Questions from Financial Accounting


Q: The payroll register of Heritage Co. indicates $4,200

The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Federal withholding for the period to...

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Q: The payroll register of Heritage Co. indicates $4,200

The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to st...

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Q: After the accounts have been adjusted at November 30, the end

After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the ledger of Diamond Landscaping Co.: Retained Earnings ………………………………………………………...

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Q: Regling Company provides its employees vacation benefits and a defined benefit pension

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of $...

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Q: On January 1, the first day of the fiscal year,

On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10 year bond that pays semiannual interest of $120,000 ($3,000,000 3 8% 3 ½ year), receiving cash of $3,00...

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Q: On the first day of the fiscal year, a company issues

On the first day of the fiscal year, a company issues a $3,500,000, 6% five-year bond that pays semiannual interest of $105,000 ($3,500,000 × 6% × ½), receiving cash of $3,350,000. Journalize the bond...

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Q: Using the bond from Basic Exercise 11-2, journalize the

Using the bond from Basic Exercise 11-2, journalize the first interest payment and the amortization of the related bond discount. Basic Exercise 11-2: On the first day of the fiscal year, a company...

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Q: On the first day of the fiscal year, a company issues

On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 × 7% × ½), receiving cash of $5,400,000. Journalize the bon...

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Q: Using the bond from Basic Exercise 11-4, journalize the

Using the bond from Basic Exercise 11-4, journalize the first interest payment and the amortization of the related bond premium. Basic Exercise 11-4: On the first day of the fiscal year, a company i...

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Q: An $800,000 bond issue on which there is an

An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds.

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