! Required information (The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six- month working capital loan from its bank. The face amount of the note signed by the treasurer was $229,100. The interest rate charged by the bank was 6.00%. The bank made the loan on a discount basis. c. What is the amount of the current liability related to this loan to be shown in the June 30, 2019, balance sheet? Current liability 219,363 X Required information [The following information applies to the questions displayed below.] On November 1, 2019. Gordon Co. collected $9,240 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. C. Suppose the advance collection received on November 1, 2019, covered an 30-month lease period at the same amount of rent per month. How should Gordon Co. report the unearned rent amount on its December 31, 2019, balance sheet? $ 3,080 Current liability Noncurrent liability $ 3,696 0 Required information {The following information applies to the questions displayed below) The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. $ 94,800 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 15,090 1,720 2 26,088 2 Additional information: . For employees, FICA tax rates for 2018 were 765% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit For employers, FICA tax rates for 2018 were also 765% on the first $118.500 of each employee's annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 54%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $14.700 of the gross pay amount for the December 27, 2018. pay period was owed to employees who were still under the annual limit b-2. Assuming that Cayman Coating Co.'s payroll for the last week of the year is to be paid on January 3, 2019, record the journal entry to show the effects of the December 27, 2018, entries for Accrued payroll taxes (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Credit Debit 94,000 3 1 S General Journal Wages expense Group hospitalization insurance Employee contributions to pension plan Wages payable Income taxes withheld 1,720 8,153 67 912 15,090 1,125 Income taxes payable *Red textiles no response was expected in a loca formule-based calculation is correct: no points deducted
