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This is all the information I have and need it answered ASAP, if someone could wing this it would be great. Thanks! b) ABC Company

This is all the information I have and need it answered ASAP, if someone could wing this it would be great. Thanks!image text in transcribedimage text in transcribedimage text in transcribed

b) ABC Company made a cash sale of $1,000 and the company collected an additional 7% sales tax, the journal entry would be: Date Accounts and Explanation Debit Credit Cash 1,070 Sales Revenue Sales Tax Payable 1000 70 c) During the month, ABC Company delivered /2 of the work to earn % of the initial $2,000 recorded previously as unearned revenue. The adjusting entry to show some work had been completed and some revenue had been now earned would be: Date Accounts and Explanation Debit Credit d) During the month, ABC Company purchased merchandise inventory with a 10%, 90-day note payable, for $1,000. The company uses the perpetual inventory system. The entry to record the note and purchase of the inventory is: Date Accounts and Explanation Debit Credit e) Based on the information in letter d above, assume ABC Company pays the note when due 90 days later. The journal entry is (take interest expense to the nearest dollar): Date Accounts and Explanation Debit Credit LO2. How do companies account for and record payroll? a) List some of the common withholdings deducted from the employee's pay: i) ii) iii) iv) b) Journalize the employer payroll taxes assuming that the FICA-OASDI Taxes is $400, FICA- Medicare Taxes is $100, Federal Unemployment Taxes is $10, and State Unemployment Taxes is $25. Date Accounts and Explanation Debit Credit LO3. How are current liabilities that must be estimated accounted for? a) To journalize the estimated cost of vacation benefits, the company will debit LO4. How are contingent liabilities accounting for? a) In your own word, what is a contingent liability? b) What is a Remote Contingent Liability and is it recorded? c) What is a Reasonably Possible Contingent Liability and is it recorded? d) What is a Probable Contingent Liability? LO5. How do we use the times-interest-earned ratio to evaluate business performance? a) What is the formula for times-interest-earned? b) If net income is $1,000, income tax expense is $100, and interest expense is $300, what is times- interest-earned (take to two decimal places)

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