Accounting assignment

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timer Asked: Feb 26th, 2019
account_balance_wallet $30

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Question 04 a-b Ottawa University sold 15,000 season football tickets at $80 each for its six-game home schedule. Don't show me this message again for the assignment What entry should be made when the tickets were sold? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text What entry should be made after each game? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Save Question Attempts: 0 of 5 used for later Submit Answer Tooltip JS-control [id=_intjsTooltip_1_] Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Brief Exercise 11-02 Sheridan Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, oneyear note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date (a) (b) Click if you would like to Show Work for this question: SHOW LIST OF ACCOUNTS Open Show Work Account Titles and Explanation Debit Credit LINK TO TEXT SAVE Question Attempts: 0 of 5 used FOR LATER SUBMIT ANSWER Brief Exercise 11-03 a1-a2 Sheffield Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $27,500. All sales are subject to a 10% sales tax. Don't show me this message again for the assignment Compute sales taxes payable. Sales taxes payable $ Don't show me this message again for the assignment Show List of Accounts Link to Text Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Save Question Attempts: 0 of 5 used for later Submit Answer Tooltip JS-control [id=_intjsTooltip_1_] Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Brief Exercise 11-05 a-b Yahoo! Inc.’s recent financial statements contain the following selected data (in thousands). Current assets Total assets $ 4,594,772 14,936,030 Current liabilities Total liabilities $1,717,728 2,417,394 Compute working capital. (Enter amount in thousands.) Working capital $ LINK TO TEXT Compute current ratio. (Round current ratio to 2 decimal places, e.g. 1.25 : 1.) Current ratio :1 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT SAVE Question Attempts: 0 of 5 used FOR LATER SUBMIT ANSWER Brief Exercise 11-08 Bramble Corbin’s regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Bramble works 45 hours. Bramble’s federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Bramble’s pay for the period and (b) the payment of Bramble’s wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date (a) Jan. 15 (b) Jan. 15 Click if you would like to Show Open Work for this question: Show Work Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE Question Attempts: 0 of 5 used FOR LATER SUBMIT ANSWER Exercise 11-02 a-d (Video) On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Don't show me this message again for the assignment Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date June 30 Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 1 Don't show me this message again for the assignment Show List of Accounts Link to Text What was the total financing cost (interest expense)? Total financing cost $ Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Save Question Attempts: 0 of 5 used for later Submit Answer Tooltip JS-control [id=_intjsTooltip_1_] Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Exercise 11-05 a-c Sunland Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Sunland estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $15. The units sold and units defective that occurred during the last 2 months of 2020 are as follows. Month Units Sold Units Defective Prior to December 31 November 3,200 64 December 5,200 65 Don't show me this message again for the assignment Prepare the journal entry to record the costs incurred in honoring 129 warranty claims. (Assume actual costs of $1,935.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record honoring of warranty contracts enter a debit amount enter a credit amount enter an account title to record honoring of warranty contracts enter a debit amount enter a credit amount (To record honoring of warranty contracts.) Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the journal entry to record the warranty liability at December 31 for the units sold in November and December. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Don't show me this message again for the assignment Show List of Accounts Link to Text Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Save Question Attempts: 0 of 5 used for later Submit Answer Tooltip JS-control [id=_intjsTooltip_1_] Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Exercise 11-08 a-b Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M Company Balance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,200 $1,881 Accounts receivable, net 3,500 3,175 Inventories 2,702 3,044 Other current assets 1,896 1,582 $11,298 $9,682 $4,791 $5,869 Total current assets Current liabilities Don't show me this message again for the assignment Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :1 2020 :1 Working capital $ 2019 $ 2020 million million Don't show me this message again for the assignment Link to Text Suppose that at the end of 2020, 3M management used $198 million cash to pay off $198 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answer to million.) Current ratio Working capital :1 $ million Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Link to Text Save Question Attempts: 0 of 5 used for later Tooltip JS-control [id=_intjsTooltip_1_] Submit Answer Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Problem 11-01A a-c (Video) On January 1, 2020, the ledger of Bramble Company contains the following liability accounts. Accounts Payable $51,000 Sales Taxes Payable 9,000 Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2019 ($9,000). 20 Sold 900 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 $9,828, which includes 8% sales taxes. Don't show me this message again for the assignment Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text Link 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. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit 1. 2. Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Credit Prepare the current liabilities section of the balance sheet at January 31, 2020. Assume no change in accounts payable. Bramble Company Balance Sheet (Partial) $ $ Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Link to Text Save Question Attempts: 0 of 5 used for later Tooltip JS-control [id=_intjsTooltip_1_] Submit Answer Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Problem 11-02A a-d The following are selected transactions of Lily Company. Lily prepares financial statements quarterly. 2 Purchased merchandise on account from Nunez Company, $33,000, terms 2/10, n/30. (Lily uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $33,000 note to Nunez in payment of account. Mar. 31 Apr. 1 Paid face value and interest on Nunez note. 1 Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $50,400 note. Jan. July Accrued interest for 2 months on Nunez note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. 1 Borrowed $21,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $21,600. Dec. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Don't show me this message again for the assignment Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text Link 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 Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Show the balance sheet presentation of notes and interest payable at December 31. Lily Company Balance Sheet (Partial) $ $ Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text What is total interest expense for the year? $ Total interest Don't show me this message again for the assignment Click if you would like to Show Work for this question:Open Show Work Show List of Accounts Link to Text Link to Text Save Question Attempts: 0 of 5 used for later Submit Answer Tooltip JS-control [id=_intjsTooltip_1_] Your instructor has reset your attempts for this question. The question will reload in the original state. Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div> Problem 11-03A a-d Bramble 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, 2020, are presented below. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund Ben Abel 40 $15 $? $5 Rita Hager 41 16 ? 5 Jack Never 44 13 60 8 Sue Perez 46 13 61 5 Abel 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%. Don't show me this message again for the assignment Prepare a payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) MARRIED Persons ― WEEKLY Payroll Period (For Wages Paid through December 2017) If the wages are ― And the number of withholding allowances claimed is 0 1 2 3 4 5 6 7 8 But less At least than The amount of income tax to be withheld is ― 500 510 34 27 19 11 4 0 0 0 0 510 520 35 28 20 12 5 0 0 0 0 520 530 37 29 21 13 6 0 0 0 0 530 540 38 30 22 14 7 0 0 0 0 540 550 40 31 23 15 8 0 0 0 0 ― 9 10 0 0 0 0 0 0 0 0 0 0 550 560 570 580 590 560 570 580 590 600 41 43 44 46 47 32 33 34 35 36 24 25 26 27 28 16 17 18 19 20 9 10 11 12 13 1 2 3 4 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 600 610 620 630 640 610 620 630 640 650 49 50 52 53 55 38 39 41 42 44 29 30 31 32 33 21 22 23 24 25 14 15 16 17 18 6 7 8 9 10 0 0 1 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 650 660 670 680 690 660 670 680 690 700 56 58 59 61 62 45 47 48 50 51 34 35 37 38 40 26 27 28 29 30 19 20 21 22 23 11 12 13 14 15 4 5 6 7 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 BRAMBLE HARDWARE Payroll Register For the Week Ending March 15, 2020 Earnings Empl oyee Ben Abel Ho ur s 40 Regul ar Overti me Deductions Gross Pay FICA Feder al Inco me Tax State Inco me Tax Unite d Fund Total Net Pay Salari es and Wage s Expen se $enter $enter $enter $enter $enter $enter $enter $enter $enter $enter a a a a a a a a a a dollar dollar dollar dollar dollar dollar dollar dollar dollar dollar amoun amoun amoun amoun amoun amoun amoun amoun amoun amoun t t t t t t t t t t Rita Hage r Jack Neve r Sue Perez 41 44 46 enter enter enter enter enter enter enter enter enter enter a a a a a a a a a a dollar dollar dollar dollar dollar dollar dollar dollar dollar dollar amoun amoun amoun amoun amoun amoun amoun amoun amoun amoun t t t t t t t t t t enter enter enter enter enter enter enter enter enter enter a a a a a a a a a a dollar dollar dollar dollar dollar dollar dollar dollar dollar dollar amoun amoun amoun amoun amoun amoun amoun amoun amoun amoun t t t t t t t t t t enter enter enter enter enter enter enter enter enter enter a a a a a a a a a a dollar dollar dollar dollar dollar dollar dollar dollar dollar dollar amoun amoun amoun amoun amoun amoun amoun amoun amoun amoun t t t t t t t t t t $enter $enter $enter $enter $enter $enter $enter $enter $enter $enter a total a total a total a total a total a total a total a total a total a total amoun amoun amoun amoun amoun amoun amoun amoun amoun amoun t t t t t t t t t t Total s Don't show me this message again for the assignment Show List of Accounts Link to Text Journalize the payroll on March 15, 2020, 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 Mar. 15 enter an account title to record payroll on March 15 Debit enter a debit amount Credit enter a credit amount ...

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