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Tre Powering CHAPTER 11 Fathe ework Assignment - / 100 E Question 2 of 3 View Policies Current Attempt in Progress Joar's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations 1. The company ordered golf equipment from suppliers for $556.000, on credit. It paid 5510.000 to suppliers during the year. 2 The shop has seven employees, who carngross wages of $310,000 for the year. From this, the company deducted 21% for income taxes $15 300 in CPP premiums and $5.050 in El premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $7070 in El premiums, Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year, The company gives customers a one year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales Sales of golf clutus for the year were $1.000.000, During the year, the company spent $13,400 on refuoch under the warranty 4 Sonte customers order very expensive, custom made wolf clubs in these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year, deposits totalling $23,000 were received for custom orders. None of the orders have been delivered yet. Preparerentes to record the transactions (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required "No entry for the account titles and enter for the mounta. Round anwento O decimal placeres 14674) No Account and explanation Debit Credit 0 - /100 Question 2 of 3 Debit Credit 556000 1. 556000 No. Account and explanation Inventory Accounts Payable (To record purchase of inventory on account.) Accounts Payable 510000 510000 2. 310000 Cash (To record payment to supplier.) Wages Expense Employee Income Taxes Payable CPP Payable El Payable 65100 15300 5050 224550 Cach (To record payment to the staff) Wages Expense 2270 OPP Payable 15300 - / 100 5 on 2 of 3 (To record payment to the staff.) Wages Expense 22370 15300 7070 CPP Payable EI Payable (To record employer's liabilities.) Employee Income Taxes Payable CPP Payable El Payable 59675 23000 3 Cash (To record payment to the government.) Warranty Expense Warranty Provision (To record warranty expense.) Warranty Provision 23000 13.000 11400 (To record warranty payments.) Engli CHAPTER 11 Flash - / 100 estion 2 of 3 23000 Warranty Provision (To record warranty expense.) Warranty Provision 13400 13400 Cash (To record warranty payments.) 4. Cash 23000 23000 Unearned Revenue e Textbook and Media List of Accounts Assistance Used Question Part Score Prepare the current liabilities section of the statement of financial position as it would appear at the end of the year. (Round answers to decimal places. e.g. 14,674) Current Liabilities - / 100 Question 2 of 3 --/90 Question Part Score Prepare the current liabilities section of the statement of financial position as it would appear at the end of the year. (Round answers to decimal places, eg. 14,674.) Current Liabilities Accounts Payable 46000 Employee Income Taxes Payable CPP Payable El Payable Uneared Revenue Warranty Provision eTextbook and Media List of Accounts Tre Powering CHAPTER 11 Fathe ework Assignment - / 100 E Question 2 of 3 View Policies Current Attempt in Progress Joar's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations 1. The company ordered golf equipment from suppliers for $556.000, on credit. It paid 5510.000 to suppliers during the year. 2 The shop has seven employees, who carngross wages of $310,000 for the year. From this, the company deducted 21% for income taxes $15 300 in CPP premiums and $5.050 in El premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $7070 in El premiums, Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year, The company gives customers a one year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales Sales of golf clutus for the year were $1.000.000, During the year, the company spent $13,400 on refuoch under the warranty 4 Sonte customers order very expensive, custom made wolf clubs in these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year, deposits totalling $23,000 were received for custom orders. None of the orders have been delivered yet. Preparerentes to record the transactions (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required "No entry for the account titles and enter for the mounta. Round anwento O decimal placeres 14674) No Account and explanation Debit Credit 0 - /100 Question 2 of 3 Debit Credit 556000 1. 556000 No. Account and explanation Inventory Accounts Payable (To record purchase of inventory on account.) Accounts Payable 510000 510000 2. 310000 Cash (To record payment to supplier.) Wages Expense Employee Income Taxes Payable CPP Payable El Payable 65100 15300 5050 224550 Cach (To record payment to the staff) Wages Expense 2270 OPP Payable 15300 - / 100 5 on 2 of 3 (To record payment to the staff.) Wages Expense 22370 15300 7070 CPP Payable EI Payable (To record employer's liabilities.) Employee Income Taxes Payable CPP Payable El Payable 59675 23000 3 Cash (To record payment to the government.) Warranty Expense Warranty Provision (To record warranty expense.) Warranty Provision 23000 13.000 11400 (To record warranty payments.) Engli CHAPTER 11 Flash - / 100 estion 2 of 3 23000 Warranty Provision (To record warranty expense.) Warranty Provision 13400 13400 Cash (To record warranty payments.) 4. Cash 23000 23000 Unearned Revenue e Textbook and Media List of Accounts Assistance Used Question Part Score Prepare the current liabilities section of the statement of financial position as it would appear at the end of the year. (Round answers to decimal places. e.g. 14,674) Current Liabilities - / 100 Question 2 of 3 --/90 Question Part Score Prepare the current liabilities section of the statement of financial position as it would appear at the end of the year. (Round answers to decimal places, eg. 14,674.) Current Liabilities Accounts Payable 46000 Employee Income Taxes Payable CPP Payable El Payable Uneared Revenue Warranty Provision eTextbook and Media List of Accounts