Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Robarge Electronics completed these selected transactions during June 2018: (Click the icon to view the transactions.) Requirement 1. Report these items on Robarge Electronics' balance

image text in transcribed
image text in transcribed
Robarge Electronics completed these selected transactions during June 2018: (Click the icon to view the transactions.) Requirement 1. Report these items on Robarge Electronics' balance sheet at June 30, 2018 dollar. If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Robarge Electronics Balance Sheet (partial) June 30, 2018 Account Amount Current liabilities: Long-term liabilities: Total current liabilities Transactions - X a. Sales of $2,300,000 are subject to an accrued warranty cost of 7%. The accrued warranty payable at the beginning of the year was $33,000, and warranty payments for the year totaled $60,000 b. On June 1, Robarge Electronics signed a $20,000 note payable that requires annual payments of $4,000 plus 5% interest on the unpaid balance beginning June 1, 2019 c. Jacob, Inc., a chain of discount stores, ordered $130 000 worth of wireless speakers and related products. With its order, Jacob, Inc, sent a check for $130,000 in advance, and Robarge shipped $85,000 of the goods. Robarge will ship the remainder of the goods on July 3, 2018 d. Robarge's June payroll of $260,000 is subject to employee withheld income tax of $30,000 and FICA tax of 7.65% On June 30, Robarge pays employees their take home pay and accrues all tax amounts Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Accounting questions