W2 Wages and Net Incom

Exercise 9-8A on page. 509

a

Event | asset | = | Liab | + | Equity | Rev | - | Exp | = | Net Inc | Cash Flow |

1 | - | | N/A | | - | N/A | | N/A | | N/A | +FA |

2 | - | | - | | N/A | N/A | | N/A | | N/A | N/A |

3a | - | | - | | - | - | | N/A | | - | +OA |

3b | - | | N/A | | - | N/A | | - | | - | N/A |

4 | N/A | | - | | - | N/A | | - | | - | N/A |

5 | - | | - | | N/A | N/A | | N/A | | N/A | -OA |

6 | - | | - | | N/A | N/A | | N/A | | N/A | +FA |

7 | - | | - | | N/A | N/A | | N/A | | N/A | -OA |

8 | - | | - | | N/A | N/A | | N/A | | N/A | -OA |

9 | - | | - | | N/A | N/A | | N/A | | N/A | -OA |

10 | + | | N/A | | + | + | | N/A | | N/A | +OA |

b

Event | Account Title | Debit | Credit |

1 | Cash | 60,000 | |

| Equity | | 60,000 |

2 | Merchandise | 160,000 | |

| Note payable | | 160,000 |

3 | Cash | 220,000 | |

| Sales tax payable | | 80,000 |

| Sales revenue | | 140,000 |

4 | Warranty expense | 5,600 | |

| Warranties payable | | 5,600 |

5 | Sales tax payable | 180,000 | |

| Cash | | 180,000 |

6 | Cash | 40,000 | |

| Notes payable | | 40,000 |

7 | Warranty repairs | 6,600 | |

| Cash | | 6,600 |

8 | Cash | 61,000 | |

| Operating expense | | 61,000 |

9 | Cash | 145,000 | |

| Accounts payable | | 145,000 |

10 | Accrued interest | | |

| cash | | |

Exercise 9-10A on page. 510

a) Jessica net income for the month of March is $3757.50; Moses net income for the month of march is $9185.

b) Jessica net income for the month of December is $3757.50; Moses net income for the month of December is $8525

c) No, an extra 6% is deducted for Moses check ones he earns $110,000 dollars.

d) Jessica’s gross was $54,000 with a total of $8910 in taxes with held; Moses’ gross was $132,000 for the year with a total of $34,980 in taxes with held

Exercises 10-6A through 10-8A on page. 564

Exercises 10-4A and 10-5A on page....