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Week Four Exercise AssignmentLiability 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 4% on the first $55,000 earned per employee· Medicare taxes: 1.5% on the first $130,000 earned per employee· Federal income taxes withheld from wages: $7,500 · State income taxes: 4% of gross earnings · Insurance withholdings: 1% of gross earnings · State unemployment taxes: 5.4% on the first $7,000 earned per employee· Federal unemployment taxes: 0.8% on the first $7,000 earned per employee The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end and no wages have been paid during the month. a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:· Social Security taxes· Medicare taxes· Federal income taxes withheld· State income taxes· Insurance withholdings   b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:· Matching Social Security taxes· Matching Medicare taxes· State unemployment taxes· Federal unemployment taxes  2.  Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:    1-Dec: Borrowed $10,000 from the First City Bank by signing a 3-month, 15% note payable.Interest and principal are due at maturity.  10-Dec: Established a warranty liability for the XY-80, a new product. Sales are expected tototal 1,000 units during the month.  Past experience with similar products indicatesthat 3% of the units will require repair, with warranty costs averaging $27 per unit (parts only).22-Dec: Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.26-Dec: Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 day year for interest)31-Dec: Repaired six XY-80s during the month at a total cost of $162 31-Dec: Accrued three days of salaries at a total cost of $1,400.   Instructions a. Prepare journal entries to record the transactions. b. Prepare adjusting entries on December 31 to record accrued interest. c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date. 3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:2-Aug: Borrowed $55,000 from the Bank of Kingsville by signing a 90-day, 12% note.20-Aug: Issued a $50,000 note to Harris Motors for the purchase of a $50,000 delivery truck. The note is due in 180 days and carries a 12% interest r ate.10-Sep: Purchased merchandise from Pans Enterprises in the amount of $15,000.  Issueda 30-day, 12% note in settlement of the balance owed.11-Sep: Issued a $60,000 note to Datatex Equipment in settlement of an overdue accountpayable of the same amount.  The note is due in 30 days and carries a 14% interest rate.10-Oct: The note to Pans Enterprises was paid in full.11-Oct: The note to Datatex Equipment was paid in full.30-Oct: Paid note to Bank of Kingsville. Instructions a. Prepare journal entries to record the transactions. b. Prepare adjusting entries on December 31 to record accrued interest. (Daily interest is calculated utilizing the 360 day method).c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.  Current Liability What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as and any additional research you may have done provide two examples of situations where businesses collect monies from customers […]

    Current Liability What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as and any additional research you may have done provide two examples of situations where businesses collect monies from customers […]

Essay questions for the first exam Two of these questions will be on the first exam. You will be expected to write a 2-3 paragraph response for each. You can use images from the required list or any image from the text as long as you correctly identify them with artist and title. 20 points […]

Scenario You have been recently promoted as junior vice president of human resources at your organization. You need to prepare your first presentation on appropriate communication to a group of twenty newly-hired employees for their orientation. The profile of the group is as follows: There are fifteen entry-level hires with no corporate experience, of which […]

Chapter 2 Exercise 1 1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: Jackson Corporation has common stock with a par value of $1 per share. Royal Corporation has no-par common with a stated value of […]

 Unit1 – Individual ProjectcloseStudent InstructionsFor each assignment, you will use the M.U.S.E. link to complete the Lab.In this lab, you will be observing the impact of mineral nitrogen fertilizer usage on maize’s crop yield, which is measured in milligrams of dry mass harvested per 100 acres (1 hectare) during a 1-year period. Use the animation to help […]

Assignment 1: Discussion—Strategy and Alignment There are a variety of tools available for organizations to use to assess process. In this assignment you will learn how to apply a tool to a process situation. RAEW is an acronym for responsibility, authority, expertise, and work. Responsibility denotes ownership, authority involves decision making, expertise involves skill or […]

Thisis a powerpoint presentation for BSHS 382, I only have to do part 2 – Descriptive Statistics o Descriptive Statistics • Define descriptive statistics and list the various descriptive measures. • Explain how descriptive statistical analysis increases understanding of the data. • Include an original graph created with StatCrunch that uses at least one descriptive […]

due today    its eaither with or againgst. i would like to have both, each needs aprox(150-200) words.    Writing Assignment #2: Expository Paragraph (ESL 202/2 G) What, exactly, is an expository piece of writing? A good expository paragraph is the key to clear written communication.    A quality paragraph prepares the reader, presents the […]

The case for this module intends to ensure that you can: (a) describe the general structure of a computer network, (b) present some typical procedures for securing and maintaining networks, and (c) identify the links between the technological components and the overall sociotechnical framework of the firm. Before writing-up this case, read and review the […]