A: Current Liabilities The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; office salaries, $160,000; federal income taxes withheld, 590,000; state income taxes withheld, $20,000; Social Security taxes withheld, $22,320; Medicare taxes withheld, $5,220, medical insurance premiums, $7,000; life insurance premiums, $4,000; union dues deducted, $1,000 and salaries subject to unemployment taxes, $50,000. the employee pays 40% of medical and life insurance premiums. REQUIRED: Prepare journal entries to record: 1-accrued payroll, including employee deductions, for July 2 - cash payment of the net payroll (salaries payable) for July 3 - accrued employer payroll taxes, and other related employment expenses, for July - assume FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 4 - accrued employer benefits expense for July 5. cash payment of all liabilities related to the July payroll Journal Entries Account Name Date Debit Credit On January 1, 2017, when the current market interest rate was 8%. Waveland Corporation issued $120,000,000, 5-year bonds The bonds payan annual coupon rate of REQUIRED: a. At what price should this bond offering sell? b. Create a table showing the amortired premium or discount the first three years of the bonds. c. Prepare the journal entry on the date of the bond issuance. d. Prepare the first two semiannual interest payment journal entries. BOND AMORTIZATION WORKSHEET (STRAIGHT-LINE METHOD) NECESSARY BOND FACTS: Face Amount: 1st Interest Pmt Date: Annual O Semi-Annual Issue Price/Amount/% m? Bond Term Discount/Prem Amount: Stated Interest Rate: Issue Date: Market Interest Rate: Interest Pint "Use F Amt & Started Images "UsXV & Market Fate Dischfrem Amortation Discyphem Bal Garry Value NISSANCESAR Journal Entries Debit Date Account Name Credit