CourseLover

(12)

$10/per page/Negotiable

About CourseLover

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 287 Weeks Ago, 4 Days Ago
Questions Answered: 27237
Tutorials Posted: 27372

Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 09 Dec 2017 My Price 10.00

cost for the equipment

1. New Co purchased equipment on June 15 of the current year and placed it in service on August 1. The following costs were incurred in acquiring the equipment:

Purchase (invoice) price

$215,600

Transportation

1,400

Insurance during shipping

200

One-year fire insurance beginning August 1 of the current year

1,200

Installation cost

4,000

Raw materials and direct labor used to test the equipment

1,000


Determine the amount to be recorded as cost for the equipment. You must show your work for credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. Record journal entry for a company that disposed of a plant asset. On June 1 of the current year, a company disposed of a truck that had cost $20,000. The truck had a salvage value of $1,000, and a useful life of 5 years. The accounting records showed accumulated depreciation for this truck of $8,000 as of June 1, of the current year. The asset was discarded after an accident, and $10,000 cash was received from an insurance claim. Prepare the journal entry to record the disposal of the truck, including the cash received and gain or loss. Use the date of June 1. show working

 

Date                Account Name                         Debit                                        Credit

 

 

      

3.      The payroll records for ABC Company provided the following data for the current weekly pay period ended February 28:

 

   Employee       Earnings end of year previous week             Gross pay            Federal income tax          Health insurance deductions       Union dues         United way

Poe                      5,800                                                                 800                        120                                               25                                                    10                 10

Rye                       6,850                                                                 1,100                        180                                            30                                                    10                  15

Sim                        12,900                                                                1,440                     404                                             40                                                   0                      40


Assume that the Social Security portion of the FICA taxes is 6.2% on the first $106,800 and the Medicare portion is 1.45% of all wages paid to each employee for this pay period. The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each employee.

Calculate the net pay for each employee for the current weekly pay period. You must workings

Answers

CourseLover
(12)
Status NEW Posted 09 Dec 2017 07:12 AM My Price 10.00

-----------  ----------- H-----------ell-----------o S-----------ir/-----------Mad-----------am ----------- Th-----------ank----------- yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------ns.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age-----------

Not Rated(0)