chap 7 ex 2 & 4video complete ex

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2. Accruedliability:currentportionoflong-termdebt.OnJuly1,20X1,HallCompanyborrowed$225,000viaalong-termloan.TermsoftheloanrequirethatHallpayinterestand$75,000ofprincipalonJuly1,20X2,20X3,and20X4.Theunpaidbalanceoftheloanaccruesinterestattherateof10%peryear.HallhasaDecember31year-end.
3. ComputeHall'saccruedinterestasofDecember31,20X1.
4. Presenttheappropriatebalancesheetdisclosurefortheaccruedinterestandthecurrentandlong-termportionoftheoutstandingdebtasofDecember31,20X1.
5. Repeatparts(a)and(b)usingadateofDecember31,20X2,ratherthanDecember31,20X1.AssumethatHallisincompliancewiththetermsoftheloanagreement.
6. Payrollaccounting.AssumethatthefollowingtaxratesandpayrollinformationpertaintoBrookhavenPublishing:

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1. SocialSecuritytaxes:6%onthefirst$55,000earned
2. Medicaretaxes:1.5%onthefirst$130,000earned
3. Federalincometaxeswithheldfromwages:$7,500
4. Stateincometaxes:5%ofgrossearnings
5. Insurancewithholdings:1%ofgrossearnings
6. Stateunemploymenttaxes:5.4%onthefirst$7,000earned
7. Federalunemploymenttaxes:0.8%onthefirst$7,000earned

Thecompanyincurredasalaryexpenseof$50,000duringFebruary.Allemployeeshadearnedlessthan$5,000bymonth-end.

1. PreparethenecessaryentrytorecordBrookhaven'sFebruarypayrollthatwillbepaidonMarch1.
2. PreparethejournalentrytorecordBrookhaven'spayrolltaxexpense.

chp 7 problem 2

1. Notespayable.RedBankEnterpriseswasinvolvedinthefollowingtransactionsduringthefiscalyearendingOctober31:

8/2:Borrowed$75,000fromtheBankofKingsvillebysigninga120-daynotefor$79,000.

8/20:Issueda$40,000notetoHarrisMotorsforthepurchaseofa$40,000delivery truck.Thenoteisduein180daysandcarriesa12%interestrate.

9/10:PurchasedmerchandisefromPansEnterprisesintheamountof$15,000.Issueda30-day,12%noteinsettlementofthebalanceowed.

9/11:Issueda$60,000notetoDatatexEquipmentinsettlementofanoverdueaccountpayableofthesameamount.Thenoteisduein30daysandcarries a14%interestrate.

10/10:ThenotetoParisEnterpriseswaspaidinfull.

10/11:ThenotetoDatatexEquipmentwasduetoday,butinsufficientfundswereavailableforpayment.Managementauthorizedtheissuanceofanew20-day,18%notefor$60,700,thematurityvalueoftheoriginalobligation.

10/31:ThenewnotetoDatatexEquipmentwaspaidinfull.

Instructions

1. Preparejournalentriestorecordthetransactions.
2. PrepareadjustingentriesonOctober31torecordaccruedinterest.
3. PreparetheCurrentLiabilitysectionofRedBank'sbalancesheetasofOctober31.AssumethattheAccountsPayableaccounttotals$203,600onthisdate.

Ch 8 problem 1

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Issuanceofstock:organizationcosts.SnowboundCorporationwasincorporatedinJuly.Thefirm'scharterauthorizedthesaleof200,000sharesof$10par-valuecommonstock.Thefollowingtransactionsoccurredduringtheyear:

7/1:	Sold45,000sharesofcommonstocktoinvestorsfor$18pershare.Cashwascollectedandtheshareswereissued.
7/7:	Issued600sharestoSharonDale,attorney-at-law,forservicesrenderedduringthecorporation'sorganizationalphase.Dalecharged$12,600forherwork.
8/11:	Sold20,000sharestoinvestorsfor$22pershare.Cashwascollectedandtheshareswereissued.
12/14:	Issued30,000sharestotheMJBCompanyforlandvaluedat$900,000.

Instructions Preparejournalentriestorecordeachtransaction.

theres is a guidance report attach

Ashford University ACC205 Guidance Report Week Four LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Account to be changed Ch 7 Ex 2 Loan Original Amount $ Questions Jan - Feb 225,000 $ Mar-Apr 250,000 $ May-Jun 260,000 $ Jul-Aug 270,000 $ Sept-Oct 280,000 $ Nov-Dec 290,000 $ 450,000 YOUR ANSWERS BASED UPON COURSE START DATE a. Compute Hall's accrued interest as of December 31, 20X1. b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1. c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement. Accrued interest 12/31/X2 Disclosure Account to be changed Ch 7 Ex 4 Salary expense Questions Salary expense Social Security Payable Medicare Payable Fed Taxes Payable State Taxes Payable Insurance Payable Original Amount Jan - Feb 50000 YOUR ANSWERS BASED UPON COURSE START DATE 51,000 Mar-Apr 52,000 May-Jun 53,000 Jul-Aug 54,000 Sept-Oct 55,000 Nov-Dec 56,000 Cash Payroll Tax Expense Social Security Payable Medicare Payable State unemployment Fed unemployment Account to be changed Original Amount Jan - Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec Ch 7 Pb 2 12/1 Note payable 12/1 Interest rate Warranty Purchase on account Note payable Warranty repair Salary accural Vacation 12/26 interest 20000 15% $27.00 16000 5000 162 1400 36000 120 20 6% $ 20 6% 25,000 15% 28 17,000 6,000 172 1,500 37,000 ### 20 6% 26,000 15% 29 18,000 7,000 182 1,600 38,000 $ 120 20 6% 28,000 15% 30 19,000 8,000 192 1,700 39,000 ### a. Prepare journal entries to record the preceding transactions and events. Cash Notes Payable Warranty expense Warranty Liability Merchandise Accounts Payable Cash Note Payable Warranty Liability Cash Salary Expense Salary Payable Payroll Expense Accrued Vacation Payable b. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries. 12/1 one month accrual 12/26 60 day note-accrue 5 days Total Interest Accrual Prepare ournal entry: Interest expense Interest payable c. Prepare the current liability section of Visconti's December 31, 20XX balance sheet. Current Liabilities: Accounts payable Note payable Salaries payable Vacation payable Warranty payable Total Current Liabilities Account to be changed Ch 8 Pb 1 Par Original Amount $ Questions 7/1 Cash Common Stock C/S additional Paid-in-Capital 7/7 Attorney expense Common Stock C/S additional Paid-in-Capital 10.00 $ YOUR ANSWERS BASED UPON COURSE START DATE 11.00 $ 12.00 $ 13.00 $ 14.00 $ 15.00 $ 16.00 20 6% 30,000 15% 31 20,000 9,000 202 1,800 40,000 $ 120 20 6% 31,000 15% 32 21,000 10,000 222 1,900 41,000 $ 120 20 6% 33,000 15% 33 22,000 11,000 232 2,000 42,000 $ 120 Cash Common Stock C/S additional Paid-in-Capital Land Common Stock C/S additional Paid-in-Capital