Homework Answers
Answer - 1
A loss of $ 9,000
Explanation -
Photocopier cost = $ 104,000
Accumulated depreciation = $ 95,000
Net value in books of photocopier =
Cost - accumulated depreciation
= $ 104,000 - $ 95,000
= $ 9,000
As it discard with no sale value, so these cost will be written off as loss in books.
So there will be loss of $ 9,000.
Answer 2
Social security (FICA ) is a withheld from employees pay and matched by the employer.
- True
As social security is withheld from employees wages or salary and part of FICA. The employer remit double the amount of social security withheld from employees salary.
Employer should match the amount of withheld social security from employees and pay matching amount to govt.
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QUESTION 18 A photocopier cost $104,000 when new and has accumulated depreciation of $95,000. If the...
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Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
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A B C D Account names: Accumulated Depreciation Accumulated Other Comprehensive Income Cash Common Stock Cost...
A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
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Refer to the following financial statements
and answer the following questions
hints:-
13. cash provided (used) by operating activities, investing
activities, and financing activities. 14. cash-based net income.
15. estimate of uncollectible accounts receivable. 16. calculate
and interpret accounts receivable ratio (most recent and prior
period).
hints:-
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Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
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A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
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hints:-
13. cash provided (used) by operating activities, investing
activities, and financing activities. 14. cash-based net income.
15. estimate of uncollectible accounts receivable. 16. calculate
and interpret accounts receivable ratio (most recent and prior
period).
hints:-
2:12 PM Wed Apr 15 39%). A 51.04cdn.com PART II NIKE, Inc. Consolidated Statements of Income in mWors, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead...
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