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Student Name:
Class:
Date Account Debit Credit
41,000,000
41,000,000 <--Correct!
41,000,000
922,500
2,767,500
44,690,000 <--Correct!
October 1, 2021
Cash
Requirement 3:
McGraw-Hill/Irwin
Requirement 1:
Instructor
Notes Payable
Problem 08-02
September 30, 2022
Notes Payable
Cash
PRECISION CASTPARTS
(Issuance of notes payable)
(Payment of notes payable and interest)
Interest Expense
Interest Payable
41,000,000$
1
PRECISION CASTPARTS
Given Data P08-02:
October 1, 2021 borrowed for working capital
Promissory note term in years
Student Name:
Class:
Date Account Debit Credit
1,500,000
375,000
114,750
63,000
McGraw-Hill/Irwin
Instructor
Problem 08-04
VACATION DESTINATIONS
Payroll Entries
February 14
Salaries Expense
Income Tax Payable
Requirement 1:
FICA Tax Payable
Accounts Payable (Retirement Plan)
7%
100%
1,500,000$
63,000
Employee contribution to voluntary retirement plan
VACATION DESTINATIONS
Medical and life insurance covered by company
Max employee contribution to retirement plan
Given Data P08-04:
Wages and salaries
Period Ending February 14
Biweekly Payroll Information
Student Name:
Class:
3,889$ 11,462$ 0.34 «- Correct!
=
ACME CORPORATION and WAYNE ENTERPRISES
Problem 08-09
McGraw-Hill/Irwin
Instructor
Requirement 1: Current Ratio (in $millions)
ACME Corporation
Current Ratio
Quick Assets
÷
Total Current
Liabilities
=
Acid-Test
Ratio
Requirement 2: Acid-Test Ratio (in $millions)
Total Current
Assets
÷
Total Current
Liabilities
ACME Wayne
Corporation Enterprises
2,494$ 541$
- 125
(In $millions)
ACME CORPORATION and WAYNE ENTERPRISES
Given Data P08-09:
Current assets
Cash and cash equivalents
Current investments
