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Problem 9 2a entries for payroll transactions lo p2 p3

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1. aw ard:


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Problem 10-2A Asset cost allocation; straight-line depreciation L.O. C1, P1 [The following information applies to the questions displayed below.]


In January 2011, Keona Co. pays $2,800,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $641,300, with a useful life of 20 years and an $80,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $408,100 that are expected to last another 14 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,865,600. The company also incurs the following additional costs:


Cost to demolish Building 1 $ 422,600 Cost of additional land grading 167,200 Cost to construct new building (Building 3), having a useful life of 25 years and a $390,100 salvage value


2,019,000


Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value


158,000


Total costs $ 5,566,800


Section Break Problem 10-2A Asset cost allocation; straight-line


depreciation L.O. C1, P1


Problem 10-2A Part 1 Required: 1. Allocate the costs incurred by Keona to the appropriate columns and total each column. (Leave no


cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


Land Building 2 Building 3 Land


improvements 1 Land


improvements 2


Purchase price $ $ $ $ $


Demolition


Land grading


New building


New improvements


Totals $ $ $ $ $


Worksheet Problem 10-2A Part 1


Problem 10-2A Part 2 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January


1, 2011. (Omit the "$" sign in your response.)


Date General Journal Debit Credit


Jan. 1 (Click to select)


(Click to select)


(Click to select)


(Click to select)


(Click to select)


(Click to select)


rev: 11_26_2013_QC_41322, 11_30_2013_QC_41322


Worksheet Problem 10-2A Part 2


Problem 10-2A Part 3 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the


12 months of 2011 when these assets were in use. (Omit the "$" sign in your response.)


Date General Journal Debit Credit


Dec. 31 (Click to select)


(Click to select)


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Worksheet Problem 10-2A Part 3


Problem 9-2A Accounts receivable transactions and bad debts adjustments L.O. C1, P2 Lopez Company began operations on January 1, 2010. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.


2010 a. Sold $1,353,800 of merchandise (that had cost $976,200) on credit, terms n/30. b. Wrote off $21,500 of uncollectible accounts receivable. c. Received $672,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable


will be uncollectible. 2011 e. Sold $1,529,600 of merchandise (that had cost $1,285,400) on credit, terms n/30. f. Wrote off $28,700 of uncollectible accounts receivable. g. Received $1,295,900 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable


will be uncollectible. Required: Prepare journal entries to record Lopez’s 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system.) (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) 2010


General Journal Debit Credit


a. (Click to select)


(Click to select)


(Click to select)


(Click to select)


b. (Click to select)


(Click to select)


c. (Click to select)


(Click to select)


d. (Click to select)


(Click to select)


2011 General Journal Debit Credit


e. (Click to select)


(Click to select)


(Click to select)


(Click to select)


f. (Click to select)


(Click to select)


g. (Click to select)


(Click to select)


h. (Click to select)


(Click to select)


rev: 05_30_2013_QC_31178


Worksheet Problem 9-2A Accounts receivable transactions and bad


debts adjustments L.O. C1, P2


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Problem 11-6AA Entries for payroll transactions L.O. P2, P3, P5 Polo Company has 20 employees, each of whom earns $3,000 per month and is paid on the last day of each month. All 20 have been employed continuously at this amount since January 1. Polo uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger:


a. FICA — Social Security Taxes Payable, $7,440; FICA — Medicare Taxes Payable, $1,740. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.)


b. Employees' Federal Income Taxes Payable, $15,000 (liability for February only). c. Federal Unemployment Taxes Payable, $960 (liability for January and February together). d. State Unemployment Taxes Payable, $4,800 (liability for January and February together).


During March and April, the company had the following payroll transactions.


Mar. 15 Issued check payable to Fleet Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $24,180 check is in payment of the February FICA and employee income taxes.


31 Recorded the March payroll and transferred funds from the regular bank account to the payroll bank account. Issued checks payable to each employee in payment of the March payroll. The payroll register shows the following summary totals for the March pay period.


Salaries and Wages


Office Salaries


Shop Wages


Gross Pay


FICA Taxes*


Federal Income Taxes


Net Pay


$ 24,000 $ 36,000 $ 60,000 $3,720 $ 15,000 $ 40,410 $ 870


* FICA taxes are Social Security and Medicare, respectively.


31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax rate to 4.00% of the first $7,000 paid each employee. The federal rate is .80%.


Apr. 15 Issued check to Fleet Bank in payment of the March FICA and employee income taxes. 15 Issued check to the State Tax Commission for the January, February, and March state


unemployment taxes. Mailed the check and the first quarter tax return to the Commission. 30 Issued check payable to Fleet Bank in payment of the employer's FUTA taxes for the first


quarter of the year. 30 Mailed Form 941 to the IRS, reporting the FICA taxes and the employees' federal income tax


withholdings for the first quarter.


Required: Prepare journal entries to record the transactions and events for both March and April. (Record the transactions in the given order. In cases where no entry is required, please select the option "No


journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


Date General Journal Debit Credit


Mar.15 (Click to select)


(Click to select)


(Click to select)


(Click to select)


31 (Click to select)


(Click to select)


(Click to select)


(Click to select)


(Click to select)


(Click to select)


31 (Click to select)


(Click to select)


31 (Click to select)


(Click to select)


(Click to select)


(Click to select)


(Click to select)


Apr. 15 (Click to select)


(Click to select)


(Click to select)


(Click to select)


15 (Click to select)


(Click to select)


30 (Click to select)


(Click to select)


30 (Click to select)


12/7/13 Assignment Print View


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Worksheet Problem 11-6AA Entries for payroll transactions L.O. P2,


P3, P5


Problem 13-3A Equity analysis-journal entries and account balances L.O. P2 At September 30, the end of Excel Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $10 par value $ 360,000 Paid-in capital in excess of par value, common stock 90,000 Retained earnings 360,000


In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit


Oct. 2 Retained Earnings 80,000 Common Dividend Payable 80,000


Oct. 25 Common Dividend Payable 80,000 Cash 80,000


Oct. 31 Retained Earnings 63,000 Common Stock Dividend Distributable 30,000 Paid-In Capital in Excess of Par Value, Common Stock 33,000


Nov. 5 Common Stock Dividend Distributable 30,000 Common Stock, $12 Par Value 30,000


Dec. 1 Memo—Change the title of the common stock account to reflect the new par value of $4.


Dec. 31 Income Summary 260,000


Retained Earnings 260,000


Required: Complete the following table showing the equity account balances at each indicated date (include the balances from September 30). (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec. 31


Common stock $ $ $ $ $ $


Common stock dividend distributable


Paid-in capital in excess of par, common stock


Retained earnings


Total stockholders' equity $ $ $ $ $ $


Worksheet Problem 13-3A Equity analysis-journal entries and


account balances L.O. P2


Problem 14-9A Installment notes L.O. C1, P5 On November 1, 2011, Leetch Ltd. borrows $500,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal total payments each year on October 31. (Use Table B.3)


Required:


1. Compute the total amount of each installment payment. (Round "PV Factor" to 4 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)


Installment payment $


2. Complete an amortization table for this installment note. (Please calculate interest expense in the final period as the amount of cash minus the amount of the Beginning balance and make sure that the ending balance in the last period equals to "0". Leave no cells blank - be certain to enter "0" wherever required. Round "PV Factor" to 4 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)


Payments


Period Ending Date


(A) Beginning Balance


(B) Debit


Interest Expense


(C) Debit Notes


Payable


(D) Credit Cash


(E) Ending Balance


10/31/2012 $ $ $ $ $


10/31/2013


10/31/2014


10/31/2015


10/31/2016


http://lectures.mhhe.com/connect/0078110874/Images/tableb.3.jpg

12/7/13 Assignment Print View


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Total $ $ $


3. Prepare the journal entries in which Leetch records the following:


(a) Accrued interest as of December 31, 2011 (the end of its annual reporting period). (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)


Date General Journal Debit Credit


Dec. 31 (Click to select)


(Click to select)


(b) The first annual payment on the note. (Round "PV Factor" to 4 decimal places. Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)


Date General Journal Debit Credit


Oct. 31 (Click to select)


(Click to select)


(Click to select)


(Click to select)


rev: 08_13_2011


Worksheet Problem 14-9A Installment notes L.O. C1, P5


Problem 18-8A Manufacturing and income statements; inventory analysis L.O. P2 [The following information applies to the questions displayed below.]


The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Plaza Company.


Advertising expense $ 32,100 Direct labor $ 683,200 Depreciation expense—Office equipment 9,500 Income taxes expense 238,700 Depreciation expense—Selling equipment 9,800 Indirect labor 57,800 Depreciation expense—Factory equipment 33,300 Miscellaneous production costs 9,100 Factory supervision 109,800 Office salaries expense 60,000 Factory supplies used 8,300 Raw materials purchases 994,000 Factory utilities 43,000 Rent expense—Office space 22,000 Inventories Rent expense—Selling space 26,400 Raw materials, December 31, 2010 153,200 Rent expense—Factory building 79,000 Raw materials, December 31, 2011 180,000 Maintenance expense—Factory equipment 39,200 Goods in process, December 31, 2010 17,200 Sales 4,680,000 Goods in process, December 31, 2011 23,400 Sales discounts 63,700 Finished goods, December 31, 2010 168,300 Sales salaries expense 399,600 Finished goods, December 31, 2011 142,300

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