# The following transactions apply to Park Co. for Yeart 1. Received $50,000 cash from the issue... ###### Question: The following transactions apply to Park Co. for Yeart 1. Received$50,000 cash from the issue of common stock. 2 Purchased Inventory on account for $180,000. 3. Sold Inventory for$250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the Inventory sold 4. Borrowed$50,000 from First State Bank on March 1, Year 1. The note had a 7 percent interest rate and a one-year term to maturity. 5. Pald the accounts payable (see transaction 2). 6. Paid the sales tax due on $190,000 of sales. Sales tax on the other$60.000 is not due until after the end of the year. 7. Salaries for the year for one employee amounted to $46,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income tax withheld was$5,300. 8. Pald $5,800 for warranty repairs on account during the year. 9. Pald$36,000 of other operating expenses during the year. 10. Pald a dividend of $2,000 to the shareholders Adjustments: 11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 3 percent of sales. 12 Record the accrued Interest at December 31, Year 1 13. Record the accrued payroll tax at December 31, Year 1. Assume no payroll taxes have been paid for the year and that the unemployment tax rate is 6 percent (federal unemployment tax rate is 06 percent and the state unemployment tax rate is 5.4 percent on the first$7,000 of earnings per employee).
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