# 1. Where is the store based2. How do I pay for my order Is i.docx

7. Nov 2022
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### 1. Where is the store based2. How do I pay for my order Is i.docx

• 1. 1. Where is the store based? 2. How do I pay for my order? Is it secure? 3. How much does shipping cost? 4. How long will it take for me to receive my order? 6. I did not get what I ordered. What do I do? 7. Can I return/exchange my t-shirt? Payroll Chapter Homework Assignment Problem 1 Dave earns \$16 per hour for up to 40 hours. Over 40 hours is paid at time and one half. Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with the social security limit of \$102,000 of annual earnings. Using the information below, calculate Dave's paycheck: Hours worked this week: 44 Year-to-date earnings before this week: \$101,200 Federal income tax: 20%
• 2. Medical withholding: \$60 Problem 2 Assume that the total earnings of all the employees for this payroll period is \$800,000. Of the \$800,000, \$90,000 is exempt from social security as a group of employees are over the annual limit. Also assume that \$25,000 was earned by employees who had not yet earned \$7,000 for the year. Calculate the employer's payroll tax expense for the week assuming the rates of 5.4% state unemployment and .8% federal unemployment. Problem 3 Assume the following for the Smith Company: Total salaries earned: Administrative \$15,000 Sales salaries \$10,000 Total \$25,000 Withholdings: FIT \$4,750
• 3. Social Security \$1,550 Medicare \$363 Medical insurance \$1,200 United Way \$250 Total \$8,113 Assume the following tax rates: FICA 7.65% - no employee has gone over the \$102,000 limit FICA tax SUTA 5.4% - only \$8,000 of the above payroll is still subject to this tax FUTA .8% - only \$8,000 of the above payroll is still subject to this tax. Required: a. Record the general journal entry for the above payroll. b. Record the general journal entry for the related employer payroll taxes. Problem 4 Prior Week EE Hours Rate Salary FIT Medical YTD Earnings Dept
• 4. Leonard 40 \$16 \$125 \$30 \$6,500 Office James 45 \$18 \$200 \$50 \$54,000 Office McIntire \$5,000 \$500 \$50 \$125,400 Admin Johnson \$2,500 \$300 \$50 \$100,700 Admin Rose 42 \$14 \$100 \$4,000 Office Assume the following: Overtime after 40 hours at time and one-half. FICA - Social security 6.2% on the first \$102,000 of annual earnings Medicare 1.45% SUTA - 5.4% of the first \$7,000 of annual earnings FUTA - .8% of the first \$7,000 of annual earnings Required: a. Record the payroll entry for the current week. b. Record the employer payroll tax for the current week. c. Record the entry to pay the FICA for the current week. Current week As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end
• 5. of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission. Assignment Introduction Sandra and Pierre want to start a business. Pierre has \$200,000 in cash and Sandra \$350,000 in cash and equipments to invest into the business. Their consultants recommend the use of a partnership instead of sole proprietorship and corporation. Identify and explain the principal characteristics of the partnership form of business organization. Explain the current challenges to partnerships that these two partners may face. Assignment Instructions The writing assignment will demonstrate competence on the partnership objective in a 2 to 5 page paper (300 to 700 words). Your paper must show at least three articles including two (2) external scholarly journal references. Please review the APA 6th ed. guidelines to assist you in formatting your paper. Two of the references must come from the Mount Washington College Library. Some references such as WIKIPEDIA will not be accepted. To cite an article with the proper APA format, you may click on the CITE button from the online library site. The assignment will be evaluated according to the following Writing Assignment Grading Criteria: · APA Formatting Help · Article in Mount Washington Library The following rubric will be used to assess your final product: · ACCT112 Information Literacy Assignment Rubric This assignment will be due at the end of Pod 8. Partnership Homework Assignments Problem 1
• 6. Woodman and Young decide to form a partnership. Woodman owned a previous business before joining Young. The balances on Woodman's books and the associated fair market values are shown below: Books Agreed Fair Value Cash 5,000\$ 5,000\$ Accounts Receivable 95,000 90,000 (they agree that \$5,000 will never be collected) Inventory 80,000 90,000 (they agree that inventory should be \$90,000) Equipment 125,000 35,000 (they agree that replacement value is \$35,000) Accum. Depreciation 100,000 Accounts Payable 75,000 75,000 Required: Journalize the investment by Woodman into the partnership Problem 2 Franks and Bean decide to form a partnership with initial investments of \$80,000 and \$90,000. Determine
• 7. their respective shares of this year's net income of \$125,000 under the following partnership agreement: 1. Each partner is to receive 10% on their original investments 2. Partners would receive salary allowances, \$35,000 to Franks, and \$25,000 to Bean 3. The remainder shared in a ratio of 3:1 Problem 3 Wyatt is admitted into the partnership of Johnson and Gath. Prior to his admission, the partnership books show Johnson's capital balance of \$40,000, and Gath's at \$60,000. Johnson and Gath share gains and losses equally according to the partnership agreement. Compute and journalize each partner's equity on the books of the new partnership under the following scenarios: a. Wyatt purchases one-half of Johnson's equity for \$25,000. Wyatt pays Johnson directly. b. Wyatt invests \$60,000 into the partnership and receives 1/4 interest in the partnership. c. Wyatt invests \$60,000 into the partnership and receives 40% interest in the partnership. Problem 4
• 8. Watson is set to retire from the Watson and Kinsler partnership. The current balance sheet shows the following capital balances: Watson \$75,000 and Kinsler \$60,000. The partnership states that Watson and Kinsler share gains/losses in a ratio of 2/5 to 3/5. The partners agree to write down receivables by \$2,000, and write up inventory by \$10,000. Required: a. Journalize the revalution of the partnership assets. b. Journalize the withdrawal of Watson from the partnership assuming that he is to receive cash for his equity in the business. Problem 5 The partnership of Boyd, Carlson, and Dove is going out of business. Prior to liquidation, the accounting records show the following balances: Cash of \$9,000, All other assets of \$57,000, Accounts Payable of \$20,000, Boyd Capital of \$20,000, Carlson Capital of \$15,000, and Dove Capital of \$11,000. The partners share gains/losses in ratio of 40%,30%, 30% respectively. The partners sold the noncash assets for \$77,000, paid the liabilities, and gave the remaining cash to the
• 9. partners. Required: Prepare a liquidation schedule as shown on the last side of the PowerPoint, and journalize each step of the liquidation process. Mount Washington College Accounting II - Quiz 6 Question 1 Carroll Company has stock outstanding as follows: 15,000 shares of 5% cumulative preferred stock at \$100 par, and 100,000 shares of common stock at \$25 par. During its first five years of operations, the following amounts were distributed as dividends: first year, \$15,000; second year, \$65,000; third year, \$90,000; fourth year, \$130,000; fifth year, \$250,000. Required: Calculate the dividends on each class of stock for each of the five years.
• 10. Mount Washington College Accounting II - Quiz 6 Question 2 Rackers Apparel Inc. was organized March 17, 2005 with an authorization of 100,000 shares of 10% noncumulative preferred stock, \$100 par, and 500,000 shares of \$1 par common stock. The following transactions were completed during the first year of operations: March 17 Issued 40,000 shares of common stock at \$4 for cash. April 14 Issued 25,000 shares of common stock at \$5 for cash. May 15 Issued 35,000 shares of preferred stock at \$110 for cash. Required: A. Journalize the above transactions. B. Prepare the Stockholders' Equity section of the balance sheet assuming Retained earnings of \$50,000.
• 11. Mount Washington College Accounting II - Quiz 6 Question 3 The dates of importance in connection with a cash dividend of \$175,000 on Wilson Corp's common stock are March 10, March 21, and April 9. Required: Journalize the entries required on each date. Mount Washington College Accounting II - Quiz 6 Question 4 Murray Corporation completed the following treasury stock transactions: a. Purchased 3,000 shares of the company's \$1 par value stock for \$5 per share.
• 12. b. Sold 500 shares of the treasury stock for \$6 per share. c. Sold 1,500 shares of the treasury stock for \$4.50 per share. Required: 1. Journalize the entries required on each date. Mount Washington College Accounting II - Quiz 5 C. Frederico, Instructor Question 1 On March 1, Jones and Houston formed a partnership. Jones and Houston each contributed to the partnership as follows: Fair Market Valuation Per Books Jones Cash \$ 15,000 \$ 15,000 Accounts Receivable \$ 47,000 \$ 50,000 Inventory \$ 65,000 \$ 57,000 Equipment \$ 40,000 \$ 150,000 Accum. Depreciation \$ 105,000 Accounts Payable \$ 5,000 \$ 5,000
• 13. Notes Payable \$ 20,000 \$ 20,000 Houston Cash \$ 25,000 \$ 25,000 Accounts Receivable \$ 55,000 \$ 54,000 Inventory \$ 75,000 \$ 80,000 Equipment \$ 35,000 \$ 125,000 Accum. Depreciation \$ 100,000 Accounts Payable \$ 35,000 \$ 35,000 Required: Prepare the journal entries to record the initial investment of the partners. Mount Washington College Accounting II - Quiz 5 Question 2 Westbrook and Tomlinson formed a partnership by investing \$75,000 and \$50,000 respectively. During its first year, the partnership earned \$80,000. The partnership agreement has the following income sharing plan: 1. Westbrook is to receive a \$20,000 per year based on service. Tomlinson is to receive a \$30,000 per year based on service. 2. 10% interest allowance on their initial investments.
• 14. 3. Remaining to be divided equally. Required: A. Prepare the calculation to show how the income for the first year is to be divided. B. Journalize the entry to close the income summary account at the end of the first year. Mount Washington College Accounting II - Quiz 5 Question 3 The partnership of Moats, Jones & Jackson is going out of business. The partnership shares income and losses in a ratio of 3:2:1. On May 2, after discontinuing operations of the partnership and closing the accounts, the following trial balance in summary form was prepared: Dr. Cr. Cash \$ 25,000 Noncash assets \$ 80,000 Liabilities \$ 22,000 Moats, Capital \$ 28,000 Jones, Capital \$ 22,000 Jackson, Capital \$ 33,000
• 15. \$ 105,000 \$ 105,000 The partners are able to sell the noncash assets for \$85,000 and payoff the debts of \$22,000. Required: A. Prepare a schedule to show the distribution of cash at liquidation using the accounting equation format (any deficits are absorbed by the other partners): |-----------------Capital------------------| Cash + Noncash = Liabilites + Moats + Jones + Jackson B. Journalize each step of the liquidation process. Mount Washington College Accounting II - Quiz 5 Question 4 Fitzgerald and Johnson, who have capital accounts of \$55,000 and \$95,000 respectively, have operated a successful firm for many years, sharing net income and losses equally. Moulds is to be admitted to the partnership with an investment of \$60,000
• 16. in return for which he will receive a 30% interest in the partnership. Required Journalize the entry to reflect this transaction. Problem 1 Susan earns \$22 per hour for up to 40 hours. Over 40 hours is paid at time and one half. Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with the social security limit of \$102,000 of annual earnings. Using the information below, calculate Susan's paycheck: Hours worked this week: 46 Year-to-date earnings before this week: \$101,250 Federal income tax: 15% Medical withholding: \$60 Problem 2 Assume that the total earnings of all the employees for this payroll period is \$1,000,000. Of the \$1,000,000, \$110,000 is exempt from social security as a
• 17. group of employees are over the annual limit. Also assume that \$80,000 was earned by employees who had not yet earned \$7,000 for the year. Calculate the employer's payroll tax expense for the week assuming the rates of 5.4% state unemployment and .8% federal unemployment. Problem 3 Prior Week EE Hours Rate Salary FIT Health Ins United Way YTD Earnings Dept Parker 40 \$17 \$100 \$35 \$10 \$54,000 Office Winfield 47 \$12 \$125 \$65 \$15 \$6,000 Admin Hamilton \$2,750 \$400 \$65 \$5 \$99,750 Admin Johnson \$3,250 \$350 \$35 \$20 \$100,700 Admin Davis 39 \$15 \$105 \$6,500 Office Walters 65 \$25 \$275 \$65 \$5 \$101,250 Office Assume the following: Overtime after 40 hours at time and one-half. FICA - Social security 6.2% on the first \$102,000 of annual earnings
• 18. Medicare 1.45% SUTA - 5.4% of the first \$7,000 of annual earnings FUTA - .8% of the first \$7,000 of annual earnings Required: a. Record the payroll entry for the current week. b. Record the employer payroll tax for the current week. c. Record the entry to pay the FICA for the current week. Mount Washington College Quiz 4 Accounting II Current week