please help. Due 4/27. I will rate once you answer.
Prepare the origination, accrual and settlement journal entries for JackJoe, Inc (5 points) and Lizzie Inc. (5 points), 6 entries in total, assuming the note is paid on time: On November 1, 2005, JackJoe, Inc. received an 8%, 90 day, note receivable from Lizzie, Inc. This note was issued in payment for a $100,000 outstanding account receivable. IV. UVJUPIOU HUIUI system and uses LIFO to value ending inventory. Following is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Units Date Purchases Sales on Hand 1-Jan 50 150 units @ 200 5-Jan 16- 150 @ Jan $100 23- 50 units @ $3 Jan 28- 50 @ $100 50 Jan Prepare the inventory analysis for January and write the adjusting journal entry for inventory. (10 points) How much is gross profit for January? (5 points) If JackJoe used FIFO, would gross profit (b) be greater, equal or less than gross profit using LIFO? Why? (5 points) On January 1, 20X1, JackJoe, Inc. purchased equipment for $1,150,000. It cost an additional $50,000 to deliver, install, and calibrate the equipment. While it was being installed, the machine was dropped and it required $300,000 in repairs. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value. JackJoe uses the straight-line depreciation method. Calculate the annual depreciation (a) expense, accumulated depreciation, and related calculations for X1. (5 points) Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X1. (10 points) Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $75,000 on Jan 1, X6. (5 points) |YanYu Zheng is employed by JackJoe, Inc.. During the month of January, YanYu earned her monthly salary of $100,000. YanYu is single, and had $20,000 of federal income tax withheld from her pay. YanYu works in a state without an income tax. YanYu's pay is subject to Social Security taxes at a 6.2% rate and Medicare at a 1.45% rate. The annual base for social security taxes is $140,000. JackJoe's payroll is subject to federal and state unemployment taxes at a rate of 6% on each employee's gross pay, up to $7,000 per year. Complete YanYu's paycheck and the (a)remittance advice (i.e., "paycheck stub"). (5 points) Prepare journal entries for YanYu's pay (b) and the related payroll expenses. (2 journal entries) (5 points) What is JackJoe's (employer cost) total Jexpense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year? (5 points)
