Read the requi 11/1/2018 198 908 Beginning. Cum Cumulative Begin by preparing the payroll registet for October (Round ail amounts to the nearest cent Complatle all ansuor boses Enter a for any zero balances Abbrevlations used Beg Beg.CurrensEnding dIncomeHealthTotalNet Period Check Answer 63 e 2019 14 Compreneisive 1 of 1 (1 complete) atic) pany As ompany that More Info olina. The Tu ,000 shares arranty and re ales tax. The thly salary on ctions dur Odt. 1 Issued 25,000 shares of $1 par value common stock for cash of $10 per share 1 issued a S200.000, 10-year, 8% mortgage payable for land with an existing store building Mortgage payments of $2,425 are due on the first day of each month, beginning November 1. The assets had the following market values Land, $40,000: Building. $160,000 1 issued a one-year, 10% note payable for $10000for store fixtures. The pric pal and interest are due October 1, 2019 ayment 3 Purchased merchandise inventory on account from Top Rate for $125,000, terms n/30 15 Paid $160 for utities 31 Recorded cash sales for the month of $185,000 plus sales tax of 6% The cost of the goods sold was S1 10,000 and estimated warranty payable was 8% 31 Recorded October payroll and paid employees 31 Accrued employer payroll taxes for October 1,092 1,099 1.106 ugh Decen r recording the on frst $118 Nov. 1 Paid the first mortgage payment. 3 Paid Top Rate for the merchandise inventory purchased on October 3 10 Purchased merchandise inventory on account from Top Rate for $150,000, terms n/30 12 Purchased 500 shares of treasury stock for $15 per share 15 Paid all labilities associated with the October 31 payroll 15 Remitted (paid) sales tax from October sales to the state of North Carolina 16 Paid $6,000 to satisty warranty claims 17 Declared cash dividends of $1 per outstanding share of common 18 Paid $245 for utilities 27 Paid the cash dividends 30 Recorded cash sales for the month of $140,000 plus sales tax of 6% The cost of the goods sold was S84000 and estimated warranty payable was 8% 30 Recorded November payrol and paid employees 30 Accrued employer payroll taxes for November s used Beg ster for October , Ins-Insuran ings Endi rent riod nings Ean ids and then cic Pnt Done End ViewSonic Requirements en 100 1. In preparation for recording the transactions, prepare a. An amortization schedule for the first 3 months of the mortgage payable issued on October 1 Round interest calculations to the nearest dollar tem b. Payroll registers for October, November, and December. All employees worked October 1 through December 31 and are subject to the following FICA taxes: OASDI 62% on first $118,500 earned: Medicare 1 45% up to $200,000, 2.35% on earnings above S200.000. Additional payroll information includes: alanc Monthly Federal Health Employee Salary Income Tax Insurance Kate Jones S 6,000 1,800 S 300 19 Mary Smith 5,000 1,000 300 Sherry Martin 3,000 450 for Oct 0,000 Calculations for employer payroll taxes liabilities for October, November, and December OASDI 6 2% on first S1 18,500 earned. Medicare 1.45%; SUTA 5 4% on first S7000 earned, FUTA: O 6% on first S7.000 earned. c. nt Com 2. Record the transactions in the general journal Omit explanations 3. Post to the general ledger 4. Record adjusting entries for the three month period ended December 31, 2018 a. Depreciation on the Building, straight-line, 40 years, no residual value b. Depreciation on Store Fixtures, straight-line 20 years, no residual value c. Accrued interest expense on the note payable for the store fixtures d. Accrued interest expense on the mortgage payable. e. Accrued income tax expense of $36,000 |5. Post adjusting entries and prepare an adjusted trial balance 6. Prepare a multi-step income statement and statement of retained earnings for the quarter ended December 31. 2018 Prepare a classified balance sheet as of December 31, 2018 Assume that me he Print Done r sales to the state of North Carolina Clear A Other Options 4:01 PM ViewSomic