Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

On january 15 nifty company sells merchandise

20/03/2021 Client: saad24vbs Deadline: 10 Days

P-11-26A Computing and journalizing payroll amounts- Net Pay $114,654

Louis Welch is general manager of United Salons. During 2014, Welch worked for the company all year at a $10,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary.

Welch’s federal income tax withheld during 2014 was $850 per month, plus $924 on his bonus check. State income tax withheld came to $70 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $5 per month.

United incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and federal unemployment tax. In addition, United provides Welch with health insurance at a cost of $150 per month. During 2014, United paid $4,000 into Welch’s retirement plan.

Requirements

1. Compute Welch’s gross pay, payroll deductions, and net pay for the full year 2014. Round all amounts to the nearest dollar.

2. Compute United’s total 2014 payroll expense for Welch.

3. Make the journal entry to record United’s expense for Welch’s total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required.

P11-27A A Journalizing liability transactions

The following transactions of Denver Pharmacies occurred during 2013 and 2014:

Jan. 29 Cash $16,960

Dec. 31 Interest Expense $360

2013

Jan.9 Purchased computer equipment at a cost of $9,000, signing a six-month, 6% note payable for that amount.

29 Recorded the week’s sales of $64,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold.

Feb. 5 Sent the last week’s sales tax to the state.

Jul. 9 Paid the six-month, 6% note, plus interest, at maturity.

Aug.31 Purchased merchandise inventory for $12,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system.

Dec.31 Accrued warranty expense, which is estimated at 2% of sales of $603,000.

31 Accrued interest on all outstanding notes payable.

2014

Feb. 28 Paid off the 9% note plus interest at maturity.

Journalize the transactions in Denver’s general journal. Explanations are not required.

P14-30A Journalizing liability transactions and reporting them on the balance sheet

The following transactions of Emergency Pharmacies occurred during 2014 and2015:

1. Mar. 1, 2015 Interest Expense DR $1,462

2. Total Liabilities $492,443

2014

Mar. 1 Borrowed $360,000 from Lessburg Bank. The six-year, 10% note requires payments due annually, on March 1. Each payment consists of $60,000 principal plus one year’s interest.

Dec. 1 Mortgaged the warehouse for $200,000 cash with Saputo Bank. The mortgage requires monthly payments of $4,000. The interest rate on the note is 9% and accrues monthly. The first payment is due on January 1, 2015.

31 Recorded interest accrued on the Saputo Bank note.

31 Recorded interest accrued on the Lessburg Bank note.

2015

Jan. 1 Paid Saputo Bank monthly mortgage payment.

Feb. 1 Paid Saputo Bank monthly mortgage payment.

Mar.1 Paid Saputo Bank monthly mortgage payment.

1 Paid first installment on note due to Lessburg Bank.

Requirements

1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required.

2. Prepare the liabilities section of the balance sheet for Emergency Pharmacies on March 1, 2015.

P14-31A Analyzing, journalizing, and reporting bond transactions

Billy’s Hamburgers issued 5%, 10-year bonds payable at 90 on December 31, 2012. At December 31, 2014, Billy reported the bonds payable as follows:

2. Discount CR $2,000

Long-term Liabilities:

Bonds Payable $ 400,000

Less: Discount on Bonds Payable 32,000 $ 368,000

Billy pays semiannual interest each June 30 and December 31.

Requirements

1. Answer the following questions about Billy’s bonds payable:

a. What is the maturity value of the bonds?

b. What is the carrying amount of the bonds at December 31, 2014?

c. What is the semiannual cash interest payment on the bonds?

d. How much interest expense should the company record each year?

2. Record the June 30, 2014, semiannual interest payment and amortization of discount.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Academic Master
Assignment Hut
Accounting & Finance Master
Online Assignment Help
Professor Smith
Coursework Helper
Writer Writer Name Offer Chat
Academic Master

ONLINE

Academic Master

I will cover all the points which you have mentioned in your project details.

$99 Chat With Writer
Assignment Hut

ONLINE

Assignment Hut

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$36 Chat With Writer
Accounting & Finance Master

ONLINE

Accounting & Finance Master

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$83 Chat With Writer
Online Assignment Help

ONLINE

Online Assignment Help

I will cover all the points which you have mentioned in your project details.

$31 Chat With Writer
Professor Smith

ONLINE

Professor Smith

I have read your project details. I can do this within your deadline.

$30 Chat With Writer
Coursework Helper

ONLINE

Coursework Helper

I will cover all the points which you have mentioned in your project details.

$60 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Beth moore daniel session 10 speechless vimeo - Discussion - Cj fallon teacher planner - Body wisdom light touch for optimal health - Unit transformations homework 2 answer key - Collective bargaining in nursing ppt - Clinical reasoning occupational therapy - Jasper jones charlie's parents - Bus 499 peregrine assessment answers - Modigliani and miller - Cost accounting 14th edition - COM 201: The Power of Effective Speaking. - Strategic plan part 3 balanced scorecard - The edge of the orchard discussion questions - Responding to competitors price changes - A subsidiary ledger frees the general ledger from details of - Discussion 6 - Articles on role transition from rn to bsn - Whose bones were buried in the promised land at shechem - What is one limitation of linnaeus classification system - Fair test of ethical business communication - Vce study score bell curve - Friction velocity eddy covariance - Billed customers for fees earned for managing rental property - Newspaper seller problem simulation excel - Distance and displacement problems - Alteration in cellular processes - When installing smoothwall, the green interface is commonly used to protect the iptables firewalls. - Englishforeveryone org answer key - Cambridge university natural sciences - Direct and inverse variation questions - What's an imperative verb - Wrigley capital structure case study - Trail frames chassis insourcing outsourcing decision - Assist with my economics assignment - General electric meter socket - Amazon interview writing exercise - Week 1B Discussion Board - Organizational strategy healthcare - Have smartphones destroyed a generation - Sustainable development goals worksheet - 4 question criminal justice - Sale of common stock to investors account classification - Sgminer 5.6 1 github - Https docs python org 3 library random html - Compare and contrast two mental health theories - Muslim Molvi 7340613399 OnLine No 1 FaMOUs VashIKaraN sPecIaLIsT IN Gopalpur - Evaluate the elements of critical thinking (evidence, reasoning, fallacy) - Nursing conceptual model and metaparadigm concepts - Rokeach m 1973 the nature of human values - Components to building an effective and successful csirt team - Gea tuchenhagen valve catalogue - BUS 660 WEEK 1 DISCUSIONS 1 &2 - Webasto t91 wiring diagram - Bank management printers inc produces luxury checkbooks - Assessing planning implementing and evaluating care - Aplia access code free - Discussion response CPO - Sttss homework - Who are the target customers for the company brand amazon - Outreach networks first venture round - Assignment 3 inferential statistics analysis and writeup umuc - Hp supply chain management ppt - How to memorise solubility rules - Powerpoint elbow connector orientation - Assignment self awareness and conflict resolution - Elizabethan england gender roles - Ct learner's permit rules - +91#$^!!!!!~9928097710 divoRcE pRoblEm solution Astrologer in IndORE , lucknOw - Fit out cost per square metre dubai - Write a nuclear equation for the alpha decay of - Social work treatment interlocking theoretical approaches 5th edition - Can You Please Solve this - 90 day bank bill australia - Soh cah toa acronym - Discussion with reponses - Summary of 500 words - Lab - Do my finance homework - Polynomial farm farmer bob answers - Naturally nicole nicole's complete list vaccine choice doctors state - Accounting discussion - Leadership - Bob priscilla queen of the desert - Economy Essay - Factor Endowment Theory - Why should resources be a concern in a global strategy - Body found at nottoway high school - Beowulf essay - Accountable care organizations vs managed care - Unlike its competitors in the online air travel industry - Dramatic irony in oedipus rex - Mng newmarketholidays co uk - Discussion(DF) - Personal Plagiarism Concerns Discussion - Guy fawkes homework help - What does 0.8 eft mean - Zillow stock class c - How to download any song from YouTube? - 68 pittwater road manly - Sainsbury's petrol station strathaven