Solution%20Chapter%2013

Solution%20Chapter%2013 - BRIEF EXERCISE 13-8 Wages Expense...

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BRIEF EXERCISE 13-8 Wages Expense. .............................................................. 30,000 Vacation Wages Payable (30 X 2 X $500). .................................................... 30,000 BRIEF EXERCISE 13-9 12/31/10 Bonus Expense. ............................................ 350,000 Bonus Payable. .................................... 350,000 2/15/11 Bonus Payable. .............................................. 350,000 Cash. ..................................................... 350,000 EXERCISE 13-7 (5–7 minutes) June 30 Sales. ................................................................................ 23,700 Sales Tax Payable. ................................................. 23,700 Computation: Sales plus sales tax ($265,000 + $153,700) $418,700 Sales exclusive of tax ($418,700 ÷ 1.06) (395,000 ) Sales tax $ 23,700 PROBLEM 13-1 (a) February 2 Purchases ($70,000 X 98%). .................................... 68,600 Accounts Payable. ......................................... 68,600
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Solution%20Chapter%2013 - BRIEF EXERCISE 13-8 Wages Expense...

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