chapter 11 homework

Homework: Chapter 11 Homework Save Score: 0 of 1 pt 1 of 4 (2 complete) HW Score: 6.25%, 0.25 of 4 pts X E11-16 (similar to) EQuestion Help 0 Trevor Publishing completed the folowing transactions during 2018. Joumalize the transactions (explanations are not required). Round to the nearest dolar. (Record debits first then credits Exclude explanations trom journal entries.) Oct 1. Sold a s-month subscrption tstarting on November 1) collecting cash of $360, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. 2. Check Answer Clear All sued i More Info - 1 Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. Oct Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done Clear All Homework: Chapter 11 Homework Score: 0 of 1 pt 2 of 4 (2 complete) HW Score: 6.25%, 0.25 of 4 pts E11-22 (similar to) E Question Help McCleary Industries completed the following transactions during 2018: (Click the icon to view the transactions) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries) Nov. 1. Made sales of $49,000 McCleary estimates that warranty expense is 2% of sales (Record only the warranty expense) Date Accounts Debit Credit Nov 1 Choose from any list or enter any number in the input fields and then click Check Answer. parts More Info ns 1 Made sales of $49,000. McCleary estimates that warranty expense is 2% of sales. (Record only the warranty expense.) Nov. 20 Paid $200 to satisfy warranty claims. 31 Estimated vacation benefits expense to be $1,000. Dec. 31 McCleary expected to pay its employees a 4% bonus on net income after deducting the bonus. Net income for the year is $60,000. Done Print r in Clear All Homework: Chapter 11 Homework Score: 0.25 of 1 pt 3 of 4 (2 complete) HW Score: 6.25%, 0.25 of 4 pts E11-24 (similar to) EQuestion Help The following financial information was obtained from the year ended 2018 income statements for Johnson Automotive and Clark Automotive: (Click the icon lo view the financial information) Requirements 1. Compute the times-interest-earned ratio for each company Round to two decimals 2. Which company was beller able to cover its interest expense? Times-interest-earned ratio (Net income + Income tax expense + Interost axpense) Interest expense Now calculate the times-interest-eamed ratio for each company (Round the ratios to two decimal places XXX.) Johnson Clark Times-interest earned ratio Enter any number in the edit fleids and then click Check Answer. ped Bujueun Clear All Check Answer 1. 809 PM %24 Data Table Johnson Clark Net income 57,100 $ 69,610 Income tax expense 22.400 17,950 Interest expense 2,200 000 Print Done Homework: Chapter 11 Homework Save Score: 0 of 1 pt 4 of 4 (2 complete) HW Score: 6.25%, 0.25 of 4 pts P11-26A (similar to) Question Help Stoneybrook incurred payroll tax expense on Worthington for FICA tax. The company also paid state unempkayment tax and federal unemployment tax (Cick the icon to view payroll tax rate information.) RLNZ Buunn SUOIES NOOGkaucs 10 JabeUR RIouob si uoubunOM Auua Worthington worked for the company all year at a $12, 900 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary Worthington's federal income tax withheld during 2018 was $1.290 per month, plus $3,096 on his bonus check State income tax withheld came to $130 per month, plus $30 on the bonus. FICA tax was withheld on the annual earmings. Worthington authorized the folowing payrol deductions Chanity Fund contribution of 3% of total eamings and life insurance of $30 Read the regurements. nar month Requirement 1. Compute Worthington's gross pay, payroll deductions, and net pay for the ful year 2018. Round all amounts to the nearest dollar. Begin by computing Worthington's gross pay for the year. (Round all amounts to the nearest dollar.) Aed ssog Choose from any list or enter any number in the input filelds and then click Check Answer. SUed temaining Glear All Df Sto 1 Requirements year of his Worthingt mploymer rmation) 067 to $13 1. Compute Worthington's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar 2. Compute Stoneybrook's total 2018 payroll tax expense for Worthington. s. Wor 3. Make the journal entry to record Stoneybrook's expense for Worthington's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of Stoneybrook's payroll tax expense for Worthington's total earnings 5. Make the journal entry for the payment of the payroll withholdings and taxes dollar. s pay nber in Print Done - du More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent OASDI: 6.2% on first $118,500 earned, Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5 4% on first $7,000 earned. Employee. Employer. Print Done