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XACC 291 Week 3 - BE10-5, BE10-7, E10-7, E10-9

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Description

XACC 291 Week 3 Answer Guide

The following ACC 291 accounting study guide is designed to help students taking accounting principles II at the undergraduate level. 

What's Included in the Study Guide?

  • Full Solutions for BE10-5, BE10-7, E10-7, E10-9
  • Responses to Textbook Questions 3, 8, and 17
  • All Work Shown
  • Textbook: Financial accounting: Tools for business decision making
    7th Edition
  • Unlimited Additional Support from ACCNerd Accounting Experts

Preview of Solutions

 

BE10-5

Cindy Neuer’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, Cindy works 47 hours. Cindy’s federal income tax withholding is $95, and she has no voluntary deductions. Compute Cindy Neuer’s gross earnings and net pay for the pay period. Assume that the FICA tax rate is 8%.

 

 

 

Gross Earnings  = (16 x 40) + (24 x 7) = $808

 

BE10-7

Mareska Inc. is considering two alternatives to finance its construction of a new $2 million plant.

(a) Issuance of 200,000 shares of common stock at the market price of $10 per share.

(b) Issuance of $2 million, 8% bonds at par.

 

E10-7

The following financial data were reported by 3M Company for 2007 and 2008 (dollars in millions).

E10-9

Northeast Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are: 

Plus Checkpoint responses to Questions 3, 8, and 17

 

Get full solutions and tutoring support on the full study guide 

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