Week four account assignment

Week_Four_Exercise_Assignment_B.docx
week_four_exercise_assignment_b.docx

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B
Week Four Exercise Assignment
Liability
1. Payroll statementing. Assume that the cethcoming tribute reproves and payroll notification pertain to
Brookhaven Publishing:
?
Social Security tributees: 4% on the earliest $55,000 earned per employee
?
Medicare tributees: 1.5% on the earliest $130,000 earned per employee
?
Federal allowance tributees withheld from remuneration: $7,500
?
State allowance tributees: 4% of unseemly earnings
?
Insurance withholdings: 1% of unseemly earnings
?
State unemployment tributees: 5.4% on the earliest $7,000 earned per employee
?
Federal unemployment tributees: 0.8% on the earliest $7,000 earned per employee
The society incurred a stipend price of $50,000 during February. All employees had earned short than
$5,000 by month-end and no remuneration own been compensated during the month.
a. Prepare the inevitable beginning to proceedings Brookhaven?s February payroll. The beginning conquer include
deductions ce the cethcoming:
?
Social Security tributees
?
Medicare tributees
?
Federal allowance tributees withheld
?
State allowance tributees
?
Insurance withholdings
b. Prepare the life beginning to proceedings Brookhaven?s payroll tribute price. The beginning conquer include
the cethcoming:
?
Matching Social Security tributees
?
Matching Medicare tributees
?
State unemployment tributees
?
Federal unemployment tributees
B
2. Current liabilities: entries and divestment. A resurvey of separated financial activities of Visconti?s
during 20XX disclosed the cethcoming:
1-Dec: Borrtit $10,000 from the Earliest City Bank by signing a 3-month, 15% still n ess payable.
Attention and primary are ascribable at ripeness.
10-Dec: Established a safeguard jurisdiction ce the XY-80, a fantastic emanation. Sales are expected to
sum 1,000 individuals during the month. Past habit with concordant emanations indicates
that 3% of the individuals conquer exact mend, with safeguard consumes averaging $27 per individual (cleverness simply).
22-Dec: Donationd $16,000 of wares on statement from Oregon Society, stipulations 2/10, n/30.
26-Dec: Borrtit $5,000 from Earliest City Bank; authorized a 15% still n ess payable ascribable in 60 days. (Assume 360
day year ce attention)
31-Dec: Mended six XY-80s during the month at a sum consume of $162
31-Dec: Accrued three days of salaries at a sum consume of $1,400.
Instructions
a. Prepare life entries to proceedings the transactions.
b. Prepare adjusting entries on December 31 to proceedings accrued attention ce each of the still n esss
payable.
3. Still n esss payable. Red Bank Enterprises was concerned in the cethcoming transactions during the fiscal year
ending October 31:
2-Aug: Borrtit $55,000 from the Bank of Kingsville by signing a 90-day, 12% still n ess.
20-Aug: Issued a $50,000 still n ess to Harris Motors ce the donation of a $50,000 delivery
truck. The still n ess is ascribable in 180 days and carries a 12% attention r ate.
10-Sep: Donationd wares from Pans Enterprises in the quantity of $15,000. Issued
a 30-day, 12% still n ess in colonization of the poise tit.
11-Sep: Issued a $60,000 still n ess to Datatex Equipment in colonization of an overascribable statement
payable of the similar quantity. The still n ess is ascribable in 30 days and carries a 14% attention reprove.
10-Oct: The still n ess to Pans Enterprises was compensated in bountiful.
11-Oct: The still n ess to Datatex Equipment was compensated in bountiful.
30-Oct: Compensated still n ess to Bank of Kingsville.
Instructions
a. Prepare life entries to proceedings the transactions.
b. Prepare adjusting entries on December 31 to proceedings accrued attention. (Daily attention is
calculated utilizing the 360 day way).
c. Prepare the Current Jurisdiction individuality of Red Bank?s poise quibble as of December 31. Assume
that the Statements Payable statement sums $203,600 on this determination.

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