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- 8. A company pays one of its employees $800 per week. How much is the amount withheld from his pay for Social Security taxes? Group of answer choices A.$49.60 B.$11.60 C.$61.20 D.$34.52 9.Squeaky Clean laundromat purchased $6,000 worth of washing machines which are expected to last for 5 years, at which time they will have a trade-in value of $1,000. Calculate the annual depreciation using the straight line depreciation method. Group of answer choices A.$1,200 B.$1,150 C.$1,000 D.$950 10. On July 1, 2017, a company purchased a delivery van for $32,000. In five years, when they trade in the van, they will receive $3,000 toward the purchase of the next model. Using the straight-line method of depreciation, how much will they be allowed to depreciate during the first year? Group of answer choices A.$6,400 B.$5,800 C.$3,200 D.$2,900 ABC Company purchased a $65,000 piece of equipment which had an expected life of 10 years and a scrap value…Pepare entries for the following:: Levy a prop tax of 60; expect to only collect 55 Place an order for goods of 75 The goods arrive but the price is 78 ( 2 entries) At Jan 1, the state legislature says we can spend 500 during this upcoming year. Receive a notice from the Fed govt that they will send us a gift of 1,000. Decide to transfer 200 to Fund X.1- Mt. Horeb Alpaca Co. has a herd of 150 alpacas. The alpacas are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year. Alpaca Carrying value (equal to net realizable value), July 1, 2019 Change in fair value due to growth and price changes Decrease in fair value due to harvest Alpaca wool harvested during the first quarter (at net realizable value) $110,000| 7,000 (795) 12,000 Instructions (a). Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter. (b). Prepare the journal entries for the Alpaca wool harvested in the first quarter. (c). Prepare the journal entry when the Alpaca wool is sold for $13,500.
- NY Company offers a set of building blocks to customers who send in 3 UPC codes from NY cereal along with P50. The block set costs NY P110 each to purchase and P60 each to deliver to customers. During 2019, NY sold 12,000,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2019, 1,200,000 UPC codes were redeemed. Prepare NY’s December 31, 2019 adjusting entry.The Happy ToddlersThe Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school-year. Parents can pay the full tuition fee of P70,000 at the start of the school year (June). There is also an option to pay two installments of P37,000 each at the start of every semester (June 1 and November 1). On the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Requirements: Determine the tuition fee revenue for the period December 31. This is the first year of Happy ToddlersThe Happy ToddlersThe Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school-year. Parents can pay the full tuition fee of P70,000 at the start of the school year (June). There is also an option to pay two installments of P37,000 each at the start of every semester (June 1 and November 1). On the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Requirements: Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddle
- Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, P50 per unit Towel purchases, P90 per unit Number of box tops returned 2,500,000 2,875,000 337,500 360,000 38,550 22,500 Requirements: 4. Compute for the premiums (as an asset) amount for the year ended: A. December 31, 2020 B. December 31, 2021 2 AE211: Intermediate Acctg. 2 Prepared by: Bernadette Adelaida M. Cope 5. Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021 6. Compute for the premium liability for the year ended: A. December 31, 2020 B. December 31, 2021 7. How much net cash did the entity receive (give) with regards to the premium transactions for the year…Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, P50 per unit Towel purchases, P90 per unit Number of box tops returned 2,500,000 2,875,000 337,500 360,000 22,500 38,550 Requirements: How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash outflow, put a negative (-) sign before the numerical figure. A. December 31, 2020 B. December 31, 2021 7.Problem 2: JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is P10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, P50 per unit Towel purchases, P90 per unit Number of box tops returned 2,500,000 2,875,000 337,500 360,000 22,500 38,550 Requirements: 5. Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021
- vn.2 Yummy Rice Cereal started a program at the beginning of 2024 in which it would provide an all-star bowl in exchange for four proof-of-purchase box tops. Yummy Rice estimates that 25% of box tops will be redeemed. The bowls cost Yummy Rice $1.10 each. In 2024, 5,240,000 boxes of cereal were sold. By year-end 906,000 box tops had been redeemed. Required: Calculate the premium expense that Yummy Rice should recognize for the year ended December 31, 2024.= p.pptm Pina Company offers a set of building blocks to customers who send in 3 UPC codes from Pina cereal, along with 50¢. The block sets cost Pina $1.30 each to purchase and 70¢ each to mail to customers. During 2020, Pina sold 876,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 87,600 UPC codes were redeemed. Prepare Pina's December 31, 2020, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) here to search Account Titles and Explanation Premium Expense Premium Liability eTextbook and Media List of Accounts Save for Later ACC341-2022-Ho...xlsx ^ R G 18 6 B music 2.jpeg H N U J 4 8 I M ( 9 K Debit O Alt ) O L KER P P Attempts: 0 of 3 used Submit Answer : Home 3 Credit PrtSc { [ End + / 11 Ctrl Rain off and on Insert 1 PgUp 4 ^4x A Delete Backspace 7 Enter ShiftThe Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school year. Operations started on June 1. Parents can pay the full tuition fee of P70,000 each at the start of the every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Required:Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations.