The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $500,000; Office salaries, $100,000; Federal income taxes withheld, $150,000; State income taxes withheld, $33,500; Social security taxes withheld, $37,200; Medicare taxes withheld, $8,700; Medical insurance premiums, $12,000; Life insurance premiums, $9,000; Union dues deducted, $6,000; and Salaries subject to unemployment taxes, $60,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1&2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Reg 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. View transaction list Journal entry worksheet Record the cash payment of all liabilities related to the July payroll. Note: Enter debits before credits. General Journal Debit Credit Date July 31 Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $170,000 cash on December 1 of the current year by signing a 120-day, 10%, $170,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days) On what date does this note mature? Reg1 Req 2 and 3 > Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $170,000 cash on December 1 of the current year by signing a 120-day, 10%, $170,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate(%) Time Total interest Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $170,000 cash on December 1 of the current year by signing a 120-day, 10%, $170,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) View transaction list Journal entry worksheet Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $170,000 cash on December 1 of the current year by signing a 120-day, 10%, $170,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate(%) Time Total interest Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $170,000 cash on December 1 of the current year by signing a 120-day, 10%, $170,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) View transaction list Journal entry worksheet
