BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 5,000 2,500 131,900 a. b. C. Gross Pay for September $ 2,100 2,600 8,500 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (C). (Round your answers to 2 decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICA-Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICA-Medicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security EICA Madinare Merger Company has 10 employees, each of whom earns $1,850 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $279.00, FICA Medicare taxes of $65.25, FUTA taxes of $27.00, and SUTA taxes of $243.00. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View general journal Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 2% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $61,250 $5,920,000 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. 3. What amount should Cupola report as a liability at December 31, 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Does this situation represent a loss contingency? Loss contingency The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $26.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $9.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 7% was payable at maturity. May 1 Paid the 7% note at maturity. Dec. 1 Supported by the credit line, issued $13.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 6% discount rate. 31 Recorded any necessary adjusting entry(s). 2022 Sept. 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > Right Medical introduced a new implant that carries a five-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to approximate 1% of sales. Sales were $20 million and actual warranty expenditures were $29,000 for the first year of selling the product. What amount (if any) should Right report as a liability at the end of the year? (Enter your answers in whole dollars.) Warranty Liability Beg. Bal. Warranty expense Actual expenditures End Bal. On July 1, Orcas Lab issued a $325,000, 10%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? Answer is complete but not entirely correct. December 31 $ 1,600 X September 30 $ 800 X