Week Four Exercise Assignment

Liability

 

1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

·        Social Security taxes: 4% on the first $55,000 earned per employee

·        Medicare taxes: 1.5% on the first $130,000 earned per employee

·        Federal income taxes withheld from wages: $7,500

·        State income taxes: 4% of gross earnings

·        Insurance withholdings: 1% of gross earnings

·        State unemployment taxes: 5.4% on the first $7,000 earned per employee

·        Federal unemployment taxes: 0.8% on the first $7,000 earned per employee

 

The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end and no wages have been paid during the month.

a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:

·        Social Security taxes

·        Medicare taxes

·        Federal income taxes withheld

·        State income taxes

·        Insurance withholdings

 

 

 

b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:

·        Matching Social Security taxes

·        Matching Medicare taxes

·        State unemployment taxes

·        Federal unemployment taxes

 

 

2.  Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:

 

	1-Dec: Borrowed $10,000 from the First City Bank by signing a 3-month, 15% note payable.
	Interest and principal are due at maturity.
	10-Dec: Established a warranty liability for the XY-80, a new product. Sales are expected to
	total 1,000 units during the month.  Past experience with similar products indicates
	that 3% of the units will require repair, with warranty costs averaging $27 per unit (parts only).
	22-Dec: Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
	26-Dec: Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 day year for interest)
	31-Dec: Repaired six XY-80s during the month at a total cost of $162
	31-Dec: Accrued three days of salaries at a total cost of $1,400.

 

Instructions

a. Prepare journal entries to record the transactions.

b. Prepare adjusting entries on December 31 to record accrued interest for each of the notes payable.

 

 

3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:

2-Aug: Borrowed $55,000 from the Bank of Kingsville by signing a 90-day, 12% note.

20-Aug: Issued a $50,000 note to Harris Motors for the purchase of a $50,000 delivery truck. The note is due in 180 days and carries a 12% interest r ate.

10-Sep: Purchased merchandise from Pans Enterprises in the amount of $15,000.  Issued

a 30-day, 12% note in settlement of the balance owed.

11-Sep: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account

payable of the same amount.  The note is due in 30 days and carries a 14% interest rate.

10-Oct: The note to Pans Enterprises was paid in full.

11-Oct: The note to Datatex Equipment was paid in full.

30-Oct: Paid note to Bank of Kingsville.

 

Instructions

a. Prepare journal entries to record the transactions.

b. Prepare adjusting entries on December 31 to record accrued interest. (Daily interest is calculated utilizing the 360 day method).

c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.

A rectangular field is 60 yards wide. If you ran diagonally across the field, you would run 100 yards. How many yards long is the field?

I need to do a report evaluation and revision

 

ASSIGNMENT SHEET

Report Evaluation and Revision

 

Draft Conferences:   Wednesday October 31st

Final Version:            Wednesday November 14th

Minimum Length:     650 Words (Evaluation)

 

Overview

 

Following the guidance given for Reports in Chapters 17-19 in your Markel text, you will undertake a two-part assignment. 

 

Part 1 –  Design Evaluation

 

For the first part, you will evaluate the effectiveness of the visual design and content of an actual report. Your evaluation should:

 

• Make an overall judgment about the effectiveness of the ordinal report’s design and content
• Identify those elements that you feel most need improvement
• Argue convincingly for why those elements are ineffective
• Indicate the changes that you would make
• Argue convincingly that your proposed changes would constitute an improvement

 

 

Part 2 –  Design Revision

 

For the second part, you will submit a revised and improved version of the report provided to you. In addition to addressing all of the shortcomings that you specifically identify in your evaluation, your version must enhance all aspects of the original that require improvement.

 

Formatting Requirements

 

You will submit your project as a single file with page numbers in the bottom center. 

 

You must, however, restart the page numbers at 1 on your revised version of the report.

 

Also, you must use automatic page numbering.  Manually inserted page numbers do not fulfill the assignment. 

 

 

 

 

 

John Q. Student

 

My Experience in the Thompson Internship

 

            The internship started off in the month of September with my reading of Pennsylvania: A History of the Commonwealth written by Randall Miller and William Pencak. This book gave me a background in the history of Pennsylvania, from early Native Americans through the twentieth century. In addition, it discussed the many approaches of historiography taken toward the subject, thereby exposing me to many options. In the month of October, I was allowed to research any topic that I was considering to choose as the focus of my internship’s project. The topics I considered were John Dickinson’s arguments during the American Revolutionary era by studying his Letters, the debates about the Constitution that took place over Pennsylvania’s ratification of it during the Pennsylvania Ratifying Convention, Thomas Paine and the impact of Philadelphia on him to produce Common Sense and also any impact he had on the city, the work of Benjamin Rush and Benjamin Franklin Bache as viewed from his newspaper (of course, this was the topic I ended up choosing). In the month of November, I concentrated on my chosen topic, and researched many sources, both primary and secondary.  Much of that time was spent reading eight years of Aurora (which was printed 6 days a week) on microfilm. Finally, by December, I was in the final stage of research and was delving into the writing. Throughout the first two-thirds of the internship, I spent anywhere from three to six hours each week with Preservation learning about digitizing almost any sort of document.

            What I accomplished through this extensive project was, above all, more education about the subject that I love. Beyond just what ended up making the final essay, during the many hours of research I encountered material that I found extremely interesting. During the past year, I have increasingly been studying the opposition in the early republic. I have become interested in the oft-ignored yet significant arguments of those who opposed the ratification of the Constitution and how they coped with the implementation of it in the 1790’s. Benjamin Franklin Bache, whom I chose to study in my essay, approved the Constitution indeed, but he was part of the opposition press in the 1790’s that disapproved of Washington and Adams as president. Hence, this project is a natural part of my recent interests; and this project helped me learn more about a passion of mine. Its impact is important, for I plan to continue expanding my studies in this area and later in my career publishing more related to this topic, perhaps even focusing on it during my career (I hope to become a college professor in early American history).

            The structure of the internship was very good. It was nice to have the autonomy of choosing what time of day I put in my required hours. Outside of the time digitizing with Preservation (which was also scheduled-well), I could put in my research hours anytime I  wished – morning, day or night. It was certainly good to meet every two weeks with Professor Jones in order to update him on my progress and receive any help I wished. He was also available to meet more frequently during the end of the semester, when communicating often was important.  He was excellent in his assistance and guidance through his availability and willingness.

            Overall, I had an excellent learning experience, and would not change the structure of the internship.  Thank you to all who were involved!

 

 

(I need this back by Tuesday night in Microsoft Word format)

 

How many people would you have to have in a group so that there is a probability of at least 0.5 that at least two of them will have the same birthday?

Power is a leader’s influence over their followers. While power has the potential to control others, it is the perception of power rather than the actual use of it that can influence, manage, and move people and organizations to a higher level of efficiency.

Do the following to complete this assignment:

• Discuss the differences between legitimate, reward, coercive, and referent power. Give an example of each or the appropriate uses of these expert powers. Include responses to the following:
  • Explain how they are similar and how they are different.
  • Describe your experience with these types of power.

Write your initial response in a minimum of 200–300 words. Apply APA standards to citation of sources.