Practice Set #1 Acct 1B Distance Learnin Date Price 1 ABC purchased t as follows 620,000 31,000 Delivery charges Date put into service Salvage value Prepare the following entries Purchase and set up of the equipment 75/2017 each r until sale or disposal The company disp Prepare the following entries osed of the machine date 925/2020 496.000 93,000 s sold for cash amount of for no value 2 XYZ Mfg has three loyees. Prepare Il entries for the month of November only based on the followin Eamed as of Eamed in 10/31 Employee Hue 12,000 11,000 136,800 5.700 15% Federal withholding State withholding is 5% Social Security 6.2% of the first $ 20,000 Medicare is 1 5% no ceilin Federal Unemplo State Unemployment is 4.2% of the first $7,000 is 1 t is .8% of the first $7 000 3 Moe, Larry and Curly have a partnership. As of 12/31 of the current before closin their capital balances are as follows Moe Larr S 80,000 S 24,000 32,000 The division of incomelloss is as follows Interest on Capita IncomerLoss Balance Sharing Ratio Salar Moe 20,000 59% S 12.000 23% a Indicate how much each will receive if the partnership income is b Indicate how much each will receive if partnership income 64,000 5,000 Dapper and Naper r and Napper have a partnership with a balance sheet as follows: Accts 615,000 S 110,000 Accts Rec S 440,000 330,000 450,000 Inven 165,000 S 165,000 100,000 S 284,000 S 1,230,000 Total Accts Recelvable were liquidated for inventory was sold for and e Gains and losses are shared in a 1:2:3- Y, D and N respectivel 352,000.0 S 231,000.0 540,000.0 ment was sold for Prep a statement of uidation 5 ABC Corporation has the following capital structure Preferred Stock 100,000 shares isued and outstanding 00 par, 3% cumulative Common Stock 2,000,000 shares issued and outstanding S Excess Paid in Retained Eamings 10,000,000 2,000,000 30,000,000 50,000,000 ABC did not pay a dividend last year. This year it has net income of $1.800,000 and plans to pay $1,00,000 in dividends. How much will each share of red and on receive? Practice Set #1 Acct 1B Distance Learnin Date Price 1 ABC purchased t as follows 620,000 31,000 Delivery charges Date put into service Salvage value Prepare the following entries Purchase and set up of the equipment 75/2017 each r until sale or disposal The company disp Prepare the following entries osed of the machine date 925/2020 496.000 93,000 s sold for cash amount of for no value 2 XYZ Mfg has three loyees. Prepare Il entries for the month of November only based on the followin Eamed as of Eamed in 10/31 Employee Hue 12,000 11,000 136,800 5.700 15% Federal withholding State withholding is 5% Social Security 6.2% of the first $ 20,000 Medicare is 1 5% no ceilin Federal Unemplo State Unemployment is 4.2% of the first $7,000 is 1 t is .8% of the first $7 000 3 Moe, Larry and Curly have a partnership. As of 12/31 of the current before closin their capital balances are as follows Moe Larr S 80,000 S 24,000 32,000 The division of incomelloss is as follows Interest on Capita IncomerLoss Balance Sharing Ratio Salar Moe 20,000 59% S 12.000 23% a Indicate how much each will receive if the partnership income is b Indicate how much each will receive if partnership income 64,000 5,000 Dapper and Naper r and Napper have a partnership with a balance sheet as follows: Accts 615,000 S 110,000 Accts Rec S 440,000 330,000 450,000 Inven 165,000 S 165,000 100,000 S 284,000 S 1,230,000 Total Accts Recelvable were liquidated for inventory was sold for and e Gains and losses are shared in a 1:2:3- Y, D and N respectivel 352,000.0 S 231,000.0 540,000.0 ment was sold for Prep a statement of uidation 5 ABC Corporation has the following capital structure Preferred Stock 100,000 shares isued and outstanding 00 par, 3% cumulative Common Stock 2,000,000 shares issued and outstanding S Excess Paid in Retained Eamings 10,000,000 2,000,000 30,000,000 50,000,000 ABC did not pay a dividend last year. This year it has net income of $1.800,000 and plans to pay $1,00,000 in dividends. How much will each share of red and on receive