1.) In May, Fish Nets, Inc. sold 8,000 nets with a three-month warranty for $10 each on account. Fish Nets estimates that warranty costs will be approximately $100 on these sales. The actual warranty cost the sales made in May was $30 in June and $50 in July Fish Nets should________.

A.) report Allowance for uncollectible accounts of $(30) in June.

B.) record Warranty expense of $100 in May.

C.) report Allowance for uncollectible accounts of $(100) in May.

D.) report Warranty expense of $30 in June.

Please explain because I think its C.

2.) How many shares of common stock are outstanding?

Common stock $1 par, 100,000 shares authorized

_____________________ shares issued $40,000

Additional paid-in capital $160,000

Retained earnings $100,000

Treasury stock (1,000 shares at cost) (6,000)

Total shareholders equity = $294000

A.) 34000 shares

B.) 40000 shares

C.) 1000 shares

D.) 39000 shares

I think its 39000 shares

3.) In December 2011, Rich worked for payless, inc. and earned $10,000. Federal income tax withholding is 20%. The FICA rate is 6.2% and the Medicare tax is 1.45%. How much payroll tax expense for B. Rich's December salary will Payless record when it pays these taxes?

A.) $3170.45

B.) $1240

C.) $765

D.) $2765

I think its 2765

10000 * 20% = 2000

10000 * 6.2%= 620

10000 * 1.45%= 145

2000 +620 + 145= 2765