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Acct 551 Wk 2 Hmwk

In: Business and Management

Submitted By BettyBop2
Words 307
Pages 2
Intermediate Accounting II
Acct. 551
E 13-1, 13-2, 13-8, 13-13, 13-19
13-1
A. Current B. Current C. Current D. Current E. Foot note Disclosure F. Current G. Current H. Current I. Current J. Current K. Current L. Current M. Current N. Current O. Foot note disclosure P. Current or Long-term
13-2
a. Sept. 1 Purchase 50,000
Account Payable 50,000 Oct. 1 Account Payable 50,000 Notes Payable 50,000 Oct. 1 Cash 75,000 Discount Notes Pay. 6,000 Notes Payable 81,000 b. Dec. 31 Interest Expense 1,000
Interest Payable 1,000 Dec. 31 Interest Expense 1,500 Discount on Notes Payable 1,500 c. Notes Payable 50,000
Interest Payable 1,000 51,000

Notes Payable 81,000
Less Discount 4,500 76,500
13-8
Salaries and Wages Expense 480,000 Withholding Taxes Payable 80,000 FICA Taxes Payable 28,040 Union Dues Payable 9,000 Cash 362,960
Payroll Tax Expense 29,440 FICA Taxes Payable 28,040 FUTA Taxes Payable 560 SUTA Taxes Payable 840
13-13
1. Maverick Inc. reports a liability of 800,000 at 12/31/12 2. The insurance recovery is a gain contingency that is not recorded until received. The loss should be accrued for 6,000,000. 3. It is a gain contingency.
13-19
a. 1. 318,000/87,000=3.66
2.820,000/200,000 + 170,000/2=4.43
3.1,400,00/95,000=14.74
4.210,000/52,000=4.04
5.210,000/1,400,000=15%
6.210,000/488,000=43%
b. 1. No effect 2. Reduce current assets by weakening ratio
3. Improve current ratio by reducing assets and liabilities
4. No effect
5. Increasing current liabilities will weaken current ratio
6. No…...

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