The payroll register for Gamble Company for the week ended April 29 indicated the following:

Salaries	$1,440,000
Social security tax withheld	86,400
Medicare tax withheld	21,600
Federal income tax withheld	288,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.

Required:

A.

Journalize the entry to record the payroll for the week of April 29.*

B.

Journalize the entry to record the payroll tax expense incurred for the week of April 29.*

*Refer to the Chart of Accounts for exact wording of account titles.

2.

Accrued Product Warranty

Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $286,000 for January. In February, a customer received warranty repairs requiring $230 of parts and $80 of labor.

For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty.

b. Journalize the entry to record the warranty work provided in February.

Quick Ratio

Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:

				Current Year		Previous Year
Current assets:
	Cash			$933,000		$1,016,000
	Accounts receivable			827,000		478,000
	Inventory			510,000		403,000
		Total current assets		$2,270,000		$1,897,000
Current liabilities:
	Current portion of long-term debt			$141,000		$125,000
	Accounts payable			282,000		249,000
	Accrued and other current liabilities			457,000		456,000
		Total current liabilities		$880,000		$830,000

a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place.

	Quick Ratio
Previous year:
Current year:

b. How did the quick ratio change between the two balance sheet dates?