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Ch 10 Solutions.docx - E10-1 You would need to save $7,760,...

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E10-1You would need to save $7,760, as shown in the following loan amortization table:AnnualReductionInterestAnnualInterestin UnpaidUnpaidPeriodPaymentExpense @ 8%BalanceBalanceDate ofGraduation#$ 10,000Year 1$1,490$800$6909,310Year 21,4907457458,565Year 31,4906858057,760E10-2Income StatementBalance SheetTrans-NetCurrentLong-TermOwners’actionRevenueExpenses=IncomeAssets =Liab. +Liab.+Equity-a.NEIDNEINEDb.NEIDDDNEDc.NEIDDINEDd.NENENENEIDNEe.NENENEDDNENEf.NENENEINEINEg.NEIDDNENEDh.NEIDNEIID
E10-3Net Cash FlowNet CashFlowTrans-actionCurrentLong-TermNetfrom Operatingfrom allLiabilitiesLiabilitiesIncomeActivitiesSources
E10-4a.Total payroll relatedcosts:Wages and salaries expense……………………………………………..$7,200,000Payroll taxes …………………………………………………………….580,000Workers’ compensation premiums …………………………………….250,000Group health insurance premiums………………………………………725,000Contributions to employees’ pension plan …………………………..450,000Total payroll related costs ………………………………………………$9,205,000b.Employees' "take-homepay":Wages and salaries earned…………………………………………………$7,200,000Amounts withheld from employees’ pay………………………………….2,200,000“Take-home pay” ………………………………………………………$5,000,000c.(1)128% ($9,205,000 ÷ $7,200,000)(2)184% ($9,205,000 ÷ $5,000,000)E10-5a.

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Term
Spring
Professor
NoProfessor
Tags
Income Statement, Generally Accepted Accounting Principles, withholding tax, Promissory note

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