Could someone help me with this accounting assignment?

Directions

1.) Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report.

Do not alter the guidance report.

The "Word" document that I provided has the "changed numbers" that will be used to rework the problems. Place the answers to the reworked problems into the the guidance report ("the Excel document) that I have provided.

The course start date for me will be "May-June". (The number under this section will be needed to rework the problems)

Please don't hesitate to ask me anything related to this assignment that needs clarification. This will serve as a great reflection for future assignments.

I look forward to giving a good rating and recommendation.

Ashford Universit Guidance Re Week Fou LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Account to be changed Ch 7 Ex 2 Loan $ Questions 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 Original Amount 225,000 YOUR ANSWERS BASED UPON COURSE START DATE Account to be changed Original Amount Ch 7 Ex 4 Salary expense 50000 YOUR ANSWERS BASED UPON COURSE START DATE Questions Salary expense Social Security Payable Medicare Payable Fed Taxes Payable State Taxes Payable Insurance Payable Cash Payroll Tax Expense Social Security Payable Medicare Payable State unemployment Fed unemployment Account to be changed Original Amount 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 20 6% a. Prepare journal entries to record the preceding transactions and events. Cash Notes Payable Warranty expense Warranty Liability Merchandise 20000 0 27 16000 5000 162 1400 36000 120 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 Original Amount Ch 8 Pb 1 Par 10 YOUR ANSWERS BASED UPON COURSE START DATE Questions 7/1 Cash Common Stock C/S additional Paid-in-Capital 7/7 Attorney expense Common Stock C/S additional Paid-in-Capital Cash Common Stock C/S additional Paid-in-Capital Land Common Stock C/S additional Paid-in-Capital Ashford University ACC205 Guidance Report Week Four YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan - Feb $ Mar-Apr 250,000 $ May-Jun 260,000 $ Jul-Aug 270,000 $ Sept-Oct 280,000 $ Nov-Dec 290,000 $ 450,000 Jan - Feb Mar-Apr 51,000 52,000 May-Jun 53,000 Jan - Feb 20 6% 25,000 15% 28 17,000 6,000 172 1,500 37,000 $ 120 Jul-Aug 54,000 Sept-Oct 55,000 Mar-Apr 20 6% 26,000 15% 29 18,000 7,000 182 1,600 38,000 $ 120 Nov-Dec 56,000 May-Jun 20 6% Jul-Aug 28,000 15% 30 19,000 8,000 192 1,700 39,000 ### 20 6% $ 11.00 $ 12.00 $ 13.00 $ 14.00 $ 15.00 $ 16.00 Jul-Aug 30,000 15% 31 20,000 9,000 202 1,800 40,000 $ 120 Sept-Oct 20 6% 31,000 15% 32 21,000 10,000 222 1,900 41,000 $ 120 Nov-Dec 20 6% 33,000 15% 33 22,000 11,000 232 2,000 42,000 $ 120 Directions Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report. Complete the following problems and exercises: Chapter Seven, Exercises 2 and 4 Chapter Seven, Problem 2 Chapter Eight, Problem 1 Chapter Seven, Exercise 2 2. 4. Accrued liability: current portion of long-term debt. On July 1, 20X1, Hall Company borrowed $225,000 via a long-term loan. Terms of the loanrequire that Hall pay i nterest and $75,000 of principal on July 1, 20X2, 20X3, and 20X4. The unpaid balance of the lo an accrues interest at therate of 10% per year. Hall has a December 31 year-end. a. Compute Hall's accrued interest as of December 31, 20X1. b. Present the appropriate balance sheet disclosure for the accrued intere st and the current and long-term portion of the outstanding debt asof De cember 31, 20X1. c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather tha n December 31, 20X1. Assume that Hall is in compliance with theterms of the loan agreement. Chapter Seven, Exercise 4 Payroll accounting. Assume that the following tax rates and payroll information p ertain to Brookhaven Publishing: Social Security taxes: 6% on the first $55,000 earned Medicare taxes: 1.5% on the first $130,000 earned Federal income taxes withheld from wages: $7,500 State income taxes: 5% of gross earnings Insurance withholdings: 1% of gross earnings State unemployment taxes: 5.4% on the first $7,000 earned Federal unemployment taxes: 0.8% on the first $7,000 earned The company incurred a salary expense of $50,000 during February. All employees had earned l ess than $5,000 by month-end. a. Prepare the necessary entry to record Brookhaven's February payroll th at will be paid on March 1. b. Prepare the journal entry to record Brookhaven's payroll tax expense. Chapter Seven, Problem 2 2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti's during 20XX disclosed the following: 12/1: Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. 2/10: Established a warranty liability for the XY-80, a new product. Sales are expected to t otal 1,000 units during the month. Pastexperience with similar products indicates th at 2% of the units will require repair, with warranty costs averaging $27 per unit. 12/22: Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. 12/26: Borrowed $5,000 from First City Bank; signed a $5,120 note payable due in 60 days. 12/31: Repaired six XY-80s during the month at a total cost of $162. 12/31: Accrued 3 days of salaries at a total cost of $1,400. 12/31: Accrued vacation pay amounting to 6% of December's $36,000 total wage and salary expense. Instructions a. Prepare journal entries to record the preceding transactions and events . b. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries. c. Prepare the current liability section of Visconti's December 31, 20XX ba lance sheet. Chapter 8, Problem 1 Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 sharesof $10 par-value common stock. The following transactions occurred during the year: 7/1: Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares w 7/7: Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organi 12,600 for her work. 8/11: 12/14 : Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued. Issued 30,000 shares to the MJB Company for land valued at $900,000. Instructions Prepare journal entries to record each transaction