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Accounting 291 Week 4 Answers

XACC/291 – Week 4 Project

Complete Exercises E10-6, E10-8, & E10-18.

And Complications 10-3A & 10-6A.

E10-6

Payroll Taxes Expense$352. 16

FICA Taxes Payable 198. 40 Government Unemployment Taxes Payable 19. 84 State Unemployment Income taxes Payable 133. 92 (To Record Payable Taxes intended for the week)

E10-8

1 . True

2 . True

a few. False

some. True

5. False

6. False

7. True

8. Accurate

9. The case

10. The case

E10-18

A.

By. 1 Money 562, 613 Discount upon Bonds Payable 37, 387 Bonds Payable 600, 500 (To record sale of provides at price cut

B.

Jul. 1 Relationship Interest Expense 28, 131 Discount upon Bonds Payable 1, 131 Cash 27, 000 (To record payment of relationship interest and amortization of bond discount)

C.

Dec. 31 Connect Interest Expenditure 28, 187

Discount on You possess Payable you, 187 A genuine Interest Payable 27, 1000 (To record account relationship interest

and amortization on bond discount)

(b), (c)

(B) Interest Price (A) To become Recorded (C) Semiannual Interest to (5% X Previous Discount Curiosity Be Paid out Bond Holding Value) Amortization Periods (4. 5%x$600, 000 (E Back button. 05) (B) – (A)

Issue Particular date

1 27, 000 28, 131 1, 121 2 twenty-seven, 000 twenty eight, 187 1, 187

(D)

Unamortized (E)

Lower price Bond

(D) – (C) Carrying Value

37, 387 562, 613

36, 256 563, 744

thirty-five, 069 564, 931

Problem 10-3A

A.

May possibly. 1 Funds 600, 500 Bonds Payable 600, 000 (To record sale of provides at encounter value)

N.

Dec. 23 Bond Interest Exp. twenty seven, 000

Connection Interest Payable 27, 000 (To amass bond interest)

C.

Newby Corp.

"balance sheet"

Long Term Financial obligations

Bonds Payable 600, 1000 Less: Lower price on A genuine Payable six-hundred, 000

M.

May. one particular Bond Curiosity Exp. 28, 000 Funds 27, 500 (To record payment of bond interest)

E.

Nov. you Bond Fascination Exp. 28, 000 Connection Interest Payable 27, 000 (To accumulate bond interest)

F.

November. 1 Provides Payable six hundred, 000

High quality Bonds Payable 0

Reduction on Bonds Redemption doze, 000

Funds 612, 1000 (To record redemption of bonds for 102)

Trouble 10-6A

A.

July. one particular Cash a couple of, 000, 1000

Bonds Payable 2, 500, 000 (To record sale for bonds in face...

03.09.2019

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