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Help Save& Exit Subm Use the following information for the Exercises below. The following information applies to the questions displayed below. BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee. and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. ross Pay through August $6,40O 20,100 114,100 Gross Pay for $1,700 4,000 9,900 b. Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroil taxes expense and its related liabilities. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate Tax Employer Payroll taxes 6.20% 1.45% $ 1,700.00 1.700.00 105.40 24.65 FICA Social Security FUTA SUTA 130.05 Total Payroll Taxes Expense $ Homework Exercise 11-6 Payroll-related Journal Entries LO P.. Chegg.com Homework Saved 0 Required information ew transaction list Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 Clear entry View general journal Prev 015 Next > Help Save & ExitSubm Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 28 employees qualify for one vacation day each Their average daily wage is $240 per employee. 2. During December, Maxum Company sold 4,300 units of a product that carries a 60-day warranty. December sales for this product total $123,00 be $12 The company expects 5% ofthe units to need warranty repairs, and it estimates the average repair cost per unit N Prepare any necessary adjusting entries at December 31, 2017, for Maxum Company's year-end financial statements for each of the above separate transactions and events View transaction list Journal entry worksheet Employees earn vacation pay at a rate of one day per month. During December, 28 employees qualify for one vacation day each. Their average dally wage is $240 per employee. Record the related adjusting entry. Note: Enter debits before credits. Credit General Journal 2 0 Exercise 11-6 Payeol-related Journal Entries LO P... I Chegg.com my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completio Return to quest 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Answer is complete but not entirely correct Total throughExpense Expense 210.000s 210000210000 Rate (%) Tolsl nteres 70005 24 4153 Prepare jounal entries to record (a ssuance of the nato (bl accrual of inteorest at te ond or 201 and e) payment of the note at maturity (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calcufations O Answer is not complete.
