Alpha Company records all sales at the register

Question 1 (4 points)Alpha Company records all sales at the register with amounts that include 8% sales tax. DuringNovember 2016, total sales at the register were recorded as $706,320. Use this information todetermine what amount of sales tax liability that Alpha Company should record for an end of the monthadjusting entry.Question 2 (9 points)Charlie Delta, an employee of the Bravo Zulu Company is paid by cheque on each payday andearns $15 per hour. Charlie worked 50 hours the week ending February 26, 2016. Overtime inexcess of 40 hours must be paid at 150% of the normal hourly rate. Payroll liabilities are paid atthe end of each quarter. The following apples to all of Charlie’s wages for this period:ItemRate/AmountSocial Security taxes6.0%Medicare/Medicaid taxes1.5%Federal Income Taxes withheld$210State Income Taxes withheld$50All this week’s wages were subject to:ItemRate/AmountFederal Unemployment Tax0.5%State Unemployment Tax3.0%Use this information to determine for the February 26 pay period:1. Charlie’s Net Pay2. Bravo Zulu’s employer payroll tax expense3. Total Payroll Liability for Bravo Zulu(Round calculations to the nearest penny. Enter dollar values in answer boxes rounded to thenearest penny.)1.2.3.Question 3 (6 points)On December 31, 2015, Alpha Corporation has outstanding 1,000 shares of $100 par value, 7%cumulative and nonparticipating preferred stock, and 20,000 shares of $10 par value commonstock. No dividends were paid in 2015. During 2016, Alpha distributed $40,000 in dividends. Usethis information to determine for the 2016 the amount of dividends that will be distributed to:1. Preferred Stock2. Common Stock1.2.Question 4 (6 points)On January 2, 2016, Alpha Corporation’s initial capital stock transaction consisted of an issuanceof 5,000 shares of $5 par value common stock, for $60 per share. On June 30, 2017 another 10,000shares were authorized to be issued. Use this information to determine for the June 30, 2017balances for:1. Common Stock2. Additional Paid in Capital in excess of par Common Stock1.2.FIB – 5Question 5 (3 points)On July 1, 2016, Alpha Company, a world famous international monthly food publication,sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Eachsubscription sold for $18 each. Monthly magazines are mailed at the end of each month.Use this information to determine what amount should be reported on Alpha Company’sDecember 31, 2016 balance sheet as a part of the Unearned Subscriptions Revenue relatedto the July 2016 sales.Question 6 (6 points)Alpha Company sells widgets for $35 each. The widget has a one year warranty. Alpha estimatesthat 6% of the widgets will require repair during the warranty period. The estimated average repaircost is $4.30 per widget. On July 31, the Estimated Warranty Liability account had a normalbalance of $25,000. During August, sales were $70,000. During August, 470 widgets were repairedunder the warranty agreement with an actual cost of $4.50 each. Use this information todetermine:1. The August 31 Estimated Warranty Liability ending balance2. The August Warranty ExpenseQuestion 7 (8 points)On July 1, 2016, Alpha Company, a world famous international monthly food publication, sold1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription soldfor $18 each. Monthly magazines are mailed at the end of each month. Use this information toprepare the July 1 subscription sale and the year end adjusting General Journal entries (withoutexplanation) for 2016. If no entry is required then write "No Entry Required."Date7/1/16AccountsDebitcredit12/31/16Question 8 (8 points)On July 1, 2016, Alpha Company borrowed $100,000 from Mega Bank. Alpha signed a 5%note, due in one year. Alpha uses accrual basis for accounting and its fiscal year ends onDecember 31. Use this information to prepare the compound General Journal entry(without explanation) for the payment of the note on June 30, 2017. If no entry is requiredthen write "No Entry Required."Date7/1/16AccountsDebitcreditQuestion 9 (8 points)On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signeda Note Payable due in one year for $25,440. Alpha uses accrual basis for accounting and its fiscalyear ends on December 31. Use this information to prepare the compound General Journal entry(without explanation) for the payment of the note on June 30, 2017. If no entry is required thenwrite "No Entry Required."DateAccountsDebitcreditQuestion 10 (6 points)On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for$15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading$20 each. September 1, 2016, when the market was soaring, Alpha reissued 500 shares of treasurystock at the going market rate of $25 per share. Use this information to prepare the GeneralJournal entry (without explanation) for September 1.Date9/1/16AccountsDebitcreditQuestion 11 (6 points)On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with apar value of $3 per share. On March 31, Alpha Corporation authorized a 10% stock dividend whenthe market value was $8 per share. Use this information to prepare the General Journal entry(without explanation) for March 31. If no entry is required then write "No Entry Required."DateAccountsDebitcreditQuestion 12 (30 points)The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31,2016, adjusting entries & closing entries have been posted. All balances are normal.AccountCommon Stock, $5 parTreasury Stock, at cost $10 per shareDividends PayableAmount$150,00020,0005,000Paid in Capital in excess of par,Common Stock30,000Paid in Capital in excess of par,Preferred Stock3,500Retained Earnings140,000Bonds Payable75,000Preferred Stock, $100 par, 5%cumulative35,000On December 31, 2016, Common Stock was authorized 50,000 shares and Preferred Stock wasauthorized 5,000 shares. Prepare only the Stockholder’s Equity section of the Classified BalanceSheet for the year end. Be sure to use a good format, dollar signs and single underlines wererequired. There are a few extra lines in the formatted input answer form to allow for acceptablebalance sheet format variations.