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ApJ & related) (employee and employer axes April 3 uesday, > Continuing Problem P11-36 Accounting for liabilities of a known amount This problem continues the
ApJ & related) (employee and employer axes April 3 uesday, > Continuing Problem P11-36 Accounting for liabilities of a known amount This problem continues the Canyon Canoe Company situation from Chapter 10. Amber Wilson is continuing her analysis of the company's position and believes the company will need to borrow $15,000 in order to expand operations. She consults Rivers Nation Bank and secures a 6%, one-year note on September 1, 2019, with interest due at matunn Additionally, the company hires an employee, John Vance, on September 1. John will receive a salary of $3,000 per month. Payroll deductions include federal income tax at 2596, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $250 The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Requirements 1. Record the issuance of the $15,000 note payable on September 1, 2019. 2. Record the employee payroll and employer payroll tax entries on September 30, 2019, 3. Record all payments related to September's payroll. Payments are made on October 15, 2019
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