Question
Qestion 1 Pluto Corp. had sold goods with a selling price of $8,421 for cash. The state sales tax rate is 8%. Prepare the journal
Qestion 1 Pluto Corp. had sold goods with a selling price of $8,421 for cash. The state sales tax rate is 8%. Prepare the journal entry to record the sale.
Question 2 Rocco earns $14.5 per hour with time-and-a-half for hours in excess of 40 per week. He worked 43 hours at his job during the first week of March, 2015. Rocco pays income taxes at 15% and 7.65% for FICA. All of his income is taxable under FICA. Calculate Rocco's net pay for the week. (Show your work).
Question 3 Jumbo Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales revenue. In 2013, the company had $595,000 of sales. In the same year, it paid out $8,500 of warranty payments. Prepare the journal entry for the warranty expense and the warranty payments. HTML Editor Keyboard Shortcuts
Question 4 On January 1, 2014, Partridge Advertising Company issued $50,000 of 6-year bonds with a stated rate of 3%. The market rate at time of issue was 4%, so the bonds were discounted and sold for $47,356. Partridge uses the effective-interest method of amortization for bond discount. Semiannual interest payments are made on June 30 and December 31 of each year. Prepare the amortization table for the first four interest payments. (Round your answers to nearest dollar number.)
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