Accounting Exercise Problems

Resource: Ch. 10 of Financial AccountingComplete Exercises E10-6, E10-8, & E10-18.Complete Problems 10-3A &10-6A.Submit as a Microsoft® Excel® or Word muniment.E10-6 According to the accountant of Ulner Inc., its fixedroll reprimandescoercion the week were as follows:  $198.40 coercion FICA reprimandes, $19.84 coercion federal unemployment reprimandes, and $133.92 coercion avow unemployment reprimandes.InstructionsJournalize the minute to chronicles the accrual of the fixedroll reprimandes. E10-8Jim Thome has quick the restraintthcoming catalogue of avowments about fetters.1. Fetters are a coercionm of curiosity-behalf-bearing referablees fixedable.2. When seeking long-message financing, an habit of issuing fetters counteract issuing low supply is that supplyholder manage is referable unnatural.3. When seeking long-message financing, an habit of issuing low supply counteract issuing fetters is that reprimand savings remainder.4. Secured fetters keep unfair property of the resultr pledged as related coercion the fetters.5. Secured fetters are to-boot known as debenture fetters.6. Fetters that confirmed in installments are enumerated message fetters.7. A alteration indication may be adventitious to fetters to fabricate them past charming to fetter buyers.8. The reprimand used to enumereprimand the total of coin curiosity-behalf the mortgagor fixeds is enumerated the avowd reprimand.9. Fetter treasures are usually quoted as a percentage of the aspect reprove of the fetter.10. The offer reprove of a fetter is the reprove at which it should retail in the marketplace.InstructionsIdentify each avowment overhead as penny or mock. If mock, betray how to emend the avowment. *E10-18 Hrabik Corporation resultd $600,000, 9%, 10-year fetters on January 1, 2011, coercion $562,613.This treasure remaindered in an effective-curiosity-behalf reprimand of 10% on the fetters. Curiosity-behalf is fixedable semiannuallyon July 1 and January 1. Hrabik uses the effective-curiosity-behalf course to amortize fetter recompense or totalowance.InstructionsPrepare the life entries to chronicles the restraintthcoming. (Round to the direct dollar.)(a) The issuance of the fetters. (b) The acquittal of curiosity-behalf and the totalowance amortization on July 1, 2011, pretentious that curiosity-behalf was referable accrued on June 30.(c) The accrual of curiosity-behalf and the totalowance amortization on December 31, 2011.  P10-3A On May 1, 2011, Newby Corp. resultd $600,000, 9%, 5-year fetters at aspect reprove. The fetters were dated May 1, 2011, and fixed curiosity-behalf semiyear-by-year on May 1 and November 1. Financial avowments are quick year-by-year on December 31.Instructions(a) Prepare the life minute to chronicles the issuance of the fetters.(b) Prepare the adjusting minute to chronicles the accrual of curiosity-behalf on December 31, 2011.(c) Show the counteract shuffle offeration on December 31, 2011.(d) Prepare the life minute to chronicles acquittal of curiosity-behalf on May 1, 2012, pretentious noaccrual of curiosity-behalf from January 1, 2012, to May 1, 2012.(e) Prepare the life minute to chronicles acquittal of curiosity-behalf on November 1, 2012.  (f) Assume that on November 1, 2012, Newby calls the fetters at 102. Chronicles the retrieval of the fetters. *P10-6AOn July 1, 2011, Atwater Corporation resultd $2,000,000 aspect reprove, 10%, 10-year fetters at $2,271,813.This treasure remaindered in an effective-curiosity-behalf reprimand of 8% on the fetters. Atwater uses theeffective-curiosity-behalf course to amortize fetter recompense or totalowance. The fetters fixed semiannual curiosity-behalf July 1 and January 1.Instructions(Round total computations to the direct dollar.)(a) Prepare the life minute to chronicles the issuance of the fetters on July 1, 2011.(b) Prepare an amortization table through December 31, 2012 (3 curiosity-behalf periods) coercion this fetter result.(c) Prepare the life minute to chronicles the accrual of curiosity-behalf and the amortization of the recompense on December 31, 2011.(d) Prepare the life minute to chronicles the acquittal of curiosity-behalf and the amortization of the recompense on July 1, 2012, pretentious no accrual of curiosity-behalf on June 30.(e) Prepare the life minute to chronicles the accrual of curiosity-behalf and the amortization of the recompense on December 31, 2012.

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