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Tools View Comprehensive Problem for Principles - AutoRecovered H The Jacks Company began business Joly I from its lame state of Arkansas It is authorized to sue 100,000 shares of common stock with a st pat valon and 50,000 shares of peefented stock with S50 par value, dividend of 5%. The products have a year Warty and the warranty payable is estimated each month. There is a 6 tax on sales Salaties are paid on the last day of the mouth. This is a new business with no beginning balances in these accounts Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Fixtures Accounts Payable Employee Income Tax Payable OASDI Tax Payable Medicate Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividenda Payable Common Notes Payable Morte Payable Common Stock Paid in capital in excess of a common Paid in capital from tresury stock transaction Cash Dividends Retained as Treasury Stock Sales Revenge Cost of Goods Sold Salones Expense Utilities Expense Depreciation Fixpense Warranty Sixpense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions Jul 1 Issued 25.000 shares of common stock for $20 per share 1 Signed a Mortgage Payable for $200,000 for a building with an interestis 8. Mortene payments are the first of each month for $2,300 begin As I The sets and market values of Build a $150,000 and Land 550.000 2 Seed 1 year Note Payable for Store Fortures in the amount of $10.000 The principle and internat 12 Purchased Merchandise Inventory from The Behine for $120.000 on account 12 Paid tilties S150 31 Chh sales for the first month was $175.000 Add sales te COGS $100,000 med et of sales Type here to see o @ G 12 M Tools View Comprehensive Problem for Principles 2 AutoRecovered 31 Paid employees withholding appropriate taxes and recording proper pyroll taxes for the business and the insurance. Employees cured you $15.000, ($5 000 each) Federal income Tax was $3.500 Life once 510. Tax Tales OASDI 6.2%, Medicare 1.45% FUTA 6%, SUTA 54% Unemployment is only paid on the first $7,000 earned by each employee 13 Paid utilities, $100 15 Purchased inventory, an account, 580,000 30 Cash sales for the month were $180,000 COGS was $105,000 Add sales tax. Record warranty expete 30 Paid employees and recorded all appropriate payroll taxes and the insurance No unemployment Aur Mortgage payment due and was paid Round interest to the nearest dollar 4 Paid the A/P in fall 5 Purchased more inventory on account. $140,000 10 Purchased treasury stock for $15 each share. 1000 shares 11 Paid all employment related liabilities including the life insurance 12 Paid the sales tax due to Oklahoma 13 Paid $1,000 in warranty claims 15 Declared cash dividend. S1. 10 per share on outstanding shares 16 Paid utilities 5155 18 Paid dividendo due 21 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense 5% 31 Paid employees, same as last month, except on the employment All pay roll taxes recorded and the life in Required Journalise transactions No explanations, but show calculations when necessary. These are for the quarter Post to Taccount Adrasting entries pre pared a Building has estimated useful life of 40 years with $10,000 residual value, straight-line Fixtures has 10 yeur estimated useful life with $1,000 residual V SL 6. Accroe meest expense on the Mortgage Payable. Accrae interest expertise on the Note Payable d. Accrue income tax expense of $25,000 Post the calculate account balances and prepare and posted trial balance Prepare att Maltep come Statement Statement of Re tuned Classified Balance Sheet, and Statement of Cash Flows. Evaluate how the business is donen profiteration (retium on you per a profit) and will they be able to pay their debet (car retrato, cash flow analysis Sept 1 Made the second more payment 2 Paid AP 6 Paid $5,000 on wanity claims 7 Sold treasury Mock for $16 per share 10 Paid all payroll related liabilities including the in 12. Paid the sales tax due to state of Oklahoma Do your own work. It will be orded somewhat for completion but more points can be earned if it is relate work will be accepted up to 1 week late a penalty for each day We 1 0 Type here to search 44 i G D Tools View Comprehensive Problem for Principles - AutoRecovered H The Jacks Company began business Joly I from its lame state of Arkansas It is authorized to sue 100,000 shares of common stock with a st pat valon and 50,000 shares of peefented stock with S50 par value, dividend of 5%. The products have a year Warty and the warranty payable is estimated each month. There is a 6 tax on sales Salaties are paid on the last day of the mouth. This is a new business with no beginning balances in these accounts Cash Merchandise Inventory Land Building Accumulated Depreciation Building Store Fixtures Accumulated Depreciation Store Fixtures Accounts Payable Employee Income Tax Payable OASDI Tax Payable Medicate Tax Payable Employee Life Insurance Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Sales Tax Payable Income Tax Payable Interest Payable Dividenda Payable Common Notes Payable Morte Payable Common Stock Paid in capital in excess of a common Paid in capital from tresury stock transaction Cash Dividends Retained as Treasury Stock Sales Revenge Cost of Goods Sold Salones Expense Utilities Expense Depreciation Fixpense Warranty Sixpense Income Tax Expense Interest Expense Payroll tax expense Fringe benefit expense Transactions Jul 1 Issued 25.000 shares of common stock for $20 per share 1 Signed a Mortgage Payable for $200,000 for a building with an interestis 8. Mortene payments are the first of each month for $2,300 begin As I The sets and market values of Build a $150,000 and Land 550.000 2 Seed 1 year Note Payable for Store Fortures in the amount of $10.000 The principle and internat 12 Purchased Merchandise Inventory from The Behine for $120.000 on account 12 Paid tilties S150 31 Chh sales for the first month was $175.000 Add sales te COGS $100,000 med et of sales Type here to see o @ G 12 M Tools View Comprehensive Problem for Principles 2 AutoRecovered 31 Paid employees withholding appropriate taxes and recording proper pyroll taxes for the business and the insurance. Employees cured you $15.000, ($5 000 each) Federal income Tax was $3.500 Life once 510. Tax Tales OASDI 6.2%, Medicare 1.45% FUTA 6%, SUTA 54% Unemployment is only paid on the first $7,000 earned by each employee 13 Paid utilities, $100 15 Purchased inventory, an account, 580,000 30 Cash sales for the month were $180,000 COGS was $105,000 Add sales tax. Record warranty expete 30 Paid employees and recorded all appropriate payroll taxes and the insurance No unemployment Aur Mortgage payment due and was paid Round interest to the nearest dollar 4 Paid the A/P in fall 5 Purchased more inventory on account. $140,000 10 Purchased treasury stock for $15 each share. 1000 shares 11 Paid all employment related liabilities including the life insurance 12 Paid the sales tax due to Oklahoma 13 Paid $1,000 in warranty claims 15 Declared cash dividend. S1. 10 per share on outstanding shares 16 Paid utilities 5155 18 Paid dividendo due 21 Cash sales revenue was $130,000 for the month. Add sales tax. COGS was $80,000 Record the warranty expense 5% 31 Paid employees, same as last month, except on the employment All pay roll taxes recorded and the life in Required Journalise transactions No explanations, but show calculations when necessary. These are for the quarter Post to Taccount Adrasting entries pre pared a Building has estimated useful life of 40 years with $10,000 residual value, straight-line Fixtures has 10 yeur estimated useful life with $1,000 residual V SL 6. Accroe meest expense on the Mortgage Payable. Accrae interest expertise on the Note Payable d. Accrue income tax expense of $25,000 Post the calculate account balances and prepare and posted trial balance Prepare att Maltep come Statement Statement of Re tuned Classified Balance Sheet, and Statement of Cash Flows. Evaluate how the business is donen profiteration (retium on you per a profit) and will they be able to pay their debet (car retrato, cash flow analysis Sept 1 Made the second more payment 2 Paid AP 6 Paid $5,000 on wanity claims 7 Sold treasury Mock for $16 per share 10 Paid all payroll related liabilities including the in 12. Paid the sales tax due to state of Oklahoma Do your own work. It will be orded somewhat for completion but more points can be earned if it is relate work will be accepted up to 1 week late a penalty for each day We 1 0 Type here to search 44 i G D

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