Jerimiah Electronics completed these selected transactions during September 2018 (Click the icon to view the transactions.)...

  

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Jerimiah Electronics completed these selected transactions during September 2018 (Click the icon to view the transactions.) Requirement 1. Report these items on Jerimiah Electronics' balance sheet at September 30, 2018. Select the balance sheet accounts, then calculate each accounts balance and the total current liabilities amount at September 30, 2018. (For the FICA tax, be sure to include both the employer and employee share of the tax. Round all amounts to the nearest whole dollar. If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Account Current liabilities: Long-term liabilities: Jerimiah Electronics Balance Sheet (partial) September 30, 2018 ▸ Amount Transactions - X a. Sales of $2,150,000 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 $60,000. b. On September 1, Jerimiah Electronics signed a $35,000 note payable that requires annual payments of $7,000 plus 7% interest on the unpaid balance beginning September 1, 2019. c. Jacob, Inc., a chain of discount stores, ordered $120,000 worth of wireless speakers and related products. With its order, Jacob, Inc., sent a check for $120,000 in advance, and Jerimiah shipped $85,000 of the goods. Jerimiah will ship the remainder of the goods on October 3, 2018. d. Jerimiah's September payroll of $320,000 is subject to employee withheld income tax of $30,900 and FICA tax of 7.65%. On September 30, Jerimiah pays employees their take-home pay and accrues all tax amounts. Jerimiah Electronics completed these selected transactions during September 2018 (Click the icon to view the transactions.) Requirement 1. Report these items on Jerimiah Electronics' balance sheet at September 30, 2018. Select the balance sheet accounts, then calculate each accounts balance and the total current liabilities amount at September 30, 2018. (For the FICA tax, be sure to include both the employer and employee share of the tax. Round all amounts to the nearest whole dollar. If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Account Current liabilities: Long-term liabilities: Jerimiah Electronics Balance Sheet (partial) September 30, 2018 ▸ Amount Transactions - X a. Sales of $2,150,000 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 $60,000. b. On September 1, Jerimiah Electronics signed a $35,000 note payable that requires annual payments of $7,000 plus 7% interest on the unpaid balance beginning September 1, 2019. c. Jacob, Inc., a chain of discount stores, ordered $120,000 worth of wireless speakers and related products. With its order, Jacob, Inc., sent a check for $120,000 in advance, and Jerimiah shipped $85,000 of the goods. Jerimiah will ship the remainder of the goods on October 3, 2018. d. Jerimiah's September payroll of $320,000 is subject to employee withheld income tax of $30,900 and FICA tax of 7.65%. On September 30, Jerimiah pays employees their take-home pay and accrues all tax amounts.

Answer rating: 100% (QA)

Answer Solution Jerimiah Electronics Balance Sheet Partial September 30 2018 C... View the full answer