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ACC 206 Week 2 Homework Chapter 11

ACC 206 Week 2 Homework Chapter 11
ACC 206 Week 2 Homework Chapter 11 -

Brief Exercise 11-1

Jamison Company has the following obligations at December 31:

For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.)

 

Brief Exercise 11-4

Derby University sells 4,820 season basketball tickets at $219 each for its 12-game home schedule.

Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized by playing the first home game. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 11-10

 Swenson Company has the following payroll procedures.

Identify the payroll function to which each procedure pertains.

 

Exercise 11-2 (Part Level Submission)

On June 1, Merando Company borrows $103,350 from First Bank on a 6-month, $103,350, 8% note.

Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 1

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 30

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Exercise 11-9 (Part Level Submission)

Suppose the following financial data were reported by 3M Company for 2013 and 2014 (dollars in millions).

3M Company

Balance Sheets (partial)

           

3M Company
Balance Sheets (partial)

   

2014

 

2013

Current assets

       

    Cash and cash equivalents

 

$ 3,009

 

$1,886

    Accounts receivable, net

 

3,270

 

3,213

    Inventories

 

2,587

 

2,964

    Other current assets

 

1,927

 

1,490

Total current assets

 

$10,793

 

$9,553

Current liabilities

 

$ 4,852

 

$5,825

Calculate the current ratio and working capital for 3M for 2013 and 2014. (Round current ratio to 2 decimal places, e.g. 1.25 : 1.)

 

Problem 11-3A (Part Level Submission)

Mann Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2014, are presented below.

Employee

 

Hours Worked

 

Hourly Rate

 

Federal Income Tax Withholdings

 

United Fund

Ben Abel

 

40

 

$15

 

$?

   

$5.00

 

Rita Hager

 

41

 

16

 

?

   

5.00

 

Jack Never

 

44

 

13

 

60.00

   

8.00

 

Sue Perez

 

46

 

13

 

61.00

   

5.00

 

 

Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%.

(b)         

Journalize the payroll on March 15, 2014, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 15

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

(To record payroll)

   

Mar. 15

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

Entry field with correct answer

Entry field with correct answer

Entry field with correct answer

 

(To record accrual of payroll taxes.)

   

 (c)

 

Journalize the payment of the payroll on March 16, 2014. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 (d)        

Journalize the deposit in a Federal Reserve bank on March 31, 2014, of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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