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Ten Mile Electronics completed these selected transactions during June 2018 (Click the icon to view the transactions.) Requirement 1. Report these items on Ten Mile
Ten Mile Electronics completed these selected transactions during June 2018 (Click the icon to view the transactions.) Requirement 1. Report these items on Ten Mile Electronics' balance sheet at June 30, 2018. Select the balance sheet accounts, then calculate each accounts' balance and the total current liabilities amount at June 30, 2018. (For the FICA tax, be sure to include both the employer and employee share of the tax. Round all amounts to the nearest whole dollar. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Ten Mile Electronics Balance Sheet (partial) June 30, 2018 Transactions Amount Account Current liabilities: a. Sales of $2,500,000 are subject to an accrued warranty cost of 6%. The accrued warranty payable at the beginning of the year was $38,000, and warranty payments for the year totaled $54,000. b. On June 1, Ten Mile Electronics signed a $40,000 note payable that requires annual payments of $8,000 plus 3% interest on the unpaid balance beginning June 1, 2019. c. Boost, Inc., a chain of discount stores, ordered $130,000 worth of wireless speakers and related products. With its order, Boost, Inc., sent a check for $130,000 in advance, and Ten Mile shipped $85,000 of the goods. Ten Mile will ship the remainder of the goods on July 3, 2018. d. Ten Mile's June payroll of $220,000 is subject to employee withheld income tax of $30,600 and FICA tax of 7.65%. On June 30, Ten Mile pays employees their take-home pay and accrues all tax amounts. Long-term liabilities: Print Done
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