Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%,$200,000 note.

1. On what date does this note mature?

2. How much interest expense is recorded in the current year? (Assume a 360-day year.)

3. How much interest expense is recorded in the following year? (Assume a 360-day year.)

4. Prepare journal entries to record (a) issuance of the note,(b) accrual or interest on December 31, and (c) payment of the note at maturity.

Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is$3,900). Dextra collects 5% sales tax. (1) Record the entry for the $6,000 sale and its sales tax. (2) Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.

1. On July 15, Piper Co. sold $10,000 of merchandise (costing$5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.

2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value of$200,000. 1. On what date does this note mature? 2. How much interest expense results from this note in 2017? (Assume a 360-day year.) 3. How much interest expense results from this note in 2018? (Assume a 360-day year.) 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.)

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first$7,000 paid to its employee, Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Round amounts to cents.

The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; office salaries,$160,000; federal income taxes withheld, $90,000; state income taxes withheld,$20,000; Social Security taxes withheld, $22,320; Medicare taxes withheld,$5,220; medical insurance premiums, $7,000; life insurance premiums,$4,000; union dues deducted, $1,000; and salaries subject to unemployment taxes,$50,000. The employee pays 40% of medical and life insurance premiums. Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July; (2) cash payment of the net payroll (salaries payable) for July; (3) accrued employer payroll taxes, and other related employment expenses, for July—assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%; and (4) cash payment of all liabilities related to the July payroll.

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as fellows: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability,

_____ 1. Notes payable (due in 13 to 24 months).

_____ 2. Notes payable (due in 6 to 11 months).

_____ 3. Notes payable (mature in five years).

_____ 4. Current portion of long-term, debt.

_____ 5. Notes payable (due in 120 days).

_____ 6. FUTA taxes payable.

_____ 7. Accounts receivable.

_____ 8. Sales taxes payable.

_____ 9. Salaries payable.

_____ 10. Wages payable.

Hitzu Co. sold a copier (that costs $4,800) for$6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $209 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier.

1. How much warranty expense does the company report for this copier in Year 1?

2. How much is the estimated warranty liability for this copier as of December 31 of Year 1?

3. How much is the estimated warranty liability for this copier as of December 31 of Year 2?

4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2.

1. On July 15, Piper Co. sold $10,000 of merchandise (costing$5,000) for cash. The sales tax rate is 4%. On August 1 , Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.

2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first$7,000 paid to its employee. Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Round amounts to cents.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% or the first$7,000 paid to its employee.

Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee, The employee's federal income taxes withheld by the employer are $80 for this pay period. Round amounts to cents.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% or the first$7,000 paid to its employee.

Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Round amounts to cents.

​​Employee payroll deductions include each of the following except:

A. ​union dues.

B. ​income taxes.

C. ​Social Security taxes.

D. ​All of these are payroll deductions.

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