Q: Keesha Co. borrows $200,000 cash on November 1
Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 1. On what date does this note mature? 2. How much interest expense is recorded in the curren...
See AnswerQ: On March 1, LGE asks to extend its past-due
On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to accept $200 cash and a 180-day, 8%, $1,000 note payable to replace the account payable. (1) Prepare the Mar...
See AnswerQ: BMX Company has one employee. FICA Social Security taxes are 6
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA...
See AnswerQ: Using the data in situation (a) of Exercise 9-
Using the data in situation (a) of Exercise 9-7, prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federa...
See AnswerQ: Using the data in situation (a) of Exercise 9-
Using the data in situation (a) of Exercise 9-7, prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Round amounts to cents.
See AnswerQ: The liabilities of Organic Foods are made up of $60,
The liabilities of Organic Foods are made up of $60,000 in notes payable as of its December 31 year-end. For those notes payable, $3,000 is due within the next year. Prepare the liabilities section of...
See AnswerQ: The following monthly data are taken from Ramirez Company at July 31
The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; office salaries, $160,000; federal income taxes withheld, $90,000; state income taxes withheld, $20,000;...
See AnswerQ: Mest Company has nine employees. FICA Social Security taxes are 6
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are...
See AnswerQ: Hitzu Co. sold a copier (that costs $4,
Hitzu Co. sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warra...
See AnswerQ: Kitty Company began operations in the current year and acquired short-
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow....
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