Noura Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $16,000 bonus owed to its workers (to be shared equally) at calendar year-end.
-----------------------------------------------------------------------------------| Dec 31 | Employee bonus expenseselected answer correct | 16,000selected answer correct | not attempted |
| Bonus payableselected answer correct | not attempted | 16,000selected answer correct |
6.
On September 11, 2016, Home Store sells a mower for $420 with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory.
Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
-----------------------------------------------------------------------------------Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
| Sep 11, 2016 | Cashselected answer correct | 420.00selected answer correct | not attempted |
| Salesselected answer correct | not attempted | 420.00selected answer correct | |
| Sep 11, 2016 | Warranty expenseselected answer correct | 25.20selected answer correct | not attempted |
| Estimated warranty liabilityselected answer correct | not attempted | 25.20selected answer correct | |
| Jul 24, 2017 | Estimated warranty liabilityselected answer correct | 29.00selected answer correct | not attempted |
| Repair parts inventoryselected answer correct | not attempted | 29.00selected answer correct |
7.
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use the withholding table in Exhibit 11A.6) (Round your final answers to 2 decimal places.)
| Total (gross) earnings for current pay period | $ | 670 | |||||||||||||||||||||||||||
| Cumulative earnings of previous pay periods | $ | 8,710 | |||||||||||||||||||||||||||
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