A 312 Ch 13 Assignment

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