Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need to be taught how to write out the problem again its been a while, All of my books with notes are in Another

image text in transcribed

I need to be taught how to write out the problem again its been a while, All of my books with notes are in Another state and I cannot figure these out.

image text in transcribedimage text in transcribed
Assume that Five Mile Electronics completed these selected transactions during June 2014: 0 (Click the icon to view the transactions.) Requirement 1. Report these items on Five Mile Electronics' balance sheet at June 30, 2014. Five Mile Electronics 0 More Info Balance Sheet (partial) June 30, 2014 C t I' b'l't' . . Sales of $2,000,000 are subject to estimated warranty cost of 3%. The estimated warranty payable at the urren la I I les. V beginning of the year was $31,000, and warranty payments for the year totaled $54,000. Current portion of long-ten'n note payable $ 11,000 . On June 1, Five Mile Electronics signed a $55,000 note payable that requires annual payments of $1 1 ,000 Interest payable 275' plus 6% interest on the unpaid balance each June 2. . Music For You, Inc., a chain of music stores, ordered 110,000 worth of CD la ers. With its order, Music Estimated warranty payable 37,000V $ p V For You, lnc., sent a check for $110,000 in advance, and Five Mile shipped $70,000 of the goods. Uneamed sales revenue 40,000V Five Mile will ship the remainder of the goods on July 3, 2014. . . V . The June payroll of $320,000 is subject to employee withheld income tax of $30,200 and FlCAtax of Employee w'thheid income tax payable 30'200 7.65%. On June 30, Five Mile pays employees their take-home pay and accrues all tax amounts. V FICA tax payable V Total current liabilities ' $ 142,955' Long-term liabilities: V V Note payable $ 44,000 This question is complete. Move vour cursor over or tap on the red arrows to see incorrect answers. Hodson Corp. purchased 15, $1,000, 8% bonds of Geothenn Corporation when the market rate of interest was 12%. Interest is paid semiannually on the bonds, and the bonds will mature in eight years. Using the PV function in Exoel, compute the price Hudson paid (the present value) on the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.) Hodson paid $[: on the bond investment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William N. Lanen, Shannon Anderson, Michael W Maher

6th edition

1259969479, 1259565408, 978-1259969478

More Books

Students also viewed these Accounting questions

Question

How can assertiveness help you cope with anger? Critical T hinking

Answered: 1 week ago

Question

Values: What is important to me?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago