Accounting Homework, Accounting 2300

Transactions E8-18A (similar to) Robarge Electronics completed these selected transaction (Click the icon to view the transactions.) Requirement 1. Report these items on Robarge Electronics' balance sh| a. Sales of $2,000,000 are subject to an accrued warranty cost of 8%. The accrued warranty payable at the beginning of the year was $35,000, and warranty payments for the year totaled $58,000. b. On March 1, Robarge Electronics signed a $40,000 note payable that requires annual payments of $8,000 plus 4% interest on the unpaid balance beginning March 1, 2019. C. Jacob, Inc., a chain of discount stores, ordered $105,000 worth of wireless speakers and related products. With its order, Jacob, Inc., sent a check for $105,000 in advance, and Robarge shipped $55,000 of the goods. Robarge will ship the remainder of the goods on April 3, 2018. d. Robarge's March payroll of $230,000 is subject to employee withheld income tax of $30,200 and FICA tax of 7.65%. On March 31, Robarge pays employees their take-home pay and accrues all tax amounts. Print Done Select the balance sheet accounts, then calculate each a employer and employee share of the tax. Round all amou Robarge Electronics Balance Sheet (partial) March 31, 2018 Account Current liabilities: Accrued warranty payable Current portion of long-term note payable Interest payable Unearned sales revenue Employee withheld income tax payable FICA tax payable Total current liabilities Long-term liabilities