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I need help with an accounting study. Select the balance sheet accounts, then calculate each accounts' balance ai select a label or enter a zero.)
I need help with an accounting study.
Select the balance sheet accounts, then calculate each accounts' balance ai select a label or enter a zero.) Amount Six Mile Electronics Balance Sheet (partial) June 30, 2018 Account Current liabilities: | Accrued warranty payable Current portion of long-term note payable Interest payable Unearned sales revenue Employee withheld income tax payable FICA tax payable Total current liabilities Long-term liabilities: Note payable a. Sales of $2,200,000 are subject to an accrued warranty cost of 9%. The accrued warranty payable at the beginning of the year was $31,000, and warranty payments for the year totaled $59,000. b. On June 1, Six Mile Electronics signed a $60,000 note payable that requires annual payments of $12,000 plus 4% interest on the unpaid balance beginning June 1, 2019. c. Operata, Inc., a chain of discount stores, ordered $145,000 worth of wireless speakers and related products. With its order, Operata, Inc., sent a check for $145,000 in advance, and Six Mile shipped $45,000 of the goods. Six Mile will ship the remainder of the goods on July 3, 2018 d. Six Mile's June payroll of $260,000 is subject to employee withheld income tax of $30,400 and FICA tax of 7.65%. On June 30, Six Mile pays employees their take-home pay and accrues all tax amountsStep by Step Solution
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