Still not understanding any of this even after going back and reviewing the information. Help is appreciated. Thanks in advance.

Question 1 Identify the three types of employer payroll taxes. How are tax liability accounts and payroll tax expense accounts classified in the financial statements? Question 2 Peralta Company borrows $45,600 on July 1 from the bank by signing a $45,600, 10%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No . (a) (b) Date Account Titles and Explanation Debit Credit J uly 1 Dec. 31 Question 3 Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $34,100. All sales are subject to a 10% sales tax. Compute sales taxes payable. $ Sales taxes payable Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 16 Account Titles and Explanation Debit Credit Question 4 Beth Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Beth works 50 hours. Beth's federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Beth's pay for the period and (b) the payment of Beth's wages. (Round your answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date (a) Jan. 15 Account Titles and Explanation Debit Credit (b) Jan. 15 Question 5 On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date June 1 Account Titles and Explanation Debit Credit Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit June 30 Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 1 What was the total financing cost (interest expense)? $ Total financing cost Question 6 Betancourt Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Betancourt estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $15. The units sold and units defective that occurred during the last 2 months of 2017 are as follows. Month Units Sold Units Defective Prior to December 31 November December 30,900 32,900 618 411 Prepare the journal entries to record the estimated liability for warranties and the costs incurred in honoring 1,029 warranty claims. (Assume actual costs of $15,435.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To accrue estimated warranty costs.) (To record honoring of warranty contracts.) Determine the estimated warranty liability at December 31 for the units sold in November and December. $ Estimated warranty liability Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 7 Suppose the following financial data were reported by 3M Company for 2016 and 2017 (dollars in millions). 3M Company Balance Sheets (partial) 2017 Current assets 2016 Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities $3,000 3,590 2,756 1,878 $1,917 3,140 3,013 1,556 $11,224 $4,775 $9,626 $5,866 Calculate the current ratio and working capital for 3M for 2016 and 2017. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2016 :1 2017 :1 Working capital $ 2016 million $ 2017 million Suppose that at the end of 2017, 3M management used $191 million cash to pay off $191 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answer to million.) Current ratio :1 $ Working capital million Question 8 On January 1, 2017, the ledger of Accardo Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $57,000 7,200 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $21,504, which includes 12% sales taxes. 12 Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2016 ($7,200). 20 Sold 900 units of a new product on credit at $50 per unit, plus 12% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed $22,500 from Girard Bank on a 3-month, 12%, $22,500 note. 25 Sold merchandise for cash totaling $12,544, which includes 12% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date J an. 5 J an. 12 J an. 14 J an. 20 J an. 21 J an. 25 Account Titles and Explanation Debit Credit Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No . Date Account Titles and Explanation Debit Credit 1. 2. Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in accounts payable. Accardo Company Balance Sheet (Partial) J anuary 31, 2017 Current Liabilities $ $ Total Current Liabilities Question 9 The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Feb. 1 Mar. 3 1 Apr. 1 July 1 Sept. Oct. Dec. Dec. 3 0 1 1 3 1 Purchased merchandise on account from Nunez Company, $23,000, terms 2/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 9%, 2-month, $23,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $70,800 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $28,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $28,800. Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Apr.1 Oct.1 Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable Interest Expense Show the balance sheet presentation of notes and interest payable at December 31. Blanco Company Balance Sheet (Partial) $ $ What is total interest expense for the year? $ Total interest Question 10 Mann Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2017, are presented below. Employee Hours Worked Hourly Rate Ben Abel 40 $15.00 Rita Hager 41 Jack Never 44 Sue Perez 46 Federal Income Tax Withholdings United Fund $? $5.00 14.00 ? 5.00 13.00 60.00 8.00 13.00 61.00 5.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. Prepare a payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) MANN HARDWARE Payroll Register For the Week Ending March 15, 2017 Earnings Emp Ho loye ur e s $ Ben Abel 40 Rita Hag er 41 Jack Neve r 44 Sue Pere Regul ar 46 Overti me $ Deductions Gross Pay $ FICA $ Feder al Incom e Tax State Incom e Tax United Fund $ $ $ Total $ Salari es and Wages Expen se Net Pay $ $ z $ $ $ $ $ $ $ $ $ $ Total s Journalize the payroll on March 15, 2017, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 15 (To record payroll) Mar. 15 (To record accrual of payroll taxes.) Journalize the payment of the payroll on March 16, 2017. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 16 Account Titles and Explanation Debit Credit Journalize the deposit in a Federal Reserve bank on March 31, 2017, of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Question 11 For the year ended December 31, 2017, Denkinger Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages $214,000 362,000 Total $576,000 Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums $38,639 187,500 17,280 27,789 19,500 Total $290,708 Denkinger Company's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,500, and gross earnings subject to unemployment taxes total $149,500. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Debit Credit . Explanation (a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) Employee Maria Sandoval Jennifer Mingenback Wages, Tips, Other Compensation Federal Income Tax Withheld $59,000 $28,910 29,000 11,310 State Income Tax Withheld FICA Tax Withheld FICA Wages $ $ $