18 20.075 Lloyectable olo te wees During Yeart Pacio Security Services experienced the following transactions 1 Paid the tax payable from Year 10 2. Paid the balance of the payroll sabtes de fer Year 1 federal income tax FICA , and 3. Issued 5.000 tonal shares of the $ par value common stock for per share 4. Issued 1000 shares of $50 stated value. 5 percent cumulative preferred stock for $52 per share 5. Purchased $500 of supplies on account 6. Purchased 10 alarm systems at a cost of $310. Cash was paid for the purchase 7. Aner numerous attempts to collect from customers, wrote of $3.670 of uncollectible accounts receivable B Sold 210 alarm systems for $600 each plus sales tax of 5 percent. All sales were on account Record the cost of goods sold related to the sale from Event 8 using the FIFO method 10. Bised $125.000 of monitoring services for the year. Credit card sales amounted to $58,000, and the credit card company charged a 4 percent fee. The remaining $67,000 were sales on account Sales tax is not charged on this service 11. Replenished the petty cash fund on June 30. The fund had $10 cash and receipts of $75 for yard mowing and $15 for office suppliese pense 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $105.000 of the alarm sales. 14. Collected $198.000 of accounts receivable during the year 15. Paid installers and other employees a total of $96.000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 15 percent. Federal income taxes withheld amounted to $10.600. No employee exceeded $110.000 in total wages. The net salaries were paid in acer 16. On October 1, declared a dividend on the preferred stock and a $1 per share dividend on the common stock to be paid to shareholders of record on October 15, payable on November 1 Year 11 17 Paid $1625 in warranty repairs during the year 18. On November 1 Year 11, paid the dividends that had been previously declared 19. Paid $18 500 of advertising expense during the year 20 Paid $600 of u s expense for the year 21. Paid $9200 of the Employee Income Tax Payable, $5,280 of the FICA T - Soc. Sec. Tax Payable and $1320 of the FICA Tax - Medicare Tax Payable. Also, paid the Payroll Tax Expense for the 75% employer matching of FICA takes on SBR000 of salaries 22. Paid the accounts payable 23. Paid bond interest and amortized the discount. The bond was issued in Year 10 and pays interest at 6 percent 24. Paid the annual installment of $14.238 on the amortized note. The interest rate for the note is 7 percent Adjustment 23. There was $190 of supplies on hand at the end of the year 24. Recognized the uncollectible accounts expense for the year using the slowance method. Paco now estimates that percent of sales on account will not be collected 25. Recognised depreciation expense on the equipment van, and building The equipment purchased in Year has a five years and a $2.000 savage value. The van has a four-year and a $6.000 salvage value. The buding has a 40 years and a $10.000 savage value. The company uses straight Ene for the equipment and the building The van is depreciated 26. The systems sold in transaction were covered with a one year warranty Paco estimated that the warranty cost would be 2 percent of alarm sales. 27 The unemployment tax on the three employees has not been paid Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 45 percent and gross wages for all three employees exceeded 57000 28. Recognized the employer Social Security and Medicare payroll tax that has not been paid on 58.000 of 18 20.075 Lloyectable olo te wees During Yeart Pacio Security Services experienced the following transactions 1 Paid the tax payable from Year 10 2. Paid the balance of the payroll sabtes de fer Year 1 federal income tax FICA , and 3. Issued 5.000 tonal shares of the $ par value common stock for per share 4. Issued 1000 shares of $50 stated value. 5 percent cumulative preferred stock for $52 per share 5. Purchased $500 of supplies on account 6. Purchased 10 alarm systems at a cost of $310. Cash was paid for the purchase 7. Aner numerous attempts to collect from customers, wrote of $3.670 of uncollectible accounts receivable B Sold 210 alarm systems for $600 each plus sales tax of 5 percent. All sales were on account Record the cost of goods sold related to the sale from Event 8 using the FIFO method 10. Bised $125.000 of monitoring services for the year. Credit card sales amounted to $58,000, and the credit card company charged a 4 percent fee. The remaining $67,000 were sales on account Sales tax is not charged on this service 11. Replenished the petty cash fund on June 30. The fund had $10 cash and receipts of $75 for yard mowing and $15 for office suppliese pense 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $105.000 of the alarm sales. 14. Collected $198.000 of accounts receivable during the year 15. Paid installers and other employees a total of $96.000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 15 percent. Federal income taxes withheld amounted to $10.600. No employee exceeded $110.000 in total wages. The net salaries were paid in acer 16. On October 1, declared a dividend on the preferred stock and a $1 per share dividend on the common stock to be paid to shareholders of record on October 15, payable on November 1 Year 11 17 Paid $1625 in warranty repairs during the year 18. On November 1 Year 11, paid the dividends that had been previously declared 19. Paid $18 500 of advertising expense during the year 20 Paid $600 of u s expense for the year 21. Paid $9200 of the Employee Income Tax Payable, $5,280 of the FICA T - Soc. Sec. Tax Payable and $1320 of the FICA Tax - Medicare Tax Payable. Also, paid the Payroll Tax Expense for the 75% employer matching of FICA takes on SBR000 of salaries 22. Paid the accounts payable 23. Paid bond interest and amortized the discount. The bond was issued in Year 10 and pays interest at 6 percent 24. Paid the annual installment of $14.238 on the amortized note. The interest rate for the note is 7 percent Adjustment 23. There was $190 of supplies on hand at the end of the year 24. Recognized the uncollectible accounts expense for the year using the slowance method. Paco now estimates that percent of sales on account will not be collected 25. Recognised depreciation expense on the equipment van, and building The equipment purchased in Year has a five years and a $2.000 savage value. The van has a four-year and a $6.000 salvage value. The buding has a 40 years and a $10.000 savage value. The company uses straight Ene for the equipment and the building The van is depreciated 26. The systems sold in transaction were covered with a one year warranty Paco estimated that the warranty cost would be 2 percent of alarm sales. 27 The unemployment tax on the three employees has not been paid Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 45 percent and gross wages for all three employees exceeded 57000 28. Recognized the employer Social Security and Medicare payroll tax that has not been paid on 58.000 of