There was $190 of supplies on hand at the end of the year Recognized the uncollectible accounts expense for the year using the allowance method Pacilio now estimates that 1 percent of sales on account will not be collected Recognized depreciation expense on the equipment, van, and building The equipment, purchased in Year 8, has a five year life and a $2,000 salvage value The van has a four year life and a $6,000 salvage value The building has a 40 year life and a $10,000 salvage value The company uses straight line for the equipment and the building The van is fully depreciated The alarm systems sold in transaction 7 were covered with a one year warranty Pacilio estimated that the warranty cost would be 2 percent of alarm sales The unemployment tax on the three employees has not been paid Record the accrued unemployment tax on the salaries for the year The unemployment tax rate is 4 5 percent and gross wages for all three employees exceeded $7,000 Recognized the employer Social Security and Medicare payroll tax that has not been paid on $8,000 of salaries expense

Question

There was $190 of supplies on hand at the end of the year  Recognized the uncollectible accounts expense for the year using the allowance method  Pacilio now estimates that 1 percent of sales on account will not be collected  Recognized depreciation expense on the equipment, van, and building  The equipment, purchased in Year 8, has a five year life and a $2,000 salvage value  The van has a four year life and a $6,000 salvage value  The building has a 40 year life and a $10,000 salvage value  The company uses straight line for the equipment and the building  The van is fully depreciated  The alarm systems sold in transaction 7 were covered with a one year warranty  Pacilio estimated that the warranty cost would be 2 percent of alarm sales  The unemployment tax on the three employees has not been paid  Record the accrued unemployment tax on the salaries for the year  The unemployment tax rate is 4 5 percent and gross wages for all three employees exceeded $7,000  Recognized the employer Social Security and Medicare payroll tax that has not been paid on $8,000 of salaries expense

Accepted Answer

The Answer is in the image, click to view ...

Question

There was $190 of supplies on hand at the end of the year. Recognized the uncollectible accounts expense for the year using the allowance method.

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Information Technologies In Accounting And Auditing A Post-Soviet Approach

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question