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Six Mile Electronics completed these selected transactions during March 2021: i (Click the icon to view the transactions.) Requirement 1. Report these items on Six
Six Mile Electronics completed these selected transactions during March 2021: i (Click the icon to view the transactions.) Requirement 1. Report these items on Six Mile Electronics' balance sheet at March 31, 2021. Account Current liabilities: Accrued warranty payable Interest payable Current portion of long-term note payable Unearned sales revenue Employee withheld income tax payable FICA tax payable Six Mile Electronics Balance Sheet (partial) March 31, 2021 Total current liabilities Long-term liabilities: Note payable Amount Transactions a. Sales of $2,100,000 are subject to an accrued warranty cost of 8%. The accrued warranty payable at the beginning of the year was $40,000, and warranty payments for the year totaled $60,000. b. On March 1, Six Mile Electronics signed a $25,000 note payable that requires annual payments of $5,000 plus 7% interest on the unpaid balance beginning March 1, 2022. c. Bonita, Inc., a chain of discount stores, ordered $150,000 worth of wireless speakers and related products. With its order, Bonita, Inc., sent a check for $150,000 in advance, and Six Mile shipped $50,000 of the goods. Six Mile will ship the remainder of the goods on April 3, 2021. d. Six Mile's March payroll of $320,000 is subject to employee withheld income tax of $30,800 and FICA tax of 7.65%. On March 31, Six Mile pays employees their take-home pay and accrues all tax amounts. Print Done X
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