Question
1. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax
1. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $294,000. Prepare the proper Journal Entry to disclose the tax liability at the time of the sale.
2. The following totals for the month of April were taken from the payroll records of Noll Company. Salaries $120,000 FICA taxes withheld 9,180 Income taxes withheld 25,000 Medical insurance deductions 4,500 Federal unemployment taxes 320 State unemployment taxes 2,160 The entry to record the gross salaries, withholdings, deductions and net pay would be
3. Thayer Company purchased a building on January 2 by signing a long-term $3,360,000 mortgage with monthly payments of $30,800. The mortgage carries an interest rate of 10 percent. Prepare the entry to record the first monthly payment.
4. If Norben Company issues 6,000 shares of $5 par value common stock for $210,000, the journal entry would be:
5. Leary Manufacturing Corporation purchased 5,000 shares of its own previously issued $10 par common stock for $125,000. As a result of this event, the repurchase of stock would be shown where on the balance sheet and what would be its effect?
6. Zoum Corporation had the following transactions during 2017: 1.Issued $250,000 of par value common stock for cash. 2. Recorded and paid wages expense of $120,000. 3. Acquired land by issuing common stock of par value $100,000. 4. Declared and paid a cash dividend of $20,000. 5. Sold a long-term investment (cost $6,000) for cash of $6,000. 6. Recorded cash sales of $800,000. 7. Bought inventory for cash of $320,000. 8. Acquired an investment in Zynga stock for cash of $42,000. 9. Converted bonds payable to common stock in the amount of $1,000,000. 10. Repaid a 6-year note payable in the amount of $440,000.
Show the Statement of Cash Flows section Cash used or provided from operations. (detail and total)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started