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1 E10-1 Determining Financial Statement Effects of Transactions involving Notes Payable [LO 10-2] 06 DO Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mut builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mit's sales are on credit. As a result, Matt often collects cash from its sales several months after Christmas. Assume on November 2018, Mirt borrowed 583 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 800 percent payable at maturity. The accounting period ends December 31 Required 1. vndicate the accounts, amounts and effects of the lissuance of the note on Novembert (Impact of the adjusting entry on December 2010. and the payment of the more and interest on 30, 2019, on the accounting equation (Do not round Intermediate calculations. Enter your answers in whole collars. Enter any decreases to assets, obties, or stockholders equity with a mission Gubes Date 1.2010 De 31, 2018 2010 Stockholders Equity 2 E10-2 Recording a Note Payable through Its Time to Maturity (LO 10-2) 06 polis Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $77 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 7.50 percent payable at maturity. The accounting period ends December 31, Required: 1, 2 & 3. Prepare the required journal entries to record the note on November 1, 2018, interest on the maturity date, April 30, 2019, assuming that interest has not been recorded since December 31, 2018. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Book References View transaction ist Journal entry worksheet > 1 Record the borrowing of $7,700,000 Note: trur debitore credite General Journal Debit Credit Date Nov 01, 2018 Record entry Clear entry View general journal 3 E10-4 Recording Payroll Costs with and without Withholdings [LO 10-2) 06 points Assume an employee of Rocco Rock Company earns $1,800 of gross wages during the current pay period and is required to remit to the government $180 for income tax and $90 for FICA. Consider the following two procedures for paying the employee: Procedure 1 Withholdings) Procedure 2 (No Withholdings) Rocco Rock Company pays Rocco Rock Company pays the employee employee net wages of $1,530 and will gross wages of $1,800 and the employee remit income taxes and FICA on behalf is responsible for remitting income taxes of the employee and FICA himself the Book HAN Required: 1-a. Ignoring employer payroll taxes, under each procedure calculate (a) the total labor cost for the company and (b) the amount of cash the employee will have after satisfying all responsibilities to the government References Total Labor Cost Amount of Cash Procedure 1 (Withholdings Procedure 2 (No withholding 1-b. Do your answers for procedures 1 and 2 differ for (a)? for (612 Yes NO 2. Which approach does the government require? Procedure 1 (Withholdings) Procedure 2 (No withholdings) 3. Considering that employers are responsible for matching employees' FICA contributions, which procedure will employers prefer? Procedure 1 (Withholdings Procedure 2 (No withholdings) 4. Prepare the journal entries required by the employer under procedure 1 assuming that the employee is paid in cash, but the withholdings and matching employer FICA contribution have not yet been paid (Astume no unemployment taves) or no entry is required for a transaction/event, select "No Journal Entry Required in the first occount field.) 4 Part 12 06 Required information E10-6 Determining and Recording the Financial Statement Effects of Deferred Subscription Revenue (LO 10-21 The following information applies to the questions displayed below! The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Havenues Reve from our rapazine subscription services are diferred initially and later recognized as a subscription services are provided Him Assume TTT 18 collected $430 million in 2018 for magazines that will be distributed later in 2018 and 2019. ( provided $209 millions of services on these subscriptions in 2013, and I provided $221 milion of services on these subscriptions in 2019 E10-6 Part 1 Rogiredi 1. Using the information given indicate the accounts, amounts and accounting otion effects of transactions al., and (Enter any decreases to assets, labies, or stockholders equity with a minus sign. Enter your answers in whole dollars.) Transaction (A) th Lab Stockholms' Equity 5 Part 2012 06 points Required information E10-6 Determining and Recording the Financial Statement Effects of Deferred Subscription Revenue [LO 10-2) [The following information applies to the questions displayed below) The Tennis Times (TTT) is a publisher of magazines its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided Assume TTT (a collected $430 million in 2018 for magazines that will be distributed later in 2018 and 2019. (o) provided $209 million of services on these subscriptions in 2018, and provided $221 million of services on these subscriptions in 2019 ces E10-6 Part 2 2. Using the information given, prepare the journal entries that would be recorded for (a.com and (dif no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars.) View transactions Journal entry worksheet > Record the collection of $430,000,000 for magazine subscriptions to be delivered later in 2018 and 2010, Date General Journal Debat Credit Gm E10-1 Determining Financial Statement Effects of Transactions involving Notes Payable [LO 10-2) Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable For example, Mint builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $83 milion Cath from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.00 percent payable at maturity. The accounting period ends December 31 Required: 1. Indicate the accounts, amounts and effects of the issuance of the note on November ( impact of the adjusting entry on December 31, 2018 and (the payment of the note and interest on April 30, 2010, on the accounting equation (Do not roung Intermediate calculations. Enter your answers in whole dollars. Enter any decreases to assets, liabilities, or stockholdersbquity with a minus sign) Liabilities stockholders Equity Date Number 1, 2018 December 31, 2011 April 30, 2019