Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ten Mile Electronics completed these selected transactions during March 2021: (Click the icon to view the transactions.) Requirement 1. Report these items on Ten

image text in transcribed

Ten Mile Electronics completed these selected transactions during March 2021: (Click the icon to view the transactions.) Requirement 1. Report these items on Ten Mile Electronics' balance sheet at March 31, 2021. Select the balance sheet accounts, then calculate each accounts' balance and the total current liabilities amount at March 31, 2021. (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 an idput field is not used in the table leave the field empty, do not select a label or enter a zero) Ten Mile Electronics Balance Sheet (partial) March 31, 2021 Account Current fabilities Long-term abes Amount Transactions a. Sales of $2,200,000 are subject to an accrued warranty cost of 3%. The accrued warranty payable at the beginning of the year was $33,000, and warranty payments for the year totaled $55,000. b. On March 1, Ten Mile Electronics signed a $65,000 note payable that requires annual payments of $13,000 plus 4% interest on the unpaid balance beginning March 1, 2022 c. Bonita, Inc., a chain of discount stores, ordered $100,000 worth of wireless speakers and related products With its order, Bonita, Inc, sent a check for $100,000 in advance, and Ten Mile shipped $85,000 of the goods. Ten Mile will ship the remainder of the goods on April 3, 2021 d. Ten Mile's March payroll of $200,000 is subject to employee withheld income tax of $30,000 and FICA tax of 7.65% On March 31, Ten Mile pays employees their take-home pay and accrues al 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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Belverd E. Needles, Marian Powers

11th edition

1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010

More Books

Students also viewed these Accounting questions

Question

(2) Do I fit in?

Answered: 1 week ago