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Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 53 hours and the administrator worked 62 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,370,000 of 20 -year, 12% callable bonds on May 1 , 20Y5, at their face amount, with interest payable on May 1 and November 1 . The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: zors Mav 1 Issued the bonds for cash at their face amount. Nav. 1 Paid the interest on the bonds. 2079 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Issued the bonds for cash at their face amount. 2095 Mar 1 Feedback chesa was man Bonds payable is always recorded at face value. Paid the interest on the bonds. zars Nox. 1 Feedback * Chet Mer wat. The semiannual cash payment to bondholders is the interest expense when bonds are sold at face value. Called the bond issue at 96 , the rate provided in the bond indenture. (Omit entry for payment of interest.) Entries for Issuing and Calling Bonds; Loss Hoover Corp., a wholesaler of music equipment, issued $16,240,000 of 15 -year, 14% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. 2012 Mor. 1 Issued the bonds for cash at their face amount. sept. 1 Paid the interest on the bonds. 20Y4 Called the bond issue at 104, the rate provided in the bond indenture. 5ept, 1 (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Journalize the entries to record the above selected transactions. Issued the bonds for cash at their face amount. 20 ar ar 1 Carh = Feedback F Cheil My Wen Bonds payable is always recorded at face value. Paid the interest on the bonds. 20 resep. 1 Feedback * Chek My wan The semiannual cash payment to bondholders is the interest expense when bonds are sold at face value. Called the bond issue at 104 , the rate provided in the bond indenture. (Omit entry for payment of interest.) Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $4,600,000 of 8 -year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $5,116,766. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. Feedback * Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. b. Journalize the entry to record the first interest payment on October 1 , 20Y1, and amortization of bond premium for six months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 11%, resulting in Chin receiving cash of $11,547,738. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Feedback Fheck My Wark Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. b. Determine the amount of the bond interest expense for the first year. Book Value of Fixed Assets Cannington Inc. designs, manufactures, and markets personal computers and related software. Cannington also manufactures and distributes music players (cPod), mobile phones (cPhone), and smartwatches (Cannington Watch) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Cannington: Property, Plant, and Equipment (in millions): a. Compute the book value of the fixed assets for the current year and the preceding year. Current year book value (in millions) Preceding year book value (in miltions) A comparison of the book values of the current and preceding years indicates that they . A comparison of the total cost and accumulated depreciation reveals that Cannington purchased $x million of additional fixed assets, which was offset by the additional depreciation expense of $x million taken during the current year. b. Would you normally expect Cannington's book value of fixed assets to increase or decrease during the year? Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $121,700 has an estimated useful life of 14 years, has an estimated residual value of $9,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ Feedback F chat My Whet Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $80,747. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Feedback * Check My Wen The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $423,500 and the balance in Accumulated Depreciation-Trucks is $123,600. Details of the subsidiary ledger are as follows: a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Feedback T chas wis wos Asset minus residual value equals depreciable cost. Units-of-production allocates the cost of the asset equally over the units produced. The depreciation rate stays constant, no matter how many miles are driven each period. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. b. Journalize the entry to record depreciation for the year. Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $408,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4 , Kleen successfully defended the patent in a lawsuit at a cost of $20,500. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31 . $x Feedback * Check My Work For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank

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