We at Accounting Assignments Help provide Mcgraw-hill connect Exam and Mcgraw-hill connect Homework (Connect Problems) with step by step calculation and explanation 24*7 from our professional experts for following topics.
Problem-1
Suppose the following information (in thousands of dollars) is available for Coronado Industries—famous for ketchup and other fine food products—for the year ended April 30, 2017.
Prepaid insurance $ 115,000 Buildings $4,074,100
Land 76,300 Cash 379,700
Goodwill 3,931,500 Accounts receivable 1,162,500
Trademarks 780,900 Accumulated depreciation—buildings 2,176,100
Inventory 1,220,700
Prepare the assets section of a classified balance sheet. (List current assets in order of liquidity.)
Problem-2
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.
| Gross Pay throughAugust | Gross Pay forSeptember | |
| a. | $6,700 | $400 |
| b. | $18,500 | $2,400 |
| c. | $112,500 | $8,300 |
Problem-3
Compute the times interest earned for Park Company, which reports income before interest expense and income taxes of $3,610,000 and interest expense of $190,000.
Problem-4
Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $11 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction , total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.)
Problem-5
Keesha Co. borrows $255,000 cash on November 1, 2017, by signing a 120-day, 11% note with a face value of $255,000.
- On what date does this note mature? (Assume that February has 28 days)
- What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.)
- Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calculations.)
