Exercises and Problems – Week Four

Exercise E10-6
Payroll Tax Expense 352.16
FICA Payable 198.40
Federal Unemployment Taxes Payable 19.84
State Unemployment Taxes Payable 133.92
(To record Payable Taxes for the week)
Exercise E 10-8
1. True
2. True
3. False
4. True
5. False
6. False
7. True
8. True
9. True
10. True
Exercise E10-18
A.
Jan.1, 2011 Cash 562,613
Discount on Bonds Payable 37,387
Bonds Payable 600,000
(To record sale of bonds at discount)
B.
Jul.1, 2011 Bond Interest Expense 28,131
Discount on Bonds Payable 1,131
Cash 27,000
(To record payment of bond interest and amortization of bond discount)
C.
Dec.31, 2011 Bond Interest Expense 28,187
Discount on Bonds Payable 1,187
Bonds Interest Payable 27,000
(To record account bond interest and amortization on bond discount)
Problem 10-3A
A.
May.1, 2011 Cash 600,000
Bonds Payable 600,000
(To record sale of bonds at face value)
B.
Dec.31, 2011 Bond Interest Expense 27,000
Bond Interest Payable 27,000
(To accrual bond interest)
C.
Newby Corp.
Balance Sheet
Long Term Liabilities
Bonds Payable 600,000
Less: Discount on Bonds Payable 600,000
D.
May.1, 2011 Bond Interest Expense 27,000
Cash 27,000
(To record payment of bond interest)
E.
Nov.1, 2011 Bond Interest Expense 27,000
Bond Interest Payable 27,000
(To accrue bond interest)
F.
Nov.1, 2011 Bonds Payable 600,000
Premium Bonds Payable 0
Loss on Bonds Redemption 12,000
Cash 612,000
(To record redemption of bonds at 102)
Problems 10-6A
A.
July.1, 2011 Cash 2,000,000
Bonds Payable 2,000,000
(To record sale of bonds at face value)
B.
Semi Annual Interest Prices |