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This Tutorial contains Excel File which can be used to solve for any
values Complete the following assignments in WileyPLUS: • Exercise
13-2 (Part Level Submission) • Exercise 13-7 (Part Level Submission)
•
Exercise 13-16 • Exercise 14-4 • Exercise 14-6 • Exercise 14-9
(Part Level Submission) • Problem 14-2 (Part Level submission)
Exercise 13-2 (Part Level Submission) The following are selected 2017
transactions of Riverbed Corporation. Sept. 1 Purchased inventory from
Encino Company on account for $43,600. Riverbed records purchases
gross and uses a periodic inventory system. Oct. 1 Issued a $43,600, 12-
month, 8% note to Encino in payment of account. Oct. 1 Borrowed
$43,600 from the Shore Bank by signing a 12-month, zero-interest-
bearing $48,600 note. Prepare journal entries for the selected
transactions above. Prepare adjusting entries at December 31. Compute
the total net liability to be reported on the December 31 balance sheet
for: Exercise 13-7 (Part Level Submission) Pharoah Hardware
Company’s payroll for November 2017 is summarized below. At this
point in the year, some employees have already received wages in
excess of those to which payroll taxes apply. Assume that the state
unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s
wages to $118,500 and 1.45% in excess of $118,500. Of the $194,300
wages subject to FICA tax, $21,300 of the sales wages is in excess of
$118,500. Federal unemployment tax rate is 0.8% after credits. Income
tax withheld amounts to $16,800 for factory, $7,700 for sales, and
$6,800 for administrative. Exercise 13-16 Presented below is a list of
possible transactions. Analyze the effect of the 18 transactions on the
financial statement categories indicated. 1. Purchased inventory for
$80,000 on account (assume perpetual system is used). 2.
Issued an
$80,000 note payable in payment on account (see item 1 above). 3.
Recorded accrued interest on the note from item 2 above.
4.
Borrowed $100,000 from the bank by signing a 6-month,
$112,000, zero-interest-bearing note. 5.
Recognized 4 months’
interest expense on the note from item 4 above. 6.
Recorded cash
sales of $75,260, which includes 6% sales tax.
7.
Recorded wage