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Individual Essay

724 words - 3 pages

Individual
E10-6 According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for state
Unemployment taxes.
Payroll Tax Expense $352.16, FICA Taxes Payable 198.40, Federal Unemployment Taxes Payable 19.40, State Unemployment Taxes Payable 133.92 (Record for Payable Taxes for the week)
E10-8 Jim Thome has prepared the following list of statements about bonds.
1 True, 2 True, 3 True, 4 True 5 False, the Secured Bonds that have specific assets of the issuer pledged as collateral. 6. False Bonds that mature in installments are called term bonds.
7. True 8. True, 9. True, 10. True
...view middle of the document...

issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest semiannually on May 1 and November 1.
Financial statements are prepared annually on December 31.
Instructions
(a) Prepare the journal entry to record the issuance of the bonds.
(b) Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c) Show the balance sheet presentation on December 31, 2011.
(d) Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012
(e) Prepare the journal entry to record payment of interest on November 1, 2012.
(f) Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds
May 1, 2011
debit. Cash $600,000
Credit. Bonds Payable $600,000
Issued 5-yr, 9% bond at FV
Dec. 31, 2011
Debit. Interest Expense $36,000
Credit. Interest Payable-Bond $36,000
To record 8 months of interest
May 1, 2012
Debit. Interest Payable $36,000
Credit Cash $36,000
Nov. 1, 2012
Debit Interest Expense $45,000
Credit. Cash $45,000
To record...

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