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Payroll Entries Widmer Company had gross of $250,000 during the week ended June 17. The amount of wages subject to social security tax was $225.000, while the amount of wage subject to federal and sta employmentes was $31.000. Tax rates are as follows Social security State unemployment 54% Federal unemployment 05 The total amount withheld from employee wages for federal taxes was $50,000 If an amount box does not require an entry leave it blank, if required, round answers to two decimal a. Journals the entry to record the payroll for the week of June 17 June 7 Wagexpense Employees Federal Income Tax Expense Hodicure Tax Payable to Journalise the entry to record th Previous Next Cod 819 PM 11/16/2019 Entries for ment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $58,000 by giving a six year, 10% installment note to Soros Bank. The note requires annual payments of $13,502, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5.300 and principal repayment of $7,702 mathers to record the 1. Issued the installment not for cash on the first day of the fiscal year. If an amount box does not require an entry leave it blank 22. paid the first annual payment on the note. If an amount bon does not require an entr b. How would the notes payable be reported on the bwance sheet (previous Next E n tractor Test for Gradine 0 PM A 06 116/2019 Sale of Equipment E pment was acquired at the beginning of the year at a cost of $30,500. The equipment was deprecated using the double declining balance method based on an estimated sulle of ten years and an estimated residual value of $590. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,050, determine the pain or loss on the sale of the equipment c. Journalize the try to record the sale. If a mount box does not require an entry leave it Bank (previous Next 2 All work saved Email Instructor Submit Test for Grading AND so21 PM Calculator Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $661,800. The equipment was expected to have a useful life of four years, or 9,200 operating hours, and a residual value of $54,600. The equipment was used for 3,500 hours during Year 1, 2,900 hours in Year 2, 1,700 hours in Year 3, and 1,100 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1 Year 2 Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-dedining-balance method. Also determine the total depreciation expense for the four years by each method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar Depreciation Expense Units of Activity Method Year Straight-Line Method Double-Declining-Balance Method Year 2 Yes Vear a Total 2. What method vields the highest depreciation expense for Year 17 3. What method vields the most depreciation over the four year life of the soul Previous Next All work saved monstructor Submit Test for Grading 21 PM A 90 11/16/2019 Present Value of an Annuity On January 1, you win $3,760,000 in the state lottery. The $3,750,000 price will be paid in equal installments of $470,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 6%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar A 822 PM 6 48 11/16/2019 Calculator Present Value of Bonds Payable; Discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective interest rate of 9 Determine the present value of the bonds payable, using the present value tables in Exhibit S and Exh bit 7. Round to the nearest dollar Previous All wo saved Em structor Sabit Test for Grading A ge:22 PM 11/16/2019