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Date Submitted: 10/23/2012 10:24 AM
A312 Chapter 13 Assignment 1
Ex. 13-8
Wages and Salaries Expense 480,000
Withholding Taxes Payable 80,000
FICA Taxes Payable 29,900 (a)
Union Dues Payable 9,000
Cash 361,100 (b)
Payroll Tax Expense 31,500
FICA Taxes Payable 29,900
State Unemployment Payable 960 (c)
Federal Unemployment Payable 640 (d)
Calculations
(a) (480,000 – 110,000) * 7.65% = 28,305
110,000 * 1.45% = 1595
28305+1595=29900
(b) 480000-80000-29900-9000= 361100
(c) 480000-400000=80000
(3.5%-2.3%)*80000 = 960
(d) 80000 * .8% = 640
Ex. 13-10, a.
Cash or A/R 800000 (a)
Sales 800000
Warranty Expense 17000
Cash, Inventory, Accrued Payroll 17000
Warranty Expense 49000 (b)
Est. Liability Under Warranty 49000
13-10, b.
Cash or A/R 800000 (a)
Sales 800000
Warranty Expense 17000
Cash, Inventory, Accrued Payroll 17000
Calculations
a) 200*4000= 800000
b) 200*330 = 66000
66000-17000= 49000
Problem 13-1, a.
2.2 Inventory 49000 (a)
Accounts Payable 49000
2.26 Accounts Payable 49000
Lost Purchase Discount 1000
Cash 50000
4.1 Truck 40000
Notes Payable 36000
Cash 4000
5.1 Cash 86000
Discount on Note Payable 6000
Notes Payable 92000
8.1 Dividends Declared (R/E?) 300000
Cash Dividend Payable 300000
9.10 Cash Dividend Payable 300000
Cash 300000
13-1, b.
Adjusting Entries
12.31 Interest Expense 7240 (d)
Interest Payable 3240 (b)
Discount on Notes Payable 4000 (c)
Calculations
a) 50000*98%=49000
b) 36000*12%*9/12= 3240
c) 8/12 * 6000= 4000
d) 3240 + 4000 = 7240