on march 1 of the current year the johnson company negotiated a 12 1 year 100 000 no 495015

On March 1, of the current year the Johnson Company negotiated a, 12%, 1-year, $100,000 note with Low Mountain Savings and Loan. Show the effects on the accounting equation, by account title: 1. At the origination of the loan. Assets = Liabilities + Equity 2. To record year-end interest. Assets = Liabilities + Equity

Document Preview:

Don't use plagiarized sources. Get Your Custom Essay on
on march 1 of the current year the johnson company negotiated a 12 1 year 100 000 no 495015
For $10/Page 0nly
Order Essay

GLICKMAN – ACC111 End of Chapter 11 Test – (40 points) Name: _______________________________________ Please show all calculations!!! PROBLEM #1 – 18 points On March 1, of the current year the Johnson Company negotiated a, 12%, 1-year, $100,000 note with Low Mountain Savings and Loan. Show the effects on the accounting equation, by account title: 1. At the origination of the loan. Assets = Liabilities + Equity 2. To record year-end interest. Assets = Liabilities + Equity 3. At the maturity of the note. Assets = Liabilities + Equity PROBLEM #2 – 22 points Presented below are the employee payroll records of the Bronsan Company for the week ending November 15, 20XX: Employee’s Name?YTD Earnings?Curr Week Gross Pay?Fed Inc Tax?Medical Ins Ded.??R. Hawn?$ 25,700?$ 800?$ 155?$ 35??D. Hopkins?930?800?134?35??R. Allen?86,900?1,000?193?42??Ingram?18,400?740?128?42?? Employee’s FICA taxes are withheld at a rate of 6.2% on the first $87,000 earned for Social Security and 1.45% of all wages for Medicare. Assume a state unemployment tax rate of 5.4% and a federal unemployment tax rate of 0.8% on the first $7,000 for each employee. Prepare the payroll register for the pay period and then prepare the necessary journal entries to record the payroll and payroll taxes. (Hint: Remember to prepare both employee payroll taxes and employer payroll taxes.) Payroll Register Employee?Gross Pay?Fed Inc Tax?Soc Sec Tax?Medicare Tax?Insurance?Net Pay?????????????????????????????????????????????????? General Journal Date?Description?Debit?Credit??????????????????????????????????????????????????????????????

Attachments:

Calculator

Calculate the price of your paper

Total price:$26

Need a better grade?
We've got you covered.

Order your paper