Student Name:
Class:
Date Account Debit Credit
41,000,000
41,000,000 <--Correct!
922,500
922,500 <--Correct!
(Interest revenue earned, but not received)
December 31, 2018
(Issuance of notes payable)
Instructor
Notes Payable
Problem 08-02
Interest Revenue
PRECISION CASTPARTS
October 1, 2018
Cash
McGraw-Hill/Irwin
Requirement 1:
Interest Receivable
41,000,000$
PRECISION CASTPARTS
Given Data P08-02:
October 1, 2018 borrowed for working capital
Student Name:
Class:
Date Account Debit Credit
1,500,000
375,000
100,500 <--Correct!
31,500
207,750 <--Correct!
114,750
FICA Tax Payable
Requirement 1:
Requirement 3:
Requirement 2:
McGraw-Hill/Irwin
Instructor
February 14
Payroll Tax Expense
Accounts Payable (Medical Insurance)
Problem 08-04
VACATION DESTINATIONS
Payroll Entries
February 14
Salaries Expense
February 14
Salaries Expense
Income Tax Payable
7%
100%
1,500,000$
63,000
Given Data P08-04:
Wages and salaries
Period Ending February 14
Biweekly Payroll Information
Employee contribution to voluntary retirement plan
VACATION DESTINATIONS
Medical and life insurance covered by company
Max employee contribution to retirement plan
Student Name:
Class:
Current Ratio
Quick Assets
÷
Total Current
Liabilities
=
Acid-Test
Ratio
Requirement 2: Acid-Test Ratio (in $millions)
Total Current
Assets
÷
Total Current
Liabilities
=
ACME CORPORATION and WAYNE ENTERPRISES
Problem 08-09
McGraw-Hill/Irwin
Instructor
Requirement 1: Current Ratio (in $millions)
ACME Wayne
Corporation Enterprises
2,494$ 541$
- 125
Current assets
Cash and cash equivalents
Current investments
(In $millions)
ACME CORPORATION and WAYNE ENTERPRISES
Given Data P08-09:
