Western Electronics completed these selected transactions during March 2021: 

a. Sales of $2,400,000 are subject to an accrued warranty cost of 9%. The accrued warranty payable at the beginning of the year was $37,000, and warranty payments for the year totaled $59,000.

b. On March 1, Western signed a $20,000 note payable that requires annual payments of $4,000 plus 6% interest on the unpaid balance beginning March 1, 2022.

c. Urban, Inc., a chain of discount stores, ordered $140,000 worth of wireless speakers and related products. With its order, Urban, Inc., sent a check for $140,000, and Western shipped $55,000 of the goods. Western will ship the remainder of the goods on April 3, 2021.

d. Western’s March payroll of $260,000 is subject to employee withheld income tax of $30,500 and FICA tax of 7.65%. On March 30, Western pays employees their take home pay and accrues all tax amounts.

Requirement

1. Report these items on Western Electronics’ balance sheet at March 31, 2021.