Re: Accounting Homework

lesson_11_assignment.xls

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Data & Forms P11-01


Problem 11-01			Student Name:
Given Data:				Forms:
TYTUS CO.				TYTUS CO. COMPANY
				Schedule
2006
Apr 20	Credit purchase from Frier	$ 38,500					Community	UMB
May 19	Replaced Frier accounts payable with note					Frier	Bank	Bank
	Term in days	90		1.	Maturity dates:
	Annual interest	10%			Date of the note
	Cash paid	8,500			Term of the note (in days)
	Balance of note	30,000			Maturity date
Jul 8	Borrowed from Community Bank					0	0	0
	Term in days	120
	Annual interest	9%		2.	Interest due at maturity:
	Amount of note	60,000			Principal of the note
?	Paid note to Frier at maturity	?			Annual interest rate
?	Paid note to Community Bank at maturity	?			Fraction of year
Nov 28	Issued/signed note to UMB Bank				Interest expense
	Term in days	60				0	0	0
	Annual interest	8%
	Amount of note	21,000		3.	Accrued interest on UMB note at end of 2006:
	Face value	21,000			Total interest for note
Dec 31	Entered adjusting entry for interest				Fraction of term in 2006
	accrued on note to UMB Bank	?			Accrued interest expense at end of 2006
								0
2007
?	Paid note to UMB Bank at maturity	?		4.	Interest on UMB note for 2007:
					Total interest for note
					Fraction of term in 2007
					Interest expense in 2007
								0
				TYTUS CO. COMPANY
				General Journal
						Trans.
				Date	Account Titles	No.	Debit	Credit
Use the following account titles for the journal entries:				2006.0
	Accounts Payable (Frier)			Apr 20
	Cash								0
	Interest Expense
	Interest Payable			May 19
	Merchandise Inventory								0
	Notes Payable (Community Bank)								0
	Notes Payable (Frier)
	Notes Payable (UMB Bank)			Jul 8
									0
				Aug 17
									0
				Nov 5
									0
				Nov 28
									0
				Dec 31
									0
				2007.0
				Jan 27
									0

Enter appropriate data in yellow cells. Your entries for "Interest expense" will be verified.

Enter appropriate data in yellow cells. Your entries for "Accrued interest expense" will be verified.

Enter appropriate data in yellow cells. Your entries for "Interest expense in 2005" will be verified.

Enter appropriate data in yellow cells. Your Credit entries will be verified.

Maturity date is August 17

Maturity date is November 5

Maturity date is January 27

Data & Forms P11-02


Problem 11-02								Student Name:
Given Data:				Forms:
LEGAL STARS				LEGAL STARS
				Payroll
Tax	Rate	Applied to
FICA-Social Security	6.20%	First	$ 87,000	1.	Each employee's FICA withholdings for Social Security:
FICA-Medicare	1.45%	Gross pay
FUTA	0.80%	First	7,000			Dale	Ted	Kate	Chas	Total
SUTA	2.15%	First	7,000		Maximum base
					Earned through 8/18
	Gross				Amount subject to tax
	Pay	Current Week				0	0	0	0
	through	Gross	WH
Name	8/18	Pay	Tax		Earned this week
Dale	$ 86,200	$ 2,000	$ 252		Subject to tax
Ted	29,700	900	99		Tax rate
Kate	6,750	450	54		Social Security tax
Chas	1,050	400	36			0	0	0	0	0
Weekly health insurance premium			$16 each	2.	Each employee's FICA withholdings for Medicare (no limits):
Percentage of gross earnings contributed
by employer to pension fund			8%			Dale	Ted	Kate	Chas	Total
					Earned this week
Check figures:					Tax rate
(3)	$ 158.10				Medicare tax
(4)	54.38					0	0	0	0	0
(5)	5.20
(7) Total net pay	3,032.52			3.	Employer's FICA taxes for Social Security:
						Dale	Ted	Kate	Chas	Total
						0	0	0	0	0
				4.	Employer's FICA taxes for Medicare:
						Dale	Ted	Kate	Chas	Total
						0	0	0	0	0
				5.	Employer's FUTA taxes:
						Dale	Ted	Kate	Chas	Total
					Maximum base
					Earned through 8/18
					Amount subject to tax
						0	0	0	0
					Earned this week
					Subject to tax
					Tax rate
					FUTA tax
						0	0	0	0	0
				6.	The employer's SUTA taxes:
						Dale	Ted	Kate	Chas	Total
					Subject to tax
					Tax rate
					SUTA tax
						0	0	0	0	0
				7.	Each employee's net (take-home) pay:
						Dale	Ted	Kate	Chas	Total
					Gross earnings
					Less:
					FICA Social Security taxes
					FICA Medicare taxes
					Withholding taxes
					Health insurance
					Take-home pay
						0	0	0	0	0
				8.	Employer's total payroll-related expense for each employee:
						Dale	Ted	Kate	Chas	Total
					Gross earnings
					Plus:
					FICA Social Security taxes
					FICA Medicare taxes
					FUTA tax
					SUTA tax
					Health insurance
					Pension contribution (8%)
					Total
						0	0	0	0	0

Enter appropriate data in yellow cells. Your entries for "Amount subject to tax" and "Social Security tax" will be verified.

Round your answers for "Social Security tax" to two decimal places.

Round your answers for "Medicare tax" to two decimal places.

Round your answers for "Social Security tax" to two decimal places.

Round your answers for "Medicare tax" to two decimal places.

Enter appropriate data in yellow cells. Your entries for "Amount subject to tax" and "FUTA tax" will be verified.

Round your answers for "FUTA tax" to two decimal places.

Enter appropriate data in yellow cells. Your entries for "SUTA tax" will be verified.

Round your answers for "SUTA tax" to two decimal places.

Enter appropriate data in yellow cells. Your entries for "Take-home pay" will be verified.

Enter appropriate data in yellow cells. Your entries for "Total" will be verified.

Round your answers for "Pension contribution" to two decimal places.