bal.
1550
Show the balance sheet presentation of notes and interest payable at December 31.
Current liabilities
Notes payable
$15000
Interest payable
100
$15100
What is total interest expense for the year
$1550
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