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Western Electranics completed these selected transactions during March 2018: i Click the icon to view the transactions.) Requirement 1. Report these items on Western Electronics'
Western Electranics completed these selected transactions during March 2018: i Click the icon to view the transactions.) Requirement 1. Report these items on Western Electronics' balance sheet at March 31, 2018. Select the balance sheet accounts, then calculate each accounts' balance and the total current liabil ities amount at March 31, 2018, (For the FICA tax, be sure I amounts to the nearest whole dollar. If a box is not used in the table leave the box empty; do not select a label include both the employer and employee share of the tax. Round renter a zero.) Western Electronics Balance Sheet (partial) March 31, 2018 Transactions Account Amount Current liabilities: Accrued warranty payable a. Sales of $3,000,000 are subject to an accrued warranty cost of 9%. The accrued warranty payable at the beginning of the year was $30,000, and warranty payments for the year totaled $63,000. b. On March 1, Westem Electronics signed a $70,000 note payable that requires annual payments of $14,000 plus 5% interest on the unpaid balance beginning March 1, 2019 Current portion of long-term note payable Interest payable Unearned sales revenue c. Operata, Inc., a chain of discount stores, ordered $140,0000 worth of wireless speakers and related S45.000 of the goods. Western will ship the remainder of the goods on April 3, 20 estem shipped d. Western's March payroll of $250,000 of 7.65%. On March 31, Western pays employees their take-home pay and accrues Employee withheld income tax payable FICA tax payable employee withheld income tax of $30,400 and FICA tax tax amounts subject Total current liabilities Long-term liabilities; Note payable Print Done
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