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

Orbits and Gravity: Gravity Puzzle - Managerial Epidemiology Week 1 project - Melting pot troy dress code - How to make 1x tbe buffer from 10x - What did john deere invent in 1837 - The civically engaged reader - Bsbinn301 answers - Evil cockatoo in rio 7 little words - The professor and the madman sparknotes - Mastering geology sign in - Mass effect 3 support cafe owner or officer - Target market for portable chargers - Flinders university bachelor of arts - Manual handling and lifting techniques - How to prepare tris hcl buffer - Mcafee foundstone vulnerability scanner - Column size for 8m span - Why is the sea blue - Ramort company reports the following - Wjec a level biology - Should Military Personnel Receive Extra Rights? - Health organization case study gcu - Speech Delivery - Why we work andrew curry - Streamm4u.net - D10 particle size means - Pursuit Of Happiness - Express as partial fractions - Explain the rules of debit and credit - Cash flow forecast definition tutor2u - Ib economics test your understanding answers macroeconomics - WRK 100 assignment - Unity multiple choice game - Worldview analysis - Chargaff's dna data 4.4 answers - Discussion question - A merchandiser's purchases are equivalent to a manufacturer's - Benchmark patient's spiritual needs case analysis - Why did the peach need to hire an attorney - Strategic management of coca cola - Complete the equations for the following equilibria - Live Critical Thinking Task on 18th July 10:50 AM Eastern Time US - Fiction 100 13th edition pdf - Wind power - The execution of wanda jean movie - A national manufacturer of ball bearings is experimenting with two - Mba basketball south bend - How to separate wood shavings from sand - Reading response - Hollow glass prism experiment - Society and culture pip examples band 6 - The large piston in a hydraulic lift - Investment advisors inc is a brokerage firm - Interpreting Test Results - Kye kye kule song - Fall of humanity then and now worksheet - Final Project - Ethical health promotion paper - Factory destuffing bond meaning - 705 Wk 2 DQ 1# - Monash endnote product key - Jupiter serial number chart - Elite sports medicine jobs - Roast leg of lamb woolworths - Predict the product s formed for each reaction - Weather in the daintree rainforest - MG315 Discussion Post 5 - University of phoenix riverpoint writer - HRM 652 EVALUATING RESULTS AND BENEFITS - The arrival shaun tan chapter 3 summary - Online rebooking tool air canada - Business law exam - South dakota v. dole - The atlanta child murders forensic evidence - Cockatrice socket error connection refused - What is the rising action of the story everyday use - Ethical decision making process steps - Barriers to critical thinking - Conditions of tendering australian standard - Biostatistics - Slumdog millionaire last question scene - What is a secondment - Dayman motors nelson nz - 2-7/8 inches on a ruler - Iso standards for testing and validation purposes - Confessions of lady nijo summary - Mine overseer certificate of competency training - Trends in business information systems - Australian steel design code - Fagor drive error codes - 978-1-4576-3299-0 - Craig weatherup net worth - Words with ai sound - Cisrs scaffolding labourer card - Introduction to qualitative analysis lab answers - Two important situational contingencies in the path goal theory are - Gfk custom research north america conducted identical surveys - Experiment 2: diffusion - concentration gradients and membrane permeability - How much of noah's social security is taxable - Advance Pharmacology