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McKinley Electronics completed these selected transactions during March 2021: (Click the icon to view the transactions.) Requirement 1. Rebort these items on McKinlev Electronics' balance
McKinley Electronics completed these selected transactions during March 2021: (Click the icon to view the transactions.) Requirement 1. Rebort these items on McKinlev Electronics' balance sheet at March 31. 2021. Select the balance sheet accounts, then calculate each accounts' balance and the total current liabilities amount at March 31, 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.) Transactions a. Sales of $2,500,000 are subject to an accrued warranty cost of 6%. The accrued warranty payable at the beginning of the year was $38,000, and warranty payments for the year totaled $60,000. b. On March 1, McKinley Electronics signed a $65,000 note payable that requires annual payments of $13,000 plus 6% interest on the unpaid balance beginning March 1, 2022. c. BuyMore, Inc., a chain of discount stores, ordered $120,000 worth of wireless speakers and related products. With its order, BuyMore, Inc., sent a check for $120,000 in advance, and McKinley shipped $50,000 of the goods. McKinley will ship the remainder of the goods on April 3, 2021. d. McKinley's March payroll of $220,000 is subject to employee withheld income tax of $30,700 and FICA tax of 7.65%. On March 31, McKinley pays employees their take-home pay and accrues all tax amounts
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