Kaplan-University AC 113 Unit 9

Accounting for debt is important in businesses. Understanding the accounting for current and long term liabilities is important in understanding the solvency of a business. In this Discussion, you will look at how businesses finance operations through debt. Jas Carillo was discussing summer employment with Maria Perez, President of Valparaiso Construction Service. Maria: I’m glad that you’re thinking about joining us for the summer. We could certainly use the help. Jas: Sounds good. I enjoy outdoor work, and I could use the money to help with next year’s school expenses. Maria: I’ve got a plan that can help you out on that. 4 per hour; but in addition, I’d like to pay you with cash. Since you’re only working for the summer, it really doesn’t make sense for me to go to the trouble of formally putting you on our payroll system. In fact, I do some jobs for my clients on a strictly cash basis, so it would be easy to just pay you that way. Jas: Well, that’s a bit unusual, but I guess money is money.

Maria: Yeah, not only that, it’s tax free! Jas: What do you mean? Maria: Didn’t you know? Any money that you receive in cash is not reported to the IRS on a W-2 form, therefore, the IRS doesn’t know about the income – hence, it’s the same as tax-free earnings. Why does Maria Perez want to conduct business transactions using cash (not check or credit card)? How should Jas respond to Maria’s suggestion? This week’s Assignment will introduce you to notes payable, interest, warranty liabilities, and payroll tax liabilities. Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit.

In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. 36,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Fungus Audio Works Inc. warrants its products for one year. The estimated product warranty is 3% of sales. Determine the warranty liability at January 31, the end of the first month of the current year. What accounts are decreased for the warranty work provided in February? 460,000 was subject to the 7.5% FICA tax. 39,000 was subject to state and federal unemployment taxes. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. 10 par value cumulative 6% preferred stock and 5,000 shares of common stock outstanding. 50,000. What is the total cash paid to the preferred stockholders in 2011? Which of the following is FALSE? Accounts payable always require payment of interest. Notes and bonds require interest to be paid periodically. Vendors and suppliers help to finance operations. Most businesses maintain a normal amount of accounts payable. 60 per share. What is the new par value and the estimated market price of the stock after the split? What is the New Par Value and the Estimated market price of the stock?

Write a 1500 word paper based on research from outside resources in which you analyze the organization’s benefits program and describe the advantages and disadvantages of such. Please include a title sheet and 2-3 references. Only one reference may come from the internet (not Wikipedia). The other references should be located in the Grantham University online library. Only the body of the paper will count toward the word requirement. Please write in 3rd person. Many organizations, both public and private, use flexible benefits programs to help attract and retain a motivated and high-performing workforce. Using this lead-in as a backdrop, conduct online research and choose an organization, public or private, that has gained popularity because of their flexible benefits program or lack thereof. Write a 1500 word paper based on research from outside resources in which you analyze the organization’s benefits program and describe the advantages and disadvantages of such.

Please include a title sheet and 2-3 references. Only one reference may come from the internet (not Wikipedia). The other references should be located in the Grantham University online library. Only the body of the paper will count toward the word requirement. Please write in 3rd person. Write a 1500 word paper in which you describe three pieces of legislation that have been critical in defining the rights of management and unions. Why are the laws you chose important and what role did they play in shaping today’s management-union relationship? Please include a title sheet and 2-3 references. Only one reference may come from the internet (not Wikipedia). The other references should be located in the Grantham University online library. Only the body of the paper will count toward the word requirement. Please write in 3rd person. Write a 1500 word paper in which you describe three pieces of legislation that have been critical in defining the rights of management and unions. Why are the laws you chose important and what role did they play in shaping today’s management-union relationship? Please include a title sheet and 2-3 references. Only one reference may come from the internet (not Wikipedia). The other references should be located in the Grantham University online library. Only the body of the paper will count toward the word requirement. Please write in 3rd person.