Home insert Design Layout References Mailings Review View Help ell me what Share

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Home insert Design Layout References Mailings Review View Help ell me what Share % Cut Calibri 14.AAAa. ? ?.?. O Find - Copy AaBbCcDo AaBbCcDe · | u-x, x' A·??·??? Replace Select- Editing U - abe x ?·B- Heading 2 1 Normal Strong * Format Painter Emphasis Headingt Heading 2 t omal · Sing lipboard Font PROBLEM 1: Paragraph Styles EQUIPMENT A EQUIPMENT B COST ACCUMULATED DEPRECIATION(1/1) USEFUL LIFE DEPRECIATION METHOD DATE SOLD SALES PRICE $100,000 $42,000 8 YEARS STRAIGHT LINE $63,000 36,000 5 YEARS STRAIGHT LINE 39,000 $ 20,000 JOURNALIZE ALL ENTRIES REQUIRED TO UPDATE DEPRECIATION AND RECORD THE SALES OF THE TWO ASSETS IN 2012. ACCUMULATED DEPRECIATION INCLUDES DEPRECIATION RECORDED THROUGH 12/31/11. PROBLEM 2: DURING THE MONTH OF JANUARY, PARILO COMPANY'S EMPLOYEES EARNED WAGES OF $50,000 Withholding related to these wages were $3,825 for FICA, $5,000 for federal income tax, $2,000 for California income tax and $400 for union dues. The company also incurred $900 for federal unemployment tax (a) Prepare the journal entry to record the wages expense. (b) Prepare the journal entry to record the company's payroll tax expense PROBLEM 3: 100%

Explanation / Answer

Journal entries Date Accounts title and explanations Debit $ Credit $ 1-Jul Depreciation expense Dr. 6250      Accumulated Depreciation (100,000/8 yrs *6/12) 6250 1-Jul Cash Account Dr. 39000 Accumulated Depreciation Dr. (42000+6250) 48250 Loss on sale of Equipment Dr 12750       Equipment Account 100,000 1-Sep Depreciation expense Dr. 8400      Accumulated Depreciation (63000/5*8/12) 8400 1-Sep Cash Account 20000 Accumulated depreciation Dr. (36000+8400) 44400        Equipment Account 63000         Gain on sale of equipment 1400

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