HWK__9 - HOMEWORK #9 DUE FRIDAY, APRIL 15 Part I: The...

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HOMEWORK #9 DUE FRIDAY, APRIL 15 Part I: The following transactions/events affected Green Space, Inc. during 2011 (Their year-end is 12/31/11). 1. On November 30 repaid $200,000 plus interest at the rate of 6%. The principal was originally borrowed on February 1, 2011. 2. During December the company’s gross payroll totaled $50,000. Employee income taxes totaling $8,000 and FICA taxes totaling $3,100 and Medicare Taxes of $725 were withheld from the gross amount. The balance was paid to employees in cash. 3. Green Space had received $20,000 of cash in advance for consulting (all recorded as Unearned Revenue). At year-end ¼ of this has been earned. 4. On December 31, 2011 entered into a contract to do a study for a client during February of 2012. Green Space agreed to do the work for $10,000, to be collect when the work is done. 5. Purchased supplies on account at a price of $500. 6. Borrowed $10,000 from the bank, to be repaid in two years. 7.
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HWK__9 - HOMEWORK #9 DUE FRIDAY, APRIL 15 Part I: The...

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