Question: Question 1-4, please! Problem Portion (45pts) 1. Totally Timber has 1 employee who is paid hourly. Payroll is weekly. Below is the information in regards

Question 1-4, please! Question 1-4, please! Problem Portion (45pts) 1. Totally Timber has 1 employee

Problem Portion (45pts) 1. Totally Timber has 1 employee who is paid hourly. Payroll is weekly. Below is the information in regards to the employees pay (6pts). The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4% and federal unemployment 0.8%, You may round up to the nearest decimal for your journal entries. - Record the journal entry for the payroll. - Record the journal entry for the payment of the payroll. - Record the journal entry for the employer's portion of taxes. 2. CEl issues $200,000 of bonds for $189,000. Prepare the journal entry to record the issuance of the bond and the entry for redeeming the bond (2pts). 3. HudcoCup issues a $600,000,10%,10-year mortgage note on December 3114,2022, to obtain financing for a new building. The terms provide for annual installment payments of $97,647 (3pts). - Prepare the entry to record the mortgage loan on December 31, 2022. - Prepare the entry for the first installment payment on December 31* 2023. 4. A company makes a sale of $100. There is a sales tax of 6% levied on every sale. Record the journal entry of the sale and the journal entry to pay the taxes to the state tax commission (2pts)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!