PA2 - X - IESP - HW11 - G4 - Yustina Putri Dewi
PA2 - X - IESP - HW11 - G4 - Yustina Putri Dewi
PA2 - X - IESP - HW11 - G4 - Yustina Putri Dewi
HOMEWORK P10.1
P10.1 (LO 1, 2)
Instructions
a. Journalize the January transactions
b.
Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warran
liability, assuming warranty costs are expected to equal 7% of sales of the new product.
(Hint: Use one-third of a month for the First National Bank note.)
c. Prepare the current liabilities section of the statement of financial position at January 31, 2020.
Assume no change in accounts payable.
Answer
27,000 note.
Credit
19000
1520
10000
7700
45000
3600
27000
11500
920
Credit
60
3150
Yustina Putri Dewi - 12020122120021
HOMEWORK P10.3
P10.3 (LO 1)
Cedarville Company pays its office employee payroll monthly. Below is a list of employees and their
payroll data for August.
Assume that the income tax withheld is 10% of wages. Union dues withheld are 2% of wages. The Social
Security rate is 8% on employee and employer.
Instructions
Make the journal entries necessary for the August payroll (assume the payroll is paid in August). The
entries for the payroll and the company’s payroll tax liability are made separately.
Answer
Cedarville Company
Journal Entries
Particulars Ref Debit Credits
Salaries and wages expense 25800
Withholding taxes payable (25800 x 10%) 2580
Social security taxes payable (25800 x 8%) 2064
Union dues payable (25800 x 2%) 516
Cash 20640
Chen Group has been operating for several years, and on December 31, 2020,
presented the following statement of financial position (amounts in thousands).
Chen Group
Statement of Financial Position
December 31, 2020
Plant asset (net) 220.000 Share capital - ordinary 220.000
Inventory 95.000 Mortgage payable 140.000
Receivable 75.000 Account payable 70.000
Cash 40.000
430000 430000
Instructions
Compute the current ratio and the working capital.