FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Textbook Question
Chapter 11, Problem 11SP
Review the February 26 and March 25 transactions for Business Solutions (SP 5) from Chapter 5.
Feb. 26 The company paid cash to Lyn Addie foreieht days' work at SJ25 per day. Mar. 25 The company sold merchandise with a S2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25.
Required
1. Assume that Lyn Addie is an unmarried employee. Her SI.000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total S159. Compute her net pay for the eight days' work paid on February 26. Round amounts to the nearest cent.
2. Record the
3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round amounts to the nearest cent.
4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies.
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Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round amounts to the nearest cent. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate…
Record the following transactions for the Scott Company:
Transactions:
Nov.
4
Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account.
Dec.
31
Accrued interest on the Tim’s Co. note.
Feb.
2
Received the amount due from Tim’s Co. on the note.
Required:
Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.
CHART OF ACCOUNTS
Scott Company
General Ledger
ASSETS
110
Cash
111
Petty Cash
121
Accounts Receivable-Batson Co.
122
Accounts Receivable-Bynum Co.
123
Accounts Receivable-Calahan Inc.
124
Accounts Receivable-Dodger Co.
125
Accounts Receivable-Fronk Co.
126
Accounts Receivable-Miracle Chemical
127
Accounts Receivable-Solo Co.
128
Accounts Receivable-Tim’s Co.
129
Allowance for Doubtful Accounts
131
Interest Receivable
132
Notes Receivable-Tim’s Co.
141…
Record the following transactions for the Scott Company:
Transactions:
Nov.
4
Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account.
Dec.
31
Accrued interest on the Tim’s Co. note.
Feb.
2
Received the amount due from Tim’s Co. on the note.
Required:
Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.
CHART OF ACCOUNTS
Scott Company
General Ledger
ASSETS
110
Cash
111
Petty Cash
121
Accounts Receivable-Batson Co.
122
Accounts Receivable-Bynum Co.
123
Accounts Receivable-Calahan Inc.
124
Accounts Receivable-Dodger Co.
125
Accounts Receivable-Fronk Co.
126
Accounts Receivable-Miracle Chemical
127
Accounts Receivable-Solo Co.
128
Accounts Receivable-Tim’s Co.
129
Allowance for Doubtful Accounts
131
Interest Receivable
132
Notes Receivable-Tim’s Co.
141…
Chapter 11 Solutions
FUND.ACCT.PRIN.
Ch. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - QS 11-3
Unearned revenue
C2
Ticketsales, Inc.,...Ch. 11 - Interest-bearing note transactions P1 On November...Ch. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QS
Ch. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 20QSCh. 11 - Exercise 11-1
Classifying liabilities
C1
The...Ch. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Exercise 11-3 Accounting for note payable...Ch. 11 - Exercise 11-4 Interest-bearing notes payable with...Ch. 11 - Exercise 11-5 Computing payroll taxes P2 P3
BMX...Ch. 11 - Exercise 11-7 Payroll-related journal entries...Ch. 11 - Exercise 11-6 Payroll-related journal entries...Ch. 11 - Exercise 11-9 Computing payroll taxes P2 P3 Mest...Ch. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 20ECh. 11 - Prob. 21ECh. 11 - Prob. 22ECh. 11 - Problem 11-1A Short-term notes payable...Ch. 11 - Problem 11-2A Entries for payroll transactions P2...Ch. 11 - Problem 11-3A Payroll expenses, withholdings, and...Ch. 11 - Prob. 4PSACh. 11 - Prob. 5PSACh. 11 - Prob. 6PSACh. 11 - Problem 11-1B Short-term notes payable...Ch. 11 - Problem 11-2B Entries for payroll transactions P2...Ch. 11 - Problem 11-3B Payroll expenses, withholdings, and...Ch. 11 - Prob. 4PSBCh. 11 - Prob. 5PSBCh. 11 - Prob. 6PSBCh. 11 - Review the February 26 and March 25 transactions...Ch. 11 - Bug-Off Exterminators provides pest control...Ch. 11 - Prob. 1GLPCh. 11 - Prob. 1AACh. 11 - Key figures for Apple and Google follow. Apple...Ch. 11 - Prob. 3AACh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - BTN 11-3 Cameron Bly is a sales manager for an...Ch. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTN
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