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Assume that the Jasmine Charron Companies, Inc., fuced the following lably what I dne 30, 2016, the end of the company's focal year. Show how Jasmine Charon would report these liabilities on its balance sheet at June 30, 2018 (Click on the icon to view the situations.) Salary expense for the last payroll period of the year was $900.000. Of the amount omoloyees withheld income tax totaled $112,000 and FIGA taxes were $70,000. The payroll amounts wil be paid in early July (Enter at amounts in whole dollars. Ia box is not used in the table, leave the box amply do not select a label or enter a zero) Balance Sheet Account Amount Liabilities at June 30, 2018 Current abilities Long-term abilities * More Info 00. at a. Salary expense for the last payroll period of the year was $950,000. Of this 2. amount, employees' withheld income tax totaled $112,000 and FICA taxes were ch $79,000. These payroll amounts will be paid in early July b. The company estimates that its warranty expense for the fiscal year will be 1% of its $350 million in sales. One year ago, at June 30, 2017, Accrued Warranty Payable stood at $2 million. Warranty payments were $5 million during the year ended June 30, 2018. c. The company pays royalties on its purchased trademarks. Royalties for the trademarks are equal to a percentage of Jasmine Charron's sales. Assume that the company's $350 million in sales for fiscal year 2018 were subject to a royalty rate of 3%. At June 30, 2018, Jasmine Charron owes two-thirds of the year's royalty, to be paid in July. d. Long-term debt, outstanding since 2016, totaled $375 million and is payable in annual installments of $25 million each. The interest rate on the debt is 10%, and the interest is paid each December 31. e. The company recognizes a contingent liability for additional federal income taxes due to ongoing IRS audits of the company's 2016 and 2017 corporate income tax returns conducted in 2018. As of the date of issuance of the 2018 financial statements, the IRS audits are incomplete. The company's ds ar Print Done More Info - Follo C 100 of its $350 million in sales. One year ago, at June 30, 2017, Accrued Warranty 950, Payable stood at $2 million. Warranty payments were $5 million during the year ve the ended June 30, 2018. ount C. The company pays royalties on its purchased trademarks. Royalties for the trademarks are equal to a percentage of Jasmine Charron's sales. Assume that the company's $350 million in sales for fiscal year 2018 were subject to a royalty rate of 3%. At June 30, 2018, Jasmine Charron owes two-thirds of the year's royalty, to be paid in July. d. Long-term debt, outstanding since 2016, totaled $375 million and is payable in annual installments of $25 million each. The interest rate on the debt is 10%, and the interest is paid each December 31. e. The company recognizes a contingent liability for additional federal income taxes due to ongoing IRS audits of the company's 2016 and 2017 corporate income tax returns conducted in 2018. As of the date of issuance of the 2018 financial statements, the IRS audits are incomplete. The company's management estimates that it is possible that additional amounts of income taxes will be due pending the eventual outcome of these audits, but is unable to make an estimate of the amo However, the amounts are not expected to be material to the company's financial position or results of operations for 2018. ut fields ar Print Done Assume that the Jasmine Charron Companies, Inc., faced the following liabilit 30, 2018 (Click on the icon to view the situations.) a. Salary expense for the last payroll period of the year was $950,000. Of this a amounts in whole dollars. If a box is not used in the table, leave the box empty; Balance Sheet Account Amount Liabilities at June 30, 2018: Current liabilities: Cash Employee income tax payable Loi FICA tax payable Income taxes payable Long-term salary payable Salary expense Chc Salary payable input fields and then click Chec- 4 parts remaining Question Help Assume that the Jasmine Chamon Companies, Inc., faced the following tobilly stations at June 30, 2016, the end of the company's fecal year show how Jasmine Chanon would report these abilities on ts balance sheet at June 30, 2018 Ock on the con to view the stations) Stary expense for the int payroll period of the your was $50,000. O amount omployees wird income tax toated 5112.000 and FICAs were $79,000. These payroll amounts wil be paid in early July (Enteral amounts in whole dollars. Ia box is not used in the table, love the box emply do not select a label or tereo) Balance Sheet Account Amount Labtes a une 30, 2018 Current Long mabilis Assume that the Jasmine Charron Companies, Inc., faced the following ability situations at June 30, 2018, the end of the company's fiscal year. Show how Jasmine Charron would report these liabilities on its balance sheet at June 30, 2018 Click on the loon to view the stations) a Salary expense for the last payroll period of the year was 100.000 of the amount, employees withheld come tax totaled $112.000 and FICA taxes were $70,000. These payroll amounts will be paid in early July (Enter all amounts in whole doors. If a box is not used in the tableave the box amply do not select label or antara mer Balance Sheet Account Amount Les at June 30, 2018: Current
