Please help with these questions. Thanks!
Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that sales were $413,000 for January. On February 7, a customer received warranty repairs requiring $315 of parts and $70 of labor. If an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. ':] v D b. Journalize the entry to record the warranty work provided in February. did m Calculate Payroll An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $304.75. a. Determine the gross pay for the week. 3;:1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. $:] Entries for Discounted Note Payable A business issued a 30day note for $54,000 to a creditor on account. The note was discounted at 8%. Assume a 360day year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. did m b. Journalize the entry to record the payment of the note at maturity. b. V D v D Entries for Notes Payable A business issued a 90-day, 10% note for $90,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360day year. If an amount box does not require an entry, leave it blank. 3- v v b v aim D m m Current Liabilities Bon Nebo Co. sold 17,000 annual subscriptions of Bjorn for $42 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $448,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y6 Current liabilities: Federal income taxes payable 535,000 X Advances on magazine subscriptions 535,000 X Total current liabilities