Assume that the Chlo Dalcy Companies, Inc., faced the following liability situations at June 30, 2018, the end af the company's fiscal year. Show how Chlo Dalcy would report these liabilities on its balance sheet at June 30, 2018. (Click on the icon to view the situations.) a. Salary expense for the last payroll period of the year was S875,000. f this amount, employees' withheld income enter a zero.) x totaled S105,000 and FICA taxes were S79,000. These payroll amounts will be paid in early July. (Enter amounts in whole dollars. If a box is not used in the table, leave the box empty: do not select a label o i More Info Balance Shoet Account Amount Liabilities at June 30, 2018: Current liabilities: Salary expense for the last payroll period of the year was $875,000. Of this amount, employees' wthheld income tax totaled $105,000 and FICA taxes a. The company estimates that its warranty expense for the fiscal year will be 1% of its S400 million in sales. One year ago, at June 30, 2017, Accrued Warranty Payable stood at $7 million. Warranty payments were $9 million h. Long-term liabilities: The company oavs rovalties on Its purchased trademarks. Royalties for the trademarks are equal to a percentage of Chlo Dalcy's sales. Assume that the company's $400 million in sales for fiscal year 2018 were subject to a 2018, Chlo Dalcy owes two-thirds of the vears rovalty, to be paid in July, d. Long-term debt, outstanding since 2016, totaled $375 million and is payable in annual installments of $25 million each. The interest rate on the debt is 9, and the interest is paid each December 31 additional e taxes due to ongoing IRS audits of the company's 2016 and 2017 coroporate income tax returns conducted in 2018. As of the date of issuance of the 2018 financial statements, the IRS audits are incomplete. The companys income taxes will be due pending the eventual outcome of these audits, but is unable to make an estimate of the amounts. However, the amounts are not expected material to the company's financial position or results of operations for 2018. Choose from any list or enter any number in the input fields and then click Check Answer. Assume that the Chlo Dalcy Companies, Inc., faced the following liability situations at June 30, 2018, the end af the company's fiscal year. Show how Chlo Dalcy would report these liabilities on its balance sheet at June 30, 2018. (Click on the icon to view the situations.) a. Salary expense for the last payroll period of the year was S875,000. f this amount, employees' withheld income enter a zero.) x totaled S105,000 and FICA taxes were S79,000. These payroll amounts will be paid in early July. (Enter amounts in whole dollars. If a box is not used in the table, leave the box empty: do not select a label o i More Info Balance Shoet Account Amount Liabilities at June 30, 2018: Current liabilities: Salary expense for the last payroll period of the year was $875,000. Of this amount, employees' wthheld income tax totaled $105,000 and FICA taxes a. The company estimates that its warranty expense for the fiscal year will be 1% of its S400 million in sales. One year ago, at June 30, 2017, Accrued Warranty Payable stood at $7 million. Warranty payments were $9 million h. Long-term liabilities: The company oavs rovalties on Its purchased trademarks. Royalties for the trademarks are equal to a percentage of Chlo Dalcy's sales. Assume that the company's $400 million in sales for fiscal year 2018 were subject to a 2018, Chlo Dalcy owes two-thirds of the vears rovalty, to be paid in July, d. Long-term debt, outstanding since 2016, totaled $375 million and is payable in annual installments of $25 million each. The interest rate on the debt is 9, and the interest is paid each December 31 additional e taxes due to ongoing IRS audits of the company's 2016 and 2017 coroporate income tax returns conducted in 2018. As of the date of issuance of the 2018 financial statements, the IRS audits are incomplete. The companys income taxes will be due pending the eventual outcome of these audits, but is unable to make an estimate of the amounts. However, the amounts are not expected material to the company's financial position or results of operations for 2018. Choose from any list or enter any number in the input fields and then click Check
