accounting wk 4
Employing qualified writers in writing service like eliteresearchpapers.com is a fundamental step in ensuring that the work produced is of high quality. This not only benefits the students who use these services but also contributes to the credibility and reputation of the company in the academic community. One of the primary reasons for eliteresearchpapers.com employing qualified writers in academic writing services is their in-depth knowledge of the field. These writers typically hold advanced degrees in related disciplines, making them well-versed in the subject matter. Their expertise allows them to produce accurate, relevant, and insightful content that aligns with the academic standards. Qualified writers enable students to better manage their time. By outsourcing some of your academic writing tasks to eliteresearchpapers.com, you can allocate more time to other important aspects of you education, such as practice, internships, and studying for exams. This balanced approach contributes to a holistic learning experience.
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
• Social Security taxes: 6% on the first $55,000 earned per employee
• Medicare taxes: 1.5% on the first $130,000 earned per employee
• Federal income taxes withheld from wages: $7,500
• State income taxes: 5% of gross earnings
• Insurance withholdings: 1% of gross earnings
• State unemployment taxes: 5.4% on the first $7,000 earned per employee
• Federal unemployment taxes: 0.8% on the first $7,000 earned per employee
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper NowThe company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
• Social Security taxes
• Medicare taxes
• Federal income taxes withheld
• State income taxes
• Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
• Matching Social Security taxes
• Matching Medicare taxes
• State unemployment taxes
• Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
12/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit (parts only).
12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26 Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 days for daily interest calculation)
12/31 Repaired six XY-80s during the month at a total cost of $162.
12/31 Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on December 31 to record accrued interest for each of the notes payable.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day, 12% note.
8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 de¬livery truck. The note is due in 180 days and carries a 12% interest rate.
9/10: Purchased inventory from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and car¬ries a 14% interest rate.
10/10: The note to Pans Enterprises was paid in full.
10/11: The note to Datatex Equipment was paid in full.
11/30: Paid note to Bank of Kingsville
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on December 31 to record accrued interest (daily interest is calculated utilizing the 360 day method).
c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.
Eliteresearchpapers.com qualified writers are well-acquainted with the intricacies of academic writing. They are proficient in following the formatting, citation, and referencing guidelines specified by different institutions. This ensures that the work produced is not only academically sound but also meets the expectations of professors and professionals. Academic assignments often require critical analysis and evidence-based writing. Eliteresearchpapers.com qualified writers possess the skills to critically evaluate research, synthesize information, and present arguments backed by credible sources. This level of rigor is essential where evidence-based practice is paramount. When students receive well-researched and well-written assignments, they have the opportunity to learn from these examples. Eliteresearchpapers.com high-quality work serves as a valuable reference point for students, helping them understand complex concepts, research methodologies, and effective writing techniques.
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
