Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued or October 1. Round interest calculations to the nearest dollar. Beginning Balance Principal Payment Interest Expense Total Ending Payment Balance 10/01/2018 11/1/2018 12/1/2018 $ 220,000 $ 220,000 $ 733 $ 2,017 $ 2,750 $ 2267 219,267 740 01/01/2019 218,527 747 2,010 2,003 2,750 218,527 2,750 217,780 Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked Oc through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earn above $200,000. Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances.
Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued or October 1. Round interest calculations to the nearest dollar. Beginning Balance Principal Payment Interest Expense Total Ending Payment Balance 10/01/2018 11/1/2018 12/1/2018 $ 220,000 $ 220,000 $ 733 $ 2,017 $ 2,750 $ 2267 219,267 740 01/01/2019 218,527 747 2,010 2,003 2,750 218,527 2,750 217,780 Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked Oc through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earn above $200,000. Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
Related questions
Question
![Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued or
October 1. Round interest calculations to the nearest dollar.
Beginning
Balance
Principal
Payment
Interest
Expense
Total
Ending
Payment
Balance
10/01/2018
11/1/2018
12/1/2018
$
220,000
$ 220,000 $
733 $
2,017 $
2,750 $
2267
219,267
740
01/01/2019
218,527
747
2,010
2,003
2,750
218,527
2,750
217,780
Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked Oc
through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earn
above $200,000.
Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F281b2c8b-c43a-4e04-af3d-687b2957e4e3%2F7a420c55-8471-4906-9296-f590c36eef35%2Fe2cfkq5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued or
October 1. Round interest calculations to the nearest dollar.
Beginning
Balance
Principal
Payment
Interest
Expense
Total
Ending
Payment
Balance
10/01/2018
11/1/2018
12/1/2018
$
220,000
$ 220,000 $
733 $
2,017 $
2,750 $
2267
219,267
740
01/01/2019
218,527
747
2,010
2,003
2,750
218,527
2,750
217,780
Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked Oc
through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earn
above $200,000.
Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances.
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