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C' " ~ Extra Credit Assignment i newconnect.mheducation.com Extra Credit Assignment 0 Saved Help Part3of3 10 points Required information [The following information applies to the questions displayed below. ] The following transactions apply to Park Co. for Year 1: 1. Received $29,000 cash from the issue of common stock. 2. Purchased inventory on account for $144,000. 3. Sold inventory for $173,500 cash that had cost $106,500. Sales tax was collected at the rate of 7 percent on the inventory sold. 4. Borrowed $22,800 from First State Bank on March 1, Year 1. The note had a 7 percent interest rate and a one-year term to maturity. 5. Paid the accounts payable (see transaction 2). 6. Paid the sales tax due on $140,500 of sales. Sales tax on the other $33,000 is not due until after the end of the year. 7. Salaries for the year for the one employee amounted to $27,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income tax withheld was $5,200. 8. Paid $2,700 for warranty repairs during the year. 9. Paid $12,000 of other operating expenses during the year. 10. Paid a dividend of $5,200 to the shareholders. Adjustments: 11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 4 percent of sales. 12. Record the accrued interest at December 31, Year 1. 13. Record the accrued payroll tax at December 31, Year 1. Assume no payroll taxes have been paid for the year and that the unemployment tax rate is 6.0 percent (federal unemployment tax rate is 0.60 percent and the state unemployment tax rate is 5.40 percent on the first $7,000 of earnings per employee). c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet. and statement of cash flows for Year 1. (Statement of Changes in Stockholders' Equity and Statement of Cash Flows only: Items to be deducted must be indicated with a minus sign.) Mt Graw Hill summon an ( Bray 3 of 3 Next Save 5 Exit Submit Extra Credit Assignment X C' A newconnectmheducationcom ..... .s.......,....,...-... a... n..- .. -.... r.-._.....\\.-e...... a.......,'...,...-.,. .t... M... ._. -...- Fm--." ....... ..... \"a... .s..-...r.._,t.._... tax rate is 5.40 percent on the first $7,000 of earnings per employee)' Extra Credit Assignment 0 Saved Help Save 8. Exit Submit c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. (Statement of Changes in Stockholders' Equity and Statement of Cash Flows only: Items to be deducted must be indicated with a Part 3 of 3 minus sign.) 10 points M: an Sir?\" Extra Credit Assignment X C' i newconnecl.mheducation.com Extra Credit Assignment 0 Saved Help Save 8. Exit Submit Required information Part 3 of 3 10 points Total assets $ 0 Liabilities Stockholders' Equity Total Stockholders' equity 0 Total liabilities and stockholders' equity 5 0 an Next Education