The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560.000; Office salarles, $112.000:Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Socilal security taxes withheld, $41,664:Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500; Life Insurance premlums, $10,500; Union duesdeducted, $7.500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and lifeInsurance premlums. Assume that FICA taxes are ldentical to those on employees and that SUTA taxes are 5.4% and FUTAtaxes are 0.6%182. Using the above Information, complete the below table and prepare the Journal entrles to record accrued payroll andcash payment of the net payroll for July.3. Using the above Information, complete the below table.4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all labilitlesfor July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are0.6%.Complete this question by entering your answers in the tabs below.Req 1 and 2Req 3Req 4Using the above information, complete the below table and prepare the joumal entries to record accrued payroll and cashpayment of the net payroll for July.% Paid by Premium PaidPremium Employees by EmployeesTotalPremium Paidby EmployerEmployee Medical Insurance PayableEmployee Life Insurance PayableDateGeneral JournalDebitCreditRecord journal entry for accrued payroll, including employee deductions, for July.July 31Record the cash payment of salaries.July 31< Reg 1 and 2Req 3 > Keesha Co. borrows $230.000 cash on November 1 of the current year by signing a 90-day. 9%, $230,000 note.1. On what date does this note mature?2 & 3. What Is the amount of Interest expense in the current year and the following year from this note?4. Prepare Jounal entries to record (a) Issuance of the note, (b) accrual of Interest on December 31, and (C) payment of thenote at maturity.Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3Reg 4On what date does this note mature? (Assume that February has 28 days)On what date does this note mature?< Req 1Req 2 and 3 >

As per the honor code, We’ll answer the first question and 3 subparts since the exact one wasn’t…

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000: Office salarles, $112.000: Federal Income taxes withheld, $168.000: State Income taxes withheld, $37,500: Social security taxes withheld, $41,664: Medicare taxes withheld, $9,744; Medical Insurance premlums. $13.500; Life Insurance premlums, $10,500: Union dues deducted, $7,500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 182. Using the above Information, complete the below table and prepare the Journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table.

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000: Office salarles, $112.000: Federal Income taxes withheld, $168.000: State Income taxes withheld, $37,500: Social security taxes withheld, $41,664: Medicare taxes withheld, $9,744; Medical Insurance premlums. $13.500; Life Insurance premlums, $10,500: Union dues deducted, $7,500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 182. Using the above Information, complete the below table and prepare the Journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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