10 May WHAT IS TOTAL INTEREST EXPENSE FOR THE YEAR?
Problem 11-1AOn January 1 2014 the ledger of Accardo Company contains the following liability accounts.Accounts Payable $52 560Sales Taxes Payable 7 980Unearned Service Revenue 15 660During January the following selected transactions occurred.Jan. 5 Sold merchandise for cash totaling $18 576 which includes 8% sales taxes.12 Performed services for customers who had made advance payments of $11 440. (Credit Service Revenue.)14 Paid state revenue department for sales taxes collected in December 2013 ($7 980).20 Sold 950 units of a new product on credit at $50 per unit plus 8% sales tax. This new product is subject to a 1-year warranty.21 Borrowed $27 000 from Girard Bank on a 3-month 8% $27 000 note.25 Sold merchandise for cash totaling $11 232 which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditJan. 5 Jan. 12 Jan. 14 Jan. 20 Jan. 21 Jan. 25 SHOW LIST OF ACCOUNTSLINK TO TEXT Journalize the adjusting entries at January 31 for (1) the outstanding notes payable and (2) estimated warranty liability assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Date Account Titles and Explanation Debit Credit1. Jan. 31 2. Jan. 31 SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXT Prepare the current liabilities section of the balance sheet at January 31 2014. Assume no change in accounts payable.Accardo CompanyBalance Sheet (Partial)January 31 2014 $ $ Problem 11-2AThe following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly.Jan. 2 Purchased merchandise on account from Nunez Company $19 200 terms 3/10 n/30. (Blanco uses the perpetual inventory system.)Feb. 1 Issued a 9% 2-month $19 200 note to Nunez in payment of account.Mar. 31 Accrued interest for 2 months on Nunez note.Apr. 1 Paid face value and interest on Nunez note.July 1 Purchased equipment from Marson Equipment paying $12 290 in cash and signing a 10% 3-month $56 400 note.Sept. 30 Accrued interest for 3 months on Marson note.Oct. 1 Paid face value and interest on Marson note.Dec. 1 Borrowed $26 400 from the Paola Bank by issuing a 3-month 8% note with a face value of $26 400.Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditJan. 2 Feb. 1 Mar. 31 Apr. 1 July 1 Sept. 30 Oct. 1 Dec. 1 Dec. 31 SHOW LIST OF ACCOUNTSLINK TO TEXT Post to the accounts Notes Payable Interest Payable and Interest Expense. (Post entries in the order of journal entries presented in the previous part.)Notes Payable Interest Payable Interest Expense SHOW LIST OF ACCOUNTSLINK TO TEXT Show the balance sheet presentation of notes and interest payable at December 31.Blanco CompanyBalance Sheet (Partial)December 31 $ $ SHOW LIST OF ACCOUNTSLINK TO TEXT What is total interest expense for the year?Total interest $ Problem 11-3AMann Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 2014 are presented below.Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United FundBen Abel 40 $15 $? $5.00 Rita Hager 41 16 ? 5.00 Jack Never 44 13 60.00 8.00 Sue Perez 46 13 61.00 5.00Abel and Hager are married. They claim 0 and 4 withholding allowances respectively. The following tax rates are applicable: FICA 7.65% state income taxes 3% state unemployment taxes 5.4% and federal unemployment 0.8%. Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax withholdings.) (Round answers to 2 decimal places e.g. 15.25.)MANN HARDWAREPayroll RegisterFor the Week Ending March 15 2014 Earnings Deductions Employee Hours Regular Overtime Gross Pay FICA Federal Income Tax State Income Tax United Fund Total Net Pay Salaries and Wages ExpenseBen Abel 40 $ $ $ $ $ $ $ $ $ $ Rita Hager 41 $ Jack Never 44 $ Sue Perez 46 $ Totals SHOW LIST OF ACCOUNTSLINK TO TEXT Journalize the payroll on March 15 2014 and the accrual of employer payroll taxes. (Round answers to 2 decimal places e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditMar. 15 (To record payroll) Mar. 15 (To record accrual of payroll taxes.) SHOW LIST OF ACCOUNTSLINK TO TEXT Journalize the payment of the payroll on March 16 2014. (Round answers to 2 decimal places e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditMar. 16 SHOW LIST OF ACCOUNTSLINK TO TEXT Journalize the deposit in a Federal Reserve bank on March 31 2014 of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and Explanation Debit Credit Problem 11-5AFor the year ended December 31 2014 Denkinger Electrical Repair Company reports the following summary payroll data.Gross earnings: Administrative salaries $202 000 Electricians’ wages 347 000Total $549 000Deductions: FICA taxes $36 481 Federal income taxes withheld 179 000 State income taxes withheld (3%) 14 274 United Fund contributions payable 27 450 Health insurance premiums 18 100Total $275 305Denkinger Company’s payroll taxes are Social Security tax 6.2% Medicare tax 1.45% state unemployment 2.5% (due to a stable employment record) and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $460 000 and gross earnings subject to unemployment taxes total $146 000.(a) Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.(Round answers to 0 decimal places e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and Explanation Debit Credit(a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data.Complete the required data for the following employees.Employee Wages Tips Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax WithheldMaria Sandoval $60 000 $29 400 $ $ $ Jennifer Mingenback 28 000 10 920
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