Water way Company's Andrea and Zohar Ward are continuing their analysis of the companys position and believe the company will need to borrow $16,000 in order to expand operations. they consult mountain man bank and secure a 9% one-year note on September 1, 2019 with interest due at maturity. additionally the company hires employee employee James Vanhorn on september 1. James will receive a salary of $2000 per month payroll deductions include federal income tax at 40%. OSADI at 6.2% Medicare at 1.45% and monthly health insurance premium of $180 the company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. round calculations to to decimals. omit explanations on journal entries.

Score! O PE ) CP11-36 (similar to) Water Way Company's Andrea and Zohar Ward are continuing their analysis of the company's position and believe the company will need to borrow $16,000 in one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, James Van Horn, on September 1. James will 40% OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $180. The company will incur matching FICA taxes, FUTA tax at 0.6%, and entries Read the requirements Requirement 1. Record the issuance of the $16,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any jour Date Accounts Debit Credit 2019 Sep 1 Requirements Accounts Payable Cash Employee Health Insurance Payable Employee Income Taxes Payablo Federal Unemployment Taxes Payable FICA-Medicare Taxes Payable FICA-CASDI Taxes Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Notes Payable Notes Receivable Payroll Tax Expense Salaries Expense Choose from Salaries Payable State Unemployment Taxes Payable remaining 1. Record the issuance of the $1 2. Record the employee payroll 30, 2019 3. Record all payments related to October 15, 2019. 4. Record the entry to accrue inte 5. Record the entry Water Way C the bank on September 1, 202 Check Answer 6 parts Clear All Save 1 of 2 (0 completo) HW Score: 0%, 0 of 25 pts ng their analysis of the company's position and believe the company will need to borrow $ 16,000 in order to expand operations. They consult Mountain Man Bank and secure 9% turity. Additionally, the company hires an employee, James Van Hom, on September 1. James will receive a salary of $2,000 per month. Payroll deductions include federal income tax at insurance premium of $180. The comparty will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimal. Omit explanations on journal ayable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries) Debit Credit Requirements 1. Record the issuance of the $16,000 note payable on September 1, 2019 2. Record the employee payroll and employer payroll tax entries on September 30, 2019 3. Record all payments related to September's payroll Payments are made on October 15, 2019 4. Record the entry to accrue interest due on the note at December 31, 2019 5. Record the entry Water Way Company would make to record the payment to the bank on September 1, 2020, Print Done Check Answer Check Answer Clear All