ACC 291 Week 3 Exercise  BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14
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ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14

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BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14 BRIEF EXERCISES Prepare entries for an interest‐bearing note payable. BE10-2 Hive Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1‐year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year. Compute and record sales taxes payable. BE10-3 Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales. Prepare entries for unearned revenues. BE10-4 Bramble University sells 3,500 season basketball tickets at $80 each for its 10‐game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. Compute gross earnings and net pay. BE10-5 Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Compute Betsy Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. Analyze solvency. BE10-14 Suppose the 2017 Adidas financial statements contain the following selected data (in millions). Current assets $4,485 Interest expense $169 Total assets 8,875 Income taxes 113 Current liabilities 2,836 Net income 245 Total liabilities 5,099 Cash 775 Compute the following values and provide a brief interpretation of each. (a) Working capital. (b) Current ratio. (c) Debt to assets ratio. (d) Times interest earned.

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