Problem 8 (1) Time cards are being entered into the accounting system for four e
ID: 2390963 • Letter: P
Question
Problem 8
(1)Time cards are being entered into the accounting system for four employees. The cost for employee 1 are to be billed to job cost code 302.01.01100L Ten hours of Employee 2 time is to be billed to job cost code 302.010610L and the remaining 30 hours are to be billed to job cost code 302.01.06210L. Employee 3 took vacation this entire week and employee 4 works in the main office. The employee costs and deductions withheld fro the employees check are shown in table 3-1 using the chart of accounting in figure. 2-1. Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of entering the employees time into the accounting system.
(2) Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of paying the employees in question (1) for one week’s work.
Figure 2-1
Accounting Transactions 49 Table 3:-1 Employe Costs and Desductions Employee ($) 2 4 Total Employer's Costs Wages Social Security Medicare SUTA FUTA Liability Insurance Workers' Comp. Health Insurance Vacation 600.00 37.20 8.70 18.00 4.80 12.00 54,00 40.00 38.92 813.62 350.00 21.70 1,850.00 114.70 26.83 24.80 31.00 12.00 3.20 8.00 36.00 40.00 29.79 559.59 10.50 2.80 7.00 31.50 40.00 27.51 496.09 15.00 4.00 10.00 15.00 4.80 37.00 136.50 160.00 129.42 2,524.75 33.20 655.45 Total Employee Deductions Social Security Medicare Federal Withholdings State Withholdings Health Insurance 114.70 31.00 7.25 44.85 30.00 60.00 173.10 21.70 37.20 8.70 59.85 36.00 60.00 201.75 24.80 5.80 29.85 24.00 60.00 144.45 26.83 156.90 111.00 240.00 649.43 22.35 60.00 130.13 TotalExplanation / Answer
The TMA Questions fiscal Reporting on the net (Tyco Electronics Ltd.) TE Connectivity Ltd. Is a global corporation that designs and manufactures
The TMA Questions
financial Reporting on the web
(Tyco Electronics Ltd.)
TE Connectivity Ltd. Is a global organization that designs and manufactures roughly 500,000 products that join and guard the glide of energy and information inside hundreds of thousands of merchandise utilized by patrons and industries. We associate with ******ers in a broad array of industries from consumer electronics, vigour, and healthcare to car, aerospace, and verbal exchange networks.
Tyco Electronics Ltd. Was incorporated in Bermuda in fiscal 2000 as a absolutely-owned subsidiary of then Bermuda-situated Tyco worldwide Ltd. ( Tyco international ). Strong June 29, 2007, Tyco worldwide allotted all of our shares to its normal shareholders (noted on this file because the separation ). Tyco became an impartial, publicly traded manufacturer proudly owning the previous electronics corporations of Tyco international.
Entry the Tyco Electronics Ltd. Internet web page at: www.Te.Com. From Tyco s residence web page, choose investors, and then Annual reports , followed by using clicking on 2012 Annual report to down load the annual report on kind 10-k
guidelines:
Use the annual report to reply the next questions:
1-
who is dependable for the guidance of the financial statements and associated know-how which can be presented in this file? Aid your answer by proof from the annual file.
2-What are the objectives of economic reporting through Tyco Electronics Ltd.?
Three-How does the definition of accounting because the language of business relate to accounting as being useful for Tyco Electronics investors and board of directors?
4-For the 2 most contemporary years, 2012 and 2011, list the amounts mentioned for income , operating revenue , and web income . Is Tyco Electronics growing and increasing? Is international Inc. A beneficial manufacturer comment whether or not the three years trend of revenues is favorable or detrimental.
5-briefly provide an explanation for what is meant through the time period property, plant and apparatus, identifying at least three items integrated on this category. Aid your answer by using compatible figures from the Tyco Electronics 2012 annual file.
6-Which form(s) did Tyco Electronics Ltd. Use to present its revenue and stability sheet?
7-Tyco Electronics Consolidated Statements of money Flows, for the Fiscal Years Ended September 28, 2012, September 30, 2011, record depreciation and amortization. What varieties of intangible belongings would you wager require amortization? Aid your reply with the aid of suitable figures from the Tyco Electronics 2012 annual report.
8-establish 4 debts on Tyco Electronics steadiness sheet that furnish proof that Tyco uses accrual accounting. In every case, establish the revenue declaration account that may be suffering from the adjustment process.
9-find Tyco Electronics 2012 consolidated statements of cash flows.
A-What journal entry did Tyco Electronics make in 2012 to report:
1-Proceeds from long-term debt.
2-fee of fashioned share dividends and cash distributions to shareholders.
B-What is supposed by way of net money provided via continuing investing pursuits. Give an explanation for the exchange in net cash furnished through continuing investing activities between 2011 and 2012.
10- For the 2 most up to date years (2012 and 2011), p. 14. Tyco Electronics Ltd. Discloses that, as of September 28, 2012 and September 30, 2011 respectively, the working capital used to be (in millions) $2,499 and $three,571, respectively. What is supposed by way of the working capital? Explain your reasoning.
Eleven-For the 2 most contemporary years (2012 and 2011), are Tyco Electronics assets exceptionally financed by means of debt or proprietor s fairness? Provide an explanation for your reasoning.