1. Branson, Inc. signed a $80,000, 3% 5-month note payable on November 1, 2019. a. If...
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1. Branson, Inc. signed a $80,000, 3% 5-month note payable on November 1, 2019. a. If no prior adjustments have been made, what is the transaction to accrue interest expense at December 31, 2019 when Branson prepares financial statements? Liabilities Stockholders' Equity Assets b. What is total amount (principal and all interest expense) that will be repaid at maturity? 2. Nicole Smith earns $2,700 in gross pay. She has $250 in federal withholding, $75 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record her payroll on the accounting equation. Assets Liabilities Stockholders' Equity 1. Branson, Inc. signed a $80,000, 3% 5-month note payable on November 1, 2019. a. If no prior adjustments have been made, what is the transaction to accrue interest expense at December 31, 2019 when Branson prepares financial statements? Liabilities Stockholders' Equity Assets b. What is total amount (principal and all interest expense) that will be repaid at maturity? 2. Nicole Smith earns $2,700 in gross pay. She has $250 in federal withholding, $75 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record her payroll on the accounting equation. Assets Liabilities Stockholders' Equity
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Part 2 Total salaries and wages expense is 2500 this reduces stockholders equity It is in the bre... View the full answer
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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