Maurice Tutor

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Oct 2017 My Price 7.00

bond indenture

Company issued $2,000,000 of 30-year, 8% callable bonds on April 1, 2011, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Journalize transactions:

 

2011

 

Apr.1 -issued the bonds for cash at their face amount.

 

Oct. 1 Paid the interest on the bonds

 

2013

 

Oct.1 Called the bond issue at 103, the rate provided in the bond indenture.

 

(Omit entry for payment of interest)

 

 

 

2011 Apr. 1
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2011 Oct. 1

 

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2013 Oct. 1

 

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2) Prepare entries:

 

A- Issued 1,000 shares of $10 par common stock at $59 for cash

 

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B- Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $60,000.

 

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C- Purchased 100 shares of treasury stock at $32.

 

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D- Sold 100 shares of treasury stock at $42

 

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Q3 -The summary of the payroll for the monthly pay period ending July 15

 

Sales salaries $125,000

 

Federal income tax withheld $32,300

 

Office salaries $35,000

 

Medical insurance withheld $ 7,370

 

SS tax withheld $10,200

 

Medicare tax withheld $2,550

 

A- Journalize the entry to record the payroll.

 

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B- Journalize the entry to record the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.

 

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Answers

Maurice Tutor
(5)
Status NEW Posted 29 Oct 2017 08:10 AM My Price 7.00

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