Exercise 8-3A Record notes payable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six- month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction ist Journal entry worksheet K1 Record the issuance of note. Note: Enter debits before credits General Journal Credit Debit 20,700,000 August 01, 2021 Cash Notes Pavable Recorder Maw General Check my work Exercise 8-4A Record notes recelvable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six- month, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your ollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the acceptance of note. Note: Enter debits before credits Date General Journal August 01, 2021 Cash Notes Payable E Debit Credit M20.500.000 20.500.000 Rendant Clear entry Vw general journal Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $11 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128.400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7000 earned per employee. Exercise 8-7A Part 1 Required: 1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January Total salary expense Total withholdings Actual direct deposit Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $11 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128.400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7000 earned per employee. Exercise 8-7A Part 2 2. Compute the total payroll tax expense Aspen Ski Resorts will pay for the first week of January in addition to the total salary expense and employee withholdings calculated in Part 1 Total payroll tax expense
