Question : 111. Mission Company has three employees: Gross Pay through July Gros : 1256977

 

 

111. Mission Company has three employees:

 

Gross Pay through July

Gross Pay for August

Smith

$3,200

$1,000

Cain

25,800

3,500

Clark

94,600

13,100

 

 

The company is subject to the following taxes:

 

 

Tax

Rate

Applied to

FICA—Social Security

6.20 %

 

First $106,800

FICA—Medicare

1.45

 

All gross pay

FUTA

.80

 

First $7,000

SUTA

5.40

 

First $7,000

 

What is the amount that Mission Company will withhold from Clark’s August gross pay?

A. $ 946.35B. $1,002.15C. $1,814.35D. $6,234.75E. $812.20

 

 

112. Mission Company has three employees:

 

Gross Pay through July

Gross Pay for August

Smith

$3,200

$1,000

Cain

25,800

3,500

Clark

94,600

13,100

 

 

The company is subject to the following taxes:

 

 

Tax

Rate

Applied to

FICA—Social Security

6.20 %

 

First $106,800

FICA—Medicare

1.45

 

All gross pay

FUTA

.80

 

First $7,000

SUTA

5.40

 

First $7,000

 

What is the amount that Mission Company will withhold from Smith’s August gross pay?

A. $ 62.00B. $138.50C. $443.20D. $581.70E. $76.50

 

 

113. If a company paid $350,000 in bonuses, and net income prior to the bonus was $4,200,000, what was the bonus percentage offered to the employees during 2010?

A. 6.2%B. 5.7%C. 9.1%D. 8.3%E. 6.8%

 

114. If Jefferson Company paid a bonus equal to 8% of net income after bonuses and the total bonus distributed was $420,000, how much was net income for the year?

A. $5,250,000B. $5,670,000C. $6,250,000D. $4,320,000E. $4,875,000

 

 

115. Conner Company borrows $185,600 cash on November 1, 2013, by signing a 120-day, 8% note. What is the total amount of interest expense that Conner will recognize for this note?

A. $4,949.B. $14,848.C. $2,467.D. $0, no interest expense is recognized.E. $1485.

 

116. Buyer Company asks to extend its past due $600 account payable to Seller Company. Seller Company agrees to accept $100 cash and a 60-day, 12%, $500 note payable to replace the account payable. How does Buyer Company record this event in the general journal?

A.

Accounts Payable

600

 

Cash

 

100

Notes Payable

 

500

00  Notes Payableompany record this event in the general journal?11111111111111111111111111111111111111111111111111111111111111B.

Notes Payable

500

 

Cash

100

 

Accounts Payable

 

600

C.

Cash

100

 

Accounts Payable

 

100

D.

Accounts Payable

100

 

Cash

 

100

E. Buyer Company has no entry to record for this transaction.

 

117. Company A and Company B each borrow $2,000 from the bank. Company A signed a 60-day, 12% note. Company B signed a 90-day, 11% note. How will each of these companies record these events in their respective general journals on the day the money was borrowed?

A.     Company A

Cash

2,000

 

Notes Payable

 

2,000

Company B

Cash

2,000

 

Notes Payable

 

2,000

00  Notes Payableompany record this event in the general journal?11111111111111111111111111111111111111111111111111111111111111B.     Company A

Cash

2,040

 

Interest Expense

 

40

Notes Payable

 

2,000

Company B

Cash

2,055

 

Interest Expense

 

55

Notes Payable

 

2,000

 

C.     Company A

Notes Payable

2,000

 

Cash

 

2,000

Company B

Notes Payable

2,000

 

Cash

 

2,000

 

D.     Company A

Interest Expense

40

 

Notes Payable

2,000

 

Cash

 

2,040

Company B

Interest Expense

55

 

Notes Payable

2,000

 

Cash

 

2,055

 

E. .     Company A

Cash

2,040

 

Notes Payable

 

2,040

Company B

Cash

2,055

 

Notes Payable

 

2,055

 

118. On October 10, 2013, Printfast Company sells a commercial printer for $2,350 with a one-year warranty that covers parts. Warranty expense is projected to be 4% of sales. On February 28, 2014, the printer requires repairs. The cost of the parts for the repair is $80 and Printfast pays their technician $150 to perform the repair. What is the warranty liability for this printer at the end of 2013?

A. $49.00B. $84.80C. $94.00D. $0, there is no liability at the end of 2013E. $230.00

 

 

119. On October 10, 2013, Printfast Company sells a commercial printer for $2,350 with a one-year warranty that covers parts. Warranty expense is projected to be 4% of sales. On February 28, 2014, the printer requires repairs. The cost of the parts for the repair is $80 and Printfast pays their technician $150 to perform the repair. What warranty expense is recorded for this printer during 2014?

A. $14.00.B. $84.80.C. $94.00.D. $0, there is no expense in 2014.E. $230.00.

 

 

120. On October 10, 2013, Printfast Company sells a commercial printer for $2,350 with a one-year warranty that covers parts. Warranty expense is projected to be 4% of sales. On February 28, 2014, the printer requires repairs. The cost of the parts for the repair is $80 and Printfast pays their technician $150 to perform the repair. What is the warranty liability for this printer at the at the end of 2014?

A. $14.00.B. $84.80.C. $94.00.D. $0, there is no liability at the end of 2014.E. $230.00.

 

 

 

121. If a company had income before interest and taxes in the amount of $2,345,540 and a times interest earned ratio of 5.2, what is the total amount of the company’s interest expense?

A. $451,065B. $320,185C. $121,968D. $275,840E. $230,000

 

 

122. If a company had net income of $2,379,600, interest expense of 234,000, a tax rate of 40%, and operating income of $4,200,000,  what is the times interest earned ratio?

A.10.17B. 17.95C. 7.78D. 7.18E. 4.07

 

 

123. If a company had net income of $1,486,875, a times interest earned ratio of 4.0, a tax rate of 35%, and operating income of $3,050,000, what is the company’s interest expense for the year?

A.$1,067,500B. $725,329C. $371,719D. $762,500E. $1,564,000

 

 

 

 

 

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