...BMGT220 Week 1 to 7 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-1-7-homework-solutions/ Problem 1 Record the following journal entries below. The first two are done for you as examples. Date Event 1/2/2010 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation 1/4/2010 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later. 1/12/2010 Received $30,000 from customers for services rendered. 1/15/2010 Received a bill for construction supplies used in the amount of $4,000. 1/18/2010 Provided $6,400 of services on account. 1/20/2010 Paid employees $4,600 for wages earned. 1/22/2010 Collected the amount due for work provided on January 18. 1/23/2010 Paid the amount due on equipment purchased on January 4. 1/25/2010 Purchased (and used immediately) construction supplies for cash in the amount of $1,200. 1/31/2010 The company paid Amanda Smith a $3,000 dividend PROBLEM 2 Record the following journal entries below. Hint - some transactions do not require a journal entry Date Event 6/2/2011 Jose Alverado invested $50,000 cash in the capital stock of a new corporation 6/3/2011 Paid rent for June in amount of $2,000. 6/6/2011 Hired an assitant to be paid $6,000 per month. 6/7/2011 Signed contract with Alpha Company to provide services for $15,000. 6/8/2011 Purchased on account and immediately used...
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...BMGT220 Week 4 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-4-homework-solutions/ Compute the ending inventory using the perpetual weighted average method below. These are the same transactions used in week 3 homework: units price 1-Jan Beginning inventory 3,500 $ 3.00 14-Jan Bought 1,500 $ 3.15 5-Feb Sold 1,000 22-Feb Bought 2,000 $ 3.20 7-Mar Sold 1,500 15-Mar Sold 2,000 5-Apr Bought 1,000 $ 3.25 10-Apr Sold 800 12-Apr Sold 800 22-Apr Sold 500 4-May Sold 600 10-May Bought 2,000 $ 3.30 25-May Sold 500 Problem 2 Complete journal entries for the following transactions: 1. Sales for the month of June, 2014 were $75,000. Using a percentage allowance method of 1% record the allowance. 2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay 3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill 4. On July 30, our fiscal year ends, the allowance for doubtful accounts has a balance of $1...
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...BMGT220 Week 7 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-7-homework-solutions/ Mike works for Baltimore Corp. Fact's related to Mike's paycheck are listed below. He is paid $5,000 once per month on the last day of the month. He has already been paid for January. You are computing February payroll. Mike's pay is subject to social security taxes at a 6.2% rate and Medicare at a 1.45% rate. He has not exceeded the annual base for social security taxes. Assume the company will remit this tax and any employer match on the 3rd business day after pay day. Assume Mike's income tax withholding to be equal to $15% for Federal and 5% for Maryland. Assume that both of these withheld taxes will be remitted on the 3rd business day after pay day. Baltimore Corp pays for workers' compensation insurance at a 3.5% rate. None of this cost is paid by the employee. Baltimore Corp provides its employees with health care insurance, and pays 80% of the $600 per employee monthly premium. The other 20% is paid by employees via payroll withholdings. Mike participates in a tax-sheltered deferred savings plan (401k plan) and has 6% of his gross pay withheld each month. Baltimore Corp provides a 100% matching contribution of the first 5% of worker pay. There is no match after 5%. This is sent to the investment company on the 10th of the following month. Baltimore Corp's payroll is subject to federal (FUTA) tax of 6.2% of the first $7,000 of employee...
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...BMGT220 Week 6 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-6-homework-solutions/ Problem 1 On October 1, 20X4, Farmer Engineering Services purchased a new laser surveying instrument. Farmer paid $5,000 down and executed the following promissory note: ………………………. ………………….. Problem 2 Examine the following items and prepare the current liabilities section of the Balance sheet for Annapolis Corporation as of December 31, 2007 The beginning of year accounts payable was $100,000. Purchases on trade accounts during the year were $650,000, and payments on account were $610,000. The company incurs substantial costs for electricity to run its servers and air conditioning systems. As of December 31, 2007, it is estimated that $55,000 of electricity has been used, although the monthly billing for December has not yet been received. Annapolis Corporation sells web hosting plans for as low as $25 per month. However, it requires its customers to prepay in 6-month increments. As of the end of the year, $375,000 had been collected for 2008 web hosting plans. Web hosting services are subject to sales taxes, and Annapolis Corporation collected $65,000 during the year. All of these amounts have been remitted to taxing authorities, with the exception of $5,000 that is due to be paid in January, 2008. The company has total bank loans of $1,500,000. This debt bears interest at 6%, payable monthly. As of December 31, 2007, all interest...
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