AC116 Unit 4 Lab Assignment
Question 1 of 12
-/2
View Policies
Current Attempt in Progress
Swifty Company borrows $41,400 on July 1 from the bank by signing a $41,400, 10%, one-year 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)
Drop down options
– July 1
– Dec 31
(b)
Account Titles and Explanation
Debit
Credit
AC116 Unit 4 Lab Assignment
Question 1 of 12
-/2
eTextbook and Media
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Cash
Cost of Goods Sold
Depreciation Expense
Equipment
Federal Income Taxes Payable
Federal Unemployment Taxes Payable
FICA Taxes Payable
Health Insurance Payable
Insurance
Expense
AC116
Unit
4 Lab Assignment
Interest Expense
Question 1 of 12
Interest Payable
Inventory
Lawsuit Liability
Lawsuit Loss
Long-term Debt
Mortgage Payable
No Entry
Notes Payable
Other Operating Expenses
Owner’s Capital
Payroll Tax Expense
Pension Expense
Pension Liability
Prepaid Expenses
Prepaid Insurance
-/2
Repair Parts
AC116
Unit 4 Lab Assignment
Salaries and Wages Expense
Question 1 of 12
Salaries and Wages Payable
Sales Revenue
Sales Taxes Payable
Service Contracts in Process
State Income Taxes Payable
State Unemployment Taxes Payable
Subscription Revenue
Ticket Revenue
U.S. Savings Bonds Payable
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Union Dues Payable
United Fund Contributions Payable
Vacation Benefits Expense
-/2
Vacation
Benefits
AC116
Unit
4 LabPayable
Assignment
Warranty Expense
Question 1 of 12
Warranty Liability
-/2
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
2 of 12
-/2
View Policies
Current Attempt in Progress
Bramble Auto Supply does not segregate sales and sales taxes at the time of sale. The register
total for March 16 is $37,800. All sales are subject to a 5% sales tax.
(a1)
Compute sales taxes payable.
Sales taxes payable
$
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
(a2)
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
Mar.
AC116 Unit 4 Lab Assignment
16
2 of 12
-/2
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 3 of 12
-/2
View Policies
Current Attempt in Progress
Waterway University sells 5,100 season basketball tickets at $263 each for its 15-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. (Credit
account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
(a)
(To record sale of season tickets)
(b)
(To record basketball ticket revenues earned)
eTextbook and Media
Debit
Credit
List
of Accounts
AC116
Unit 4 Lab Assignment
Save for Later
Question 3 of 12
-/2
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 4 of 12
-/2
View Policies
Current Attempt in Progress
Yahoo! Inc.’s recent financial statements contain the following selected data (in thousands).
Current assets
$ 4,594,772
Current liabilities
$1,717,728
Total assets
14,936,030
Total liabilities
2,417,394
(a)
Compute working capital. (Enter amount in thousands.)
Working capital
$
eTextbook and Media
Save for Later
Attempts: 0 of 5 used
AC116 Unit 4 Lab Assignment
Question 4 of 12
Submit Answer
-/2
(b)
Compute current ratio. (Round current ratio to 2 decimal places, e.g. 1.25 : 1.)
Current ratio
:1
eTextbook and Media
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 5 of 12
-/2
View Policies
Current Attempt in Progress
Donna Corbin’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a
January pay period, Donna works 50 hours. Donna’s federal income tax withholding is $98, 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) Donna’s pay for the period and (b) the payment of Donna’s wages. (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
Account Titles and Explanation
Debit
Credit
AC116 Unit 4 Lab Assignment
Question 5 of 12
-/2
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 6 of 12
-/4
View Policies
Current Attempt in Progress
On June 1, Vaughn Company borrows $100,500 from First Bank on a 6-month, $100,500, 8% note.
(a)
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
June
1
eTextbook and Media
List of Accounts
Debit
Credit
Save for Later
AC116 Unit 4 Lab Assignment
Attempts: 0 of 5 used
Question 6 of 12
Submit Answer
-/4
(b)
Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June
30
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
(c) AC116 Unit 4 Lab Assignment
Question
of entry
12 at maturity (December 1), assuming monthly adjusting entries have been made through November
– / 4 30.
Prepare6the
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
1
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
(d)
What was the total financing cost (interest expense)?
Submit Answer
$
Total
financing
AC116
Unit 4cost
Lab Assignment
Question 6 of 12
-/4
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 7 of 12
-/4
View Policies
Current Attempt in Progress
Coronado Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience,
Coronado estimates that 3% 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 $25. The units sold and units defective that occurred during the last 2
months of 2022 are as follows.
Month
Units Sold
Units Defective Prior to December 31
November
31,600
632
December
33,600
420
(a)
Prepare the journal entry to record the costs incurred in honoring 1,052 warranty claims. (Assume actual costs of $26,300.)
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
AC116 Unit 4 Lab Assignment
Question 7 of 12
-/4
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
(b)
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
eTextbook and Media
Debit
Credit
AC116 Unit 4 Lab Assignment
List of Accounts
Save for
Question
7 Later
of 12
-/4
Attempts: 0 of 5 used
Submit Answer
(c)
Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $25. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 5 used
Submit Answer
AC116 Unit 4 Lab Assignment
Question 7 of 12
-/4
AC116 Unit 4 Lab Assignment
Question 8 of 12
-/4
View Policies
Current Attempt in Progress
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions).
3M Company
Balance Sheets (partial)
2022
2021
Cash and cash equivalents
$3,050
$1,818
Accounts receivable, net
3,560
3,185
Inventories
2,729
3,036
Other current assets
1,872
1,618
Total current assets
$11,211
$9,657
Current liabilities
$4,833
$5,872
Current assets
(a) AC116 Unit 4 Lab Assignment
Question
8 of
– / 4e.g. 1.25 : 1.
Calculate
the12
current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places,
Enter working capital answers to million.)
Current ratio
2021
:1
2022
:1
Working capital
2021
$
million
2022
$
million
eTextbook and Media
Save for Later
Attempts: 0 of 5 used
Submit Answer
(b) AC116 Unit 4 Lab Assignment
Question
8 that
of 12
/ 4 How
Suppose
at the end of 2022, 3M management used $194 million cash to pay off $194 million of accounts -payable.
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
eTextbook and Media
Save for Later
Attempts: 0 of 5 used
Submit Answer
Read-Only. Return to the assignment to answer this question.
RETURN TO ASSIGNMENT
AC116 UNIT 4 LAB ASSIGNMENT
Question 9
On January 1, 2022, the ledger of Sheridan Company contains these liability accounts.
Accounts Payable
$56,000
Sales Taxes Payable
8,700
Unearned Service Revenue
16,500
During January, these 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 $12,000. (Credit Service Revenue.)
14
Paid state revenue department for sales taxes collected in December 2021 ($8,700).
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 $29,250 from Girard Bank on a 3-month, 8%, $29,250 note.
25
Sold merchandise for cash totaling $10,368, which includes 8% sales taxes.
(a)
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
(b)
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.
(c)
Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payable.
Sheridan Company
Balance Sheet (Partial)
– For the Year Ended January 31, 2022
– For the Quarter Ended January 31, 2022
– January 31, 2022
– Current Assets
– Current liabilities
– Total Current Assets
– Total Current Liabilities
– Long-term investments
– short term investments
– Intangible Assets
– Total Intangible Assets
– Owner’s Equity
$
Credit
$
Read-Only. Return to the assignment to answer this question.
RETURN TO ASSIGNMENT
AC116 UNIT 4 LAB ASSIGNMENT
Question 10
These are selected transactions of Bonita Company. Bonita prepares financial statements quarterly.
Jan.
2
Purchased merchandise on account from Nunez Company, $23,000, terms 2/10, n/30. (Bonita uses the perpetual inventory system.)
Feb.
1
Issued a 9%, 2-month, $23,000 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 $11,000 in cash and signing a 10%, 3-month, $62,400 note.
Sept.
30
Accrued interest for 3 months on Marson note.
Oct.
1
Paid face value and interest on Marson note.
Dec.
1
Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600.
Dec.
31
Recognized interest expense for 1 month on Paola Bank note.
(a)
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
(b)
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
(c)
Show the balance sheet presentation of notes and interest payable at December 31.
Bonita Company
Balance Sheet (Partial)
$
– Total owner’s equity
– Total assets
– Owner’s equity
– Short-term investments
– Total intangible assets
– Current liabilities
– Total current Assets
– Total property, plant and equipment
– Total current liabilities
– Intangible assets
– Total liabilities and owner’s equity`
– Long-term investments
$
– Current
Assets
(d)
What is total interest expense for the year?
Total interest
$
Read-Only. Return to the assignment to answer this question.
RETURN TO ASSIGNMENT
AC116 UNIT 4 LAB ASSIGNMENT
Question 11
Crane 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, 2022, are presented below.
Employee
Hours Worked
Ben Abel
40
Hourly Rate
$15.00
Federal Income Tax Withholdings
$59.00
United Fund
$5.00
Rita Hager
45
16.00
64.00
5.00
Jack Never
47
13.00
60.00
8.00
Sue Perez
46
13.00
62.00
5.00
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 0.6%.
(a)
Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25.)
MARRIED Persons ― WEEKLY Payroll Period
(For Wages Paid through December 2022)
If the wages
are ―
And the number of withholding allowances claimed is ―
But
less
than
0
1,316
1,327
124
114
105
95
85
75
66
1,327
1,338
125
116
106
96
86
77
67
1,338
1,349
127
117
107
97
88
78
1,349
1,360
128
118
108
99
89
1,360
1,371
129
119
110
100
1,371
1,382
130
121
111
1,382
1,393
132
122
1,393
1,404
133
1,404
1,415
1,415
8
9
10
56
46
37
29
57
48
38
30
68
59
49
39
31
79
70
60
50
41
32
90
81
71
61
52
42
33
101
92
82
72
63
53
43
34
112
103
93
83
74
64
54
45
35
123
114
104
94
85
75
65
56
46
36
134
125
115
105
96
86
76
67
57
47
38
1,426
136
126
116
107
97
87
78
68
58
49
39
1,426
1,437
137
127
118
108
98
89
79
69
60
50
40
1,437
1,448
138
129
119
109
100
90
80
71
61
51
41
1,448
1,459
140
130
120
111
101
91
82
72
62
52
43
1,459
1,470
141
131
122
112
102
93
83
73
64
54
44
1,470
1,481
142
133
123
113
104
94
84
75
65
55
45
1,481
1,492
144
134
124
115
105
95
86
76
66
56
47
1,492
1,503
145
135
126
116
106
97
87
77
67
58
48
1,503
1,514
146
137
127
117
108
98
88
78
69
59
49
1,514
1,525
148
138
128
119
109
99
89
80
70
60
51
1,525
1,536
149
139
130
120
110
101
91
81
71
62
52
At
least
1
2
3
4
5
6
7
The amount of income tax to be withheld is ―
CRANE HARDWARE
Payroll Register
For the Week Ending March 15, 2022
Earnings
Employee
Hours
Ben Abel
40
Rita Hager
45
Jack Never
47
Sue Perez
46
Totals
Regular
Deductions
Overtime
Gross Pay
FICA
Federal Income Tax
State Income Tax
Total
Net Pay
Salaries and Wages Expense
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(b)
Journalize the payroll on March 15, 2022, 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
United Fund
$
Account Titles and Explanation
Debit
Credit
Mar. 15
(To record payroll)
Mar. 15
(To record accrual of payroll taxes.)
(c)
Journalize the payment of the payroll on March 16, 2022. (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
Credit
Mar. 16
(d)
Journalize the deposit in a Federal Reserve bank on March 31, 2022, 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.)
Date
Mar. 31
Account Titles and Explanation
Debit
Credit
Read-Only. Return to the assignment to answer this question.
RETURN TO ASSIGNMENT
AC116 UNIT 4 LAB ASSIGNMENT
Question 12
For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data.
Gross earnings:
Administrative salaries
$187,000
383,000
Electricians’ wages
$570,000
Total
Deductions:
FICA taxes
$38,459
Federal income taxes withheld
160,500
State income taxes withheld (3%)
17,100
United Fund contributions payable
27,500
Health insurance premiums
Total
18,000
$261,559
Vaughn’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earnings subject to unemployment taxes total $124,000. No employee exceeds the $132,900 limit related to FICA taxes.
(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. (Round answers to 0 decimal places, e.g. 5,275.)
Employee
Wages, Tips, Other Compensation
Federal Income Tax Withheld
Maria Sandoval
$58,000
$28,420
Jennifer Mingenback
28,000
10,920
State Income Tax Withheld
$
FICA Wages
$
FICA Tax Withheld
$
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
