The following information applies to the questions displayed below Vacation Destinations offers its employees the option of contributing up to 6 of their salaries to a voluntary retirement plan, with the employer matching their contribution The company also pays 100 of medical and life insurance premiums Assume that no employee's cumulative wages exceed the relevant wage bases Payroll information for the first biweekly payroll period ending February 14 is listed below Wages and salaries $ 1,150,000 Employee contribution to voluntary retirement plan 48,300 Medical insurance premiums paid by employer 24,150 Life insurance premiums paid by employer 4,600 Federal and state income tax withheld 287,500 Social Security tax rate 6 20 Medicare tax rate 1 45 Federal and state unemployment tax rate 6 20 1 value 1 00 points Required information Required 1 Record the employee salary expense, withholdings, and salaries payable (If no entry is required for a transaction event, select No journal entry required in the first account field ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 03 Account for employee and employer payroll liabilities Check my work 2 value 1 00 points Required information 2 Record the employer provided fringe benefits (If no entry is required for a transaction event, select No journal entry required in the first account field ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 03 Account for employee and employer payroll liabilities Check my work 3 value 1 00 points Required information 3 Record the employer payroll taxes (If no entry is required for a transaction event, select No journal entry required in the first account field ) References eBook Resources The following information applies to the questions displayed below Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39 2 million cash on October 1, 2015, to provide working capital for anticipated expansion Precision signs a one year, 8 promissory note to Midwest Bank under a prearranged short term line of credit Interest on the note is payable at maturity Each firm has a December 31 year end 4 value 1 00 points Required information Required 1 Prepare the journal entries on October 1, 2015, to record the issuance of the note (If no entry is required for a transaction event, select No journal entry required in the first account field Enter your answers in dollars, not in millions ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 02 Account for notes payable and interest expense Check my work 5 value 1 00 points Required information 2 Record the adjustment on December 31, 2015 (If no entry is required for a transaction event, select No journal entry required in the first account field Do not round intermediate calculations Enter your answers in dollars, not in millions ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 02 Account for notes payable and interest expense Check my work 6 value 1 00 points Required information 3 Prepare the journal entry on September 30, 2016, to record payment of the notes payable at maturity (If no entry is required for a transaction event, select No journal entry required in the first account field Do not round intermediate calculations Enter your answers in dollars, not in millions ) References eBook Resources The following information applies to the questions displayed below The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 106,000 fans Assume the stadium sells out all five home games before the season begins, and the athletic department collects $87 45 million in ticket sales 7 value 1 00 points Required information Required 1 What is the average price per season ticket and average price per individual game ticket sold (Enter your answers in dollars, not in millions ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 04 Explain the accounting for other current liabilities Check my work 8 value 1 00 points Required information 2 Record the advance collection of $87 45 million in ticket sales (If no entry is required for a transaction event, select No journal entry required in the first account field Enter your answers in dollars, not in millions ) References eBook Resources Problem A Difficulty MediumLearning Objective 08 04 Explain the accounting for other current liabilities Check my work 9 value 2 00 points Required information 3 Record the revenue earned after the first home game is completed (If no entry is required for a transaction event, select No journal entry required in the first account field Enter your answers in dollars, not in millions ) References eBook Resources

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[The following information applies to the questions displayed below.] Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to

[The following information applies to the questions displayed below.]

Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.


Wages and salaries	$ 1,150,000
Employee contribution to voluntary retirement plan	48,300
Medical insurance premiums paid by employer	24,150
Life insurance premiums paid by employer	4,600
Federal and state income tax withheld	287,500
Social Security tax rate	6.20 %
Medicare tax rate	1.45 %
Federal and state unemployment tax rate	6.20 %

value: 1.00 points

Required information

Required:
1.	Record the employee salary expense, withholdings, and salaries payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-03 Account for employee and employer payroll liabilities.

Check my work

value: 1.00 points

Required information

2.	Record the employer-provided fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-03 Account for employee and employer payroll liabilities.

Check my work

value: 1.00 points

Required information

3.	Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

References

eBook & Resources

[The following information applies to the questions displayed below.]

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.2 million cash on October 1, 2015, to provide working capital for anticipated expansion. Precision signs a one-year, 8% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.

value: 1.00 points

Required information

Required:
1.	Prepare the journal entries on October 1, 2015, to record the issuance of the note. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Enter your answers in dollars, not in millions.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-02 Account for notes payable and interest expense.

Check my work

value: 1.00 points

Required information

2.	Record the adjustment on December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in dollars, not in millions.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-02 Account for notes payable and interest expense.

Check my work

value: 1.00 points

Required information

3.	Prepare the journal entry on September 30, 2016, to record payment of the notes payable at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in dollars, not in millions.)

References

eBook & Resources

[The following information applies to the questions displayed below.]

The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 106,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $87.45 million in ticket sales.

value: 1.00 points

Required information

Required:
1.	What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-04 Explain the accounting for other current liabilities.

Check my work

value: 1.00 points

Required information

2.	Record the advance collection of $87.45 million in ticket sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions.)

References

eBook & Resources

Problem ADifficulty: MediumLearning Objective: 08-04 Explain the accounting for other current liabilities.

Check my work

value: 2.00 points

Required information

3.	Record the revenue earned after the first home game is completed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions.)

References

eBook & Resources