Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carpenter Inc estimates wortanty expense at 3% of sales. Sales during the year were $13 million and warranty expenditures were $47500 What was the balance

image text in transcribed
image text in transcribed
image text in transcribed
Carpenter Inc estimates wortanty expense at 3% of sales. Sales during the year were $13 million and warranty expenditures were $47500 What was the balance in the Warranty Liability account at the end of the year? Multiple Choice $47,500 $500 $357500 $390.000 Assume that on July 1, 2021. Togo's Sandwiches issues a $2.08 million, one-year note Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Interest Expense 1 2 3 4. Interest Rate Fiscal Year End 8% December 31 10% September 30 6% October 31 8% January 31 Accurate Reports has 60 employees each working 43 hours per week and earning $22 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 765% of the first $118,500 eamed per employee and 145% thereafter, Unemployment taxes are 6.20% of the first $7,000 earned per employee. 1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payment (salaries payable) for the first week of January. (Round your intermediate and final answers to the nearest collar amount.) Total salarios expense Total withholdings Actual direct deposit 5 0 2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January (Round your intermediate and final answers to the nearest dollar amount.) Total payroll se

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions