Reference no: EM131804063
Questions -
Question 1: An abbreviated payroll register for the Achermann Corporation for the week ending August 18, 2010, as follows:
|
Employee
|
Gross Earnings
|
Federal Income Tax
|
FICA
|
Retirement Contribution
|
|
Dean
|
$740.00
|
$148.00
|
$56.61
|
$74.00
|
|
Schmidt
|
705.00
|
141.00
|
53.93
|
70.00
|
|
Lacey
|
580.00
|
104.00
|
44.37
|
50.00
|
Prepare the journal entry to record the following:
1. Payment of the weekly payroll.
2. The payroll taxes for this time period (SUTA is 5.4 percent and FUTA is 0.8 percent of gross earnings).
Question 2: Determine the amounts in question in the following schedule:
|
A
|
B
|
C
|
|
Beginning Inventory
|
$667,800
|
$388,200
|
????????
|
|
Merchandise Purchased
|
4,776,200
|
????????
|
647,600
|
|
Merchandise Available for Sale
|
????????
|
$2,940,700
|
????????
|
|
Ending Inventory
|
819,900
|
????????
|
163,900
|
|
Cost of Goods Sold
|
????????
|
$1,457,900
|
$534,800
|
Question 3: Hegge Company uses the periodic inventory system. Journalize the following entries for April, assuming Hegge Company uses the gross price method of recording direct material purchases.
Apr 6 Purchased $15,100 in direct materials from Kunzman Wholesale; terms 1/15, n/30, FOB shipping point.
Apr 9 Paid Carper Transit $250 freight charges on the purchase of April 6th.
Apr 12 Returned $1,400 gross price of direct materials from the April 6th purchase to Kunzman Wholesale because the items were the wrong model.
Apr 30 Paid Kunzman Wholesale the amount due.
Question 4: Refer to Question 3. Make the journal entries assuming Hegge uses the perpetual inventory system and the gross price method.
Question 5: Refer to Question 3. Make the journal entries assuming Hegge uses a periodic inventory system and the net price method.
Question 6: Refer to Question 3. Make the journal entries assuming Hegge uses a perpetual inventory system and the net price method.