Reference no: EM132801551
Questions -
Q1 - Adelphi Company purchased a machine on January 1, 2017, for $80,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $21,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number.
Q2 - Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventor 175 $10.00
5/5 Purchase 200 $11.00
5/10 Sales 300 $25
5/15 Purchase 200 $13.50
5/20 Sales 250 $28
5/25 Purchase 150 $14.00
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Q3 - Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $760,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. Before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 6,500. What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?
Q4 - Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.2% and the state unemployment tax rate is 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $17 per hour and worked 47 hours for the week ended January 13, 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings.
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