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please list all work. For all payroll calculations, use the following tax rates and round amounts to the Employee: OASDI: 6.2% on first $118,500 earned;
please list all work.
For all payroll calculations, use the following tax rates and round amounts to the Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, > Short EX nearest cent. or a 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% op first $7,000 earned: SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or long-term liability (LTL). S11-2 Recording sales tax On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales were subject to sales tax of 4%. On August 15, Williams Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15. S11-3 Recording unearned revenue On June 1, Hunting Man Magazine collected cash of $63,000 on future annual subscrip tions starting on July 1. Requirements 1. Journalize the transaction to record the collection of cash on June 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearen whole dollar.)Step by Step Solution
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