Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice O Current liabilities Operating cycle liabilities O Current assets. Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the holder of the note may not be known until the maturity date ) Liabilities can involve uncertainty in whom to pay A company only records fabrities when it knows whom to pay when to pay and how much to pay A company can have an obligation of a known amount to a known creditor but not know when it must be paid. In the accounting records of a defendant, lawsuits: Multiple Choice o O Are estimated liabilities o Should always be disclosed o Should never be recorded o Should always be recorded o Should be recorded if payment for damages is probable and the amount can be reasonably estimated The following monthly data are taken from Ramirez Company at July 3t Sales salaries, $600,000: Office salaries, $120,000; Federal Income taxes withheld, $180,000; State income taxes withheld, $40,000: Social security taxes withheld, 544,640: Medicare taxes withheld, $10,440, Medical insurance premiums, $14,500. Life insurance premiums, $11,500: Union dues deducted, $8,500; and Salaries subject to unemployment taxes, $65,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Total Paid by Premium Paid Premium Employees by Employees Premium Paid by Employer Employee Medical insurance Payable Employee Life Insurance Payable Reg 1 and 2 Reg 3 Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Paid by Premium Paid Premi Dad Employees by Employees by Employer Premium Employee Medical insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payrol, including employee deductions for 31 Reg 3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $600,000; Office salaries, $120,000 income taxes withheld, $180,000: State income taxes withheld, $40,000: Social security taxes withheld, 544,640; Medicare withheld, $10.440; Medical insurance premiums, $14,500; Life insurance premiums, $11,500: Union dues deducted, $8,500: Salaries subject to unemployment taxes, $65.000. The employee pays 40% of medical and life insurance premiums. Assum taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and payment of the net payroll for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Req 1 and 21 Reg 3 Reg 4 Using the above information, complete the below table. Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable Req 1 and 2 Reg 3 Reg 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.496 and FUTA taxes are 0.6% View transaction list Journal entry worksheet Record all employer's payroll expenses and abilities for the month of July, Note E debits before credits General al I Debit Crede. Record entry Clear entry View general al Req 1 and 2 Reg 3 Red 4 Record the accrued employer payroll taxes and all other employer paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4 and FUTA taxes are 0.6% View transaction list Journal entry worksheet Record the employer's benefit expense. Note Enter det before credits July 31 Record entry Cleary View general journal that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% View transaction list Journal entry worksheet