acc_291_week_3_exercises

Apr 17th, 2015
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Hi there.This document contains A+ work for the course ACC 291.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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Individual Assignment week 3Accounting 291E10-6 According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:$198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for state unemployment taxes.InstructionsJournalize the entry to record the accrual of the payroll taxes.Solution:Payroll Tax Expense ................................................... $352.16FICA Taxes Payable ..............................................$198.40Federal Unemployment Taxes Payable............... $19.84State Unemployment Taxes Payable................... $133.92E10-8 Jim Thome has prepared the following list of statements about bonds.1. Bonds are a form of interest-bearing notes payable.2. When seeking long-term financing, an advantage of issuing bonds over issuing common stock is that stockholder control is not affected.3. When seeking long-term financing, an advantage of issuing common stock over issuing bonds is that tax savings result.4. Secured bonds have specific assets of the issuer pledged as collateral for the bonds.5. Secured bonds are also known as debenture bonds.6. Bonds that mature in installments are called term bonds.7. A conversion feature may be added to bonds to make them more attractive to bond buyers.8. The rate used to determine the amount of cash interest the borrower pays is called the stated rate.9. Bond prices are usually quoted as a percentage of the face value

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