1.The payroll register for Heilman Mfg. for the week of August 20th indicates the following

Salaries $1,500,00

Social Security Tax Withheld $90,000

Medicare Tax Withheld $22,500

Federal Income Taxes Withheld $300,000

In addition, state and federal unemployment taxes were calculated at a rate of 5.4% and 0.8% respectively, on $270,000 of salaries. What would Salaries Payable be for the week of 8/20?

2.How do larger payments affect housing costs

3.What is scrap value

4.How long does it take for an investment to double in value if it is invested at 10% compounded monthly

5.PREPARE PROPERLY CLASSIFIED BALANCE SHEET AD MULTIPLE STEP INCOME STATEMENT

Restaurant revenue- Credit 1,000

Cost of restaurant revenue- Debit 200

Telephone expenses- Debit 100

Cash- Debit 500

Accounts Receiveable- Debit150

Supplies Inventory-Debit 20

LAnd- Debit 200

Building, net- Debit 1,000

Equipment- Debit 1,500

Furniture, net- Debit 250

Accounts Payable- Credit 400

Capital- Credit 2000

Dividends- Debit 300

Short term liability-Credit 670

Salaries payable-Credit 650

Salaries expense- Debit 600

tax payable- Credit 100

Total- Debit- 4820 Credit-4820

6.A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

7.The annual accounts receivable is 3,000; the annual sales 40,000, and the gross profit margin is 40%. The receivable days estimated from the data above is?

8.Login

ACCOUNTING

Lauren L.asked 12/12/19

Need help figuring out how my professor got the answer he did. Accounting question.

This is the question:

Houghton Company began business on January 1, 2015 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, Houghton declared a cash dividend of $1 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, Houghton resold 100,000 of these shares for $30 per share.

Required:

Part a. Prepare necessary journal entries to record the events described above.

9.

In 2020, Acme Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:

2020 2021 2022

Costs incurred during the year $238,000$319,600 $105,000

Estimated costs to complete 357,000 139,400 -0-

Partial billings 260,000 210,000 380,000

Collections 240,000 200,000 410,000

Under thepercentage-of-completion methodof revenue recognition, gross profit in 2020 would be

10.1200 is divided among P, Q and R. P gets half of the total amount received by Q and R. Q gets one-third of the total amount received by P and R. Find the amount received by R.