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Banff Electronics completed these selected transactions during June 2021: (Click the icon to view the transactions.) Requirement 1. Report these items on Banff Electronics'
Banff Electronics completed these selected transactions during June 2021: (Click the icon to view the transactions.) Requirement 1. Report these items on Banff Electronics' balance sheet at June 30, 2021. Select the balance sheet accounts, then calculate each accounts' balance and the total current liabilities amount at June 30, 2021. (For the FICA tax, be sure to include both the employer and employee share of the tax. Round all amounts to the nearest whole dollar. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Banff Electronics Balance Sheet (partial) Account Current liabilities: June 30, 2021 Amount Transactions Accrued warranty payable Current portion of long-term note payable Interest payable Unearned sales revenue Employee withheld income tax payable FICA tax payable a. Sales of $2,150,000 are subject to an accrued warranty cost of 7%. The accrued warranty payable at the beginning of the year was $37,000, and warranty payments for the year totaled $63,000. b. On June 1, Banff Electronics signed a $60,000 note payable that requires annual payments of $12,000 plus 6% interest on the unpaid balance beginning June 1, 2022. c. Harvey, Inc., a chain of discount stores, ordered $130,000 worth of wireless speakers and related products. With its order, Harvey, Inc., sent a check for $130,000 in advance, and Banff shipped $80,000 of the goods. Banff will ship the remainder of the goods on July 3, 2021. d. Banff's June payroll of $270,000 is subject to employee withheld income tax of $30,200 and FICA tax of 7.65%. On June 30, Banff pays employees their take-home pay and accrues all tax amounts. Long-term liabilities: Note payable Print Done
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