If you could answer all 4 that would be greatly appreciated,thanks
1.
Hull Company reported the following income statement informationfor the current year:
| | | |
| Sales | $ | 413,000 | |
| Cost of goods sold: | | | |
| Beginning inventory | $ | 136,500 | |
| Cost of goods purchased | | 276,000 | |
| Cost of goods available for sale | | 412,500 | |
| Ending inventory | | 147,000 | |
| Cost of goods sold | | 265,500 | |
| Gross profit | $ | 147,500 | |
|
The beginning inventory balance is correct. However, the endinginventory figure was overstated by $23,000. Given this information,the correct gross profit would be:
$137,500.
$124,500.
$147,500.
$170,500.
$113,500.
2.
On December 31 of the current year, the unadjusted trial balanceof a company using the percent of receivables method to estimatebad debt included the following: Accounts Receivable, debit balanceof $98,400; Allowance for Doubtful Accounts, credit balance of$1,081. What amount should be debited to Bad Debts Expense,assuming 5% of outstanding accounts receivable at the end of thecurrent year are estimated to be uncollectible?
$4,920.
$1,081.
$6,001.
$2,947.
$3,839.
3.
Franklin Company deposits all cash receipts on the day they arereceived and makes all cash payments by check. At the close ofbusiness on August 31, its Cash account shows a debit balance of$15,662. Franklin's August bank statement shows $16,237 on depositin the bank. Determine the adjusted cash balance using thefollowing information:
| |
| Deposit in transit | $ | 5,250 |
| Outstanding checks | $ | 4,400 |
| Bank service fees, not yet recorded by company | $ | 75 |
| The bank collected on a note receivable, not yet recorded bythe company | $ | 1,500 |
|
The adjusted cash balance should be:
$21,487
$15,587
$17,087
$17,162
$11,837.
4.
Gary Marks is paid on a monthly basis. For the month of Januaryof the current year, he earned a total of $9,088. FICA tax forSocial Security is 6.2% on the first $118,500 of earnings eachcalendar year and the FICA tax for Medicare is 1.45% of allearnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%.Both unemployment taxes are applied to the first $7,000 of anemployee's pay. The amount of Federal Income Tax withheld from hisearnings was $1,507.97. What is the amount of the employer'spayroll taxes expenses for this employee? (Round yourintermediate calculations to two decimal places.)
$42.00
$563.46
$378.00
$131.78
$1,115.24
