Having trouble with Accounting for Business Operations, 1640. I would love some help! Thank you. Please see the attached document.
Having trouble with Accounting for Business Operations, 1640. I would love some help! Thank you. Please see the attached document.
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Unit 6 Homework Assignment
Exercise 8.2 (page 238)
: An abbreviated payroll register for the Achermann Corporation
for the week ending August 18, 2010, as follows:
Employee
Gross Earnings
Federal Income Tax
FICA
Retirement Contribution
Dean
$740.00
$148.00
$56.61
$74.00
Schmidt
705.00
141.00
53.93
70.00
Lacey
580.00
104.00
44.37
50.00
Prepare the journal entry to record the following:
1.
Payment of the weekly payroll.
Salary and wage expense
2,025.00
FIT withheld
393.40
FICA taxes withheld
154.91
Retirement withheld
194.00
Cash
1,282.90
Payroll tax expense
280.46
FICA taxes payable
154.91
SUTA taxes payable
($2,025 * 0.054)
109.35
FUTA taxes payable
($2,025 * 0.008)
16.20
2. The payroll taxes for this time period (SUTA is 5.4 percent and FUTA is 0.8 percent of
gross earnings).
Exercise 8.5 (page 238)
: Determine the amounts in question in the following schedule:
A
B
C
Beginning Inventory
$667,800
$388,200
????????
Merchandise Purchased
4,776,200
????????
647,600
Merchandise Available for
Sale
????????
$2,940,700
????????
Ending Inventory
819,900
????????
163,900
Cost of Goods Sold
????????
$1,457,900
$534,800
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Exercise 8.11 (page 239)
: Hegge Company uses the periodic inventory system.
Journalize the following entries for April, assuming Hegge Company uses the gross price
method of recording direct material purchases.
Apr 6 Purchased $15,100 in direct materials from Kunzman Wholesale;
terms 1/15, n/30, FOB shipping point.
Apr 9 Paid Carper Transit $250 freight charges on the purchase of April
6th.
Apr 12 Returned $1,400 gross price of direct materials from the April
6
th
purchase to Kunzman Wholesale because the items were the wrong model.
Apr 30 Paid Kunzman Wholesale the amount due.
Exercise 8.12 (page 239)
: Refer to Exercise 8.11. Make the journal entries assuming
Hegge uses the perpetual inventory system and the gross price method.
Exercise 8.13 (page 239)
: Refer to Exercise 8.11. Make the journal entries assuming
Hegge uses a periodic inventory system and the net price method.
Exercise 8.14 (page 239)
: Refer to Exercise 8.11. Make the journal
