A consumer expenditure survey reports the following information on consumer protein spending:201820192020PQPQPQFish$2.001000$2.5
1 answer:
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Answer:
warrant expense 51,000 debit
cash 6,000 credit
warranty liability 45,000 credit
--to record warrant-related accounts--
interest payable 16,667 debit
interest expense 3,333 debit
cash 20,000 credit
--to record interest expense for the loan and installment--
Manufacturing Facilities 5,192,772 debit
Cash 5,000,000 credit
Restoration Liability 192,772 credit
-- to record the payment to contractor--
Explanation:
Warranty: the additional expected expense are considered warranty laibility
Loan: we previously recorded accrued interest from March 1st to Dec 31th
That is: 200,000 x 10% x 10/12 months = 16,667 payable
At February 28th we recognize the last two month of interest
200,000 x 10% x 2/12 months = 3,333 expense
in total we have 16,667 + 3,333 = 20,000 cash outlay
Facility: the asset should add to all the cost necessary to acquire it:
As the conversion into community center is mandatory it is part of the cost:
present value of the 500,000 in ten years:
Maturity $500,000.00
time 10.00
rate 0.10000
PV 192,771.6447
Total cost:
5,000,000 cashg + 192,772 liability = 5,192,772
Using the <em>Single's Person Weekly payroll</em> distribution , the number of allowances claimed by Frica Morrison will be 3.
<u>Given that</u> :
- Weekly pay = $513.66
- Federal income tax withheld = 33
<em>From the payroll table</em>, Frica's weekly pay falls inbetween $510 - $520 ; checking along the row, we can see from the <em>table(attached)</em> that Federal income tax withheld of $33 falls under the 3 allowances claimed.
This means that for Frica to have $33 withheld from his <em>weekly pay of $513.66</em>, then he must have claimed 3 allowances.
Therefore, the Number of allowances claimed by Frica Morrison is 3.
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