Reference no: EM131227819
1. The following data are taken from Pierce Corporation's monthly payroll for August, 2013:=
Administrative salaries
|
$16,000
|
Sales salaries
|
32,000
|
Total payroll
|
$48,000
|
Wages subject to FICA taxes (6.2% + 1.45%)
|
$48,000
|
Wages subject to FUTA and state unemployment taxes
|
$12,000
|
Federal income taxes withheld from all salaries
|
$6,200
|
Assume that the company is subject to a 2.7% state unemployment tax and a 0.8% federal unemployment tax. Record the general journal entry to:
a. Accrue the payroll.
b. Accrue the employer's payroll taxes.
2. The following items represent various types of liabilities.
1. A manufacturing company is sued for alleged product liability. The company's attorney does not feel that the suit will result in liability to the company, but a loss is possible. If adversely adjudicated, the liability would be material.
2. Omega has sold products to Bright Eye Jewelers, a retailer that sold the products to customers. The manufacturer's warranty offers replacement of the product if it is found to be defective within 90 days of the sale to the consumer. Historically, 0.06% of the products are returned for replacement.
3. A customer has filed a lawsuit for a minor amount against Bright Eye Jewelers. Bright Eye's attorneys have reviewed the case and have found that many similar cases have never been awarded to the plaintiff.
Identify if the above independent situations should be (a) recorded in the financial statements, (b) disclosed in a footnote in the financial statements, or (c) neither.
3. On July 1, 2013, Stateside, Inc. issues 10,000 shares of $5 par value preferred stock at $50 cash per share and 20,000 shares of $1 par value common stock at $25 cash per share. What is the journal entry to record these transactions?
Is delta delivering beta or alpha
: Based on the case scenario, students are required to do some research and answer questions Is DELTA delivering beta or alpha? How and why DELTA was developed? and How might the DELTA product cannibalize AQR's existing business
|
Define the social self in your own words
: Make sure to identify differences between individualistic and collectivistic cultures as well as describe the fundamental attribution error. Describe fundamental attribution error; include the implications and cognitive biases involved in fundament..
|
Explain what is the purpose of a bank reconciliation
: What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
|
Describing how you think your life has been shaped
: In other words, in this assignment you are being asked to discuss your sociological imagination by describing how you think your life has been shaped (for example) as a woman, a Muslim, and a Latina. How has your life been shaped (self-concept, be..
|
What is the journal entry to record the transactions
: On July 1, 2013, Stateside, Inc. issues 10,000 shares of $5 par value preferred stock at $50 cash per share and 20,000 shares of $1 par value common stock at $25 cash per share. What is the journal entry to record these transactions?
|
Are anxiety disorders overly treated with medication
: Are anxiety disorders overly treated with medication? Explain your answer. Do you agree with Freud's statement that "depression is anger turned inward"? Why or why not? What do you think causes phobias? Is it possible to cure phobias? Why or why not?
|
How many hyperinflations are mentioned for those years
: What does that tell you about the relationship between monetary systems and economic well-being?
|
Edit and improve on the given research plan
: Given is the Research Plan. - Edit and improve on the Research Plan. - The purpose of this document is to provide insight into expectations for successful completion of Milestone.
|
Across a state at the western edge of the state
: 1. Suppose that a cyclist began a 532 mi ride across a state at the western edge of the state, at the same time that a car traveling toward it leaves the eastern end of the state. If the bicycle and car met after 9.5 hr and the car traveled 35.8..
|