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Banff Electronics completed these selected transactions during June 2021: Click the icon to view the transactions.) Requirement 1. Report these items on Banff Electronics' balance
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Banff Electronics completed these selected transactions during June 2021: Click the icon to view the transactions.) Requirement 1. Report these items on Banff Electronics' balance sheet at June 30, 2021. Balance Sheet (partial) June 30, 2021 Account Amount Current liabilities: Long-term liabilities: Transactions a. Sales of $2,300,000 are subject to an accrued warranty cost of 12%. The accrued warranty payable at the beginning of the year was $31,000, and warranty payments for the year totaled $56,000, b. On June 1, Banff Electronics signed a $20,000 note payable that requires annual payments of $4.000 plus 6% interest on the unpaid balance beginning June 1, 2022 c. Panorama, Inc., a chain of discount stores, ordered $135,000 worth of wireless speakers and related products. With its order, Panorama, Inc., sent a check for $135,000 in advance, and Banff shipped $85,000 of the goods, Banff will ship the remainder of the goods on July 3, 2021. d. Bantt's June payroll of $230,000 is subject to employee withheld income tax of $30,800 and FICA tax of 7,65%, On June 30, Banff pays employees their take-home pay and accrues all tax amounts. Print Done
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