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Use the following information for questions 1 -7 For the 12 monthly payroll of the calendar year the following information is provided Emplovee Mthly Income Tax Union Dues Withheld Withheld S15 Pay Rate $1,340 120 1,600 640 A. $6,700 600 8,000 3,200 24 7 All earnings are subject to the Social Security tax and the Medicare tax. The Social Security tax rate for both the employees' and employer's portion of the tax is 6% The Medicare tas rale for both the employees, and employer's portion is 1.5%. The State Unemployment tax rate is 3% and the net Federal Unemploymont rates 8%, Maximum annual earnings subject to State and Federal Unemployment tax are $7.000 per employee. Unemployment taxes are only levied on the employer All of the employees were employed for the entire year and were entitled to the full monthly pay rate for each month of the year. Assume all employees will be paid for the current payroll period by the last day of the current calendar year. 1) The total gross wages for the current payroll period are: a) $203,500 b) $9,250 c) $222,000 d) $18,500 2) The total income tax withheld during the current payroll period is: a) $9,250 b) $606 c) $3,700 d) $2,600 3) The total Social Security tax withheld during the current payroll period is: a) $606 b) $2,600 c) $1,110 d) $52 The net wages paid for the current payroll period are a) 18,500 4) b) $13,360.50 c) $13,916.50 d) $14,194 5) The amount of State Unemployment tax withheld from employee pay during the current payroll period is: a) SO b) $3,700 c) $18 d) S12 6) The employer's liability for the net Federal Unemployment tax on employee wages for the current payroll period is: a) $12 b) $3.20 c) $555 d) $18 ) The total payroll tax expense for the employer for the current payroll period is: a) $895.50 b) $1402.70 c) $15.20 d) $1.782.20 A and I are partners who share income in the ratio of 1:2 and have capital balances of $40.xx) and S 70.000 " the time they decide to terminate the partnership. After all noncash assets are sold and all liabelities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to A? a) $10,(XX, b) $20,000 d) 580,000 3)F and G are partners who share income in the ratio of 3:2 and have capital balances of $36,000 and $54,000, respectively, at the time they decide to terminate the partnership. After all non-cash assets are sold and all liabilities are paid, there is a cash balance of $60,000. How much cash should be distributed to F? a) 536,000 b) $18,000 c) $24,000 d) $42,000 14) X, Y, and Z are partners, sharing income 1 : 2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: X, $50,000 Credit: Y, $40,000 Debit: and Z, $30,000 Credit. How much cash is available for distribution to the partners? a) $30,000 b) $40,000 c) $90,000 d) $120,000 15) X Company acquired land in exchange for 5,000 shares of its $5 par common stock. The fair market value of the land is not determinable, but the stock is widely traded and sold for $9 per share when exchanged for the land. At what amount should the land be recorded by X Company? a) $5,000 b) $20,000 c) $25,000 d) $45,000 16) A corporation issues 4,000 shares of common stock for $50,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a) $50,000 b) $10,000 c) $40,000 d) $60,000 17) The outstanding stock is composed of 10,000 shares of $50 par, non-cumulative, preferred $5 stock and 50,000 shares of no-par common stock. Preferred dividends have been paid every year except for the preceding two years (and none so far during the current year). If $240,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the preferred shareholders? a) $50,000 b) $100,000 c) $150,000 d) $40,000 1s) The charter of a corporation provides for the issuance of 100,000 shares of common stoc red. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacqui What is the amount of cash dividends to be paid if a $1 per share dividend is declared a) $60,000 b) $5,000 c) $100,000 d) $55,000 Use the following information for questions 19 & 20: A corporation purchased 10,000 shares of its $20 par common stock at $25 and subsequently sold 2,000 of the shares at $35. Assume there is a zero balance in the Paid-in Capital from Treasury Stock account prior to purchasing the 10,000 shares. 19) The journal entry to record the purchase of the 10,000 shares of stock would be a) b) e) d) Debit, Treasury Stock $250,000, Credit, Cash $250,000 Debit, Treasury Stock $200,000, Debit, Paid-in Capital from Treasury Stock, S50,000; Credit, Cash, $250,000 Debit, Cash $250,000; Credit, Common Stock for $200,000; Credit Paid-in Capital in Excess of Par Value, $150,000 Debit,Cash, $250,000; Credit, Common Stock for $250,000 20) The journal entry to record the sale of the 2,000 shares of stock would be a) Debit, Cash $70,000; Credit, Treasury Stock $70,000 Debit, Cash, $70,000; Credit, Treasury Stock $50,000; Credit, Paid-in Capital from Treasury Stock, $20,000 b) Debit, Cash $50,000; Credit Common Stock for $40,000; Credit Paid-in Capital in Excess of Par Value, $10,000 c) d) Debit Cash, $70,000; Credit, Common Stock for $70,000 21) A company with 10,000 authorized shares of $5 par common stock issued 6,000 shares at $13. Subsequently the company declared a 5% stock dividend on a date when the market price was $20 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend? a) $1,500 b) $2,500 c) $6,000 d) $10,000 22) The Bonds Payable account and the Discount on Bonds Payable account have balances, respectively, of $250,000 and $20,000 at December 31, of the current year. On the balance sheet provided as of the same date the bonds will be presented at a carrying value of: a) $250,000 b) $270,000 c) $230,000 d) $125,000 23) If 6% bonds with a face value of$200,000 are issued at 90, the amount of cash received by the corporation issuing them is: a) $90,000 b) $180,000 c) $100,000 d) $110,000