Reference no: EM131735650
Problem - Assume that Six Mile Electronics completed these selected transactions during June 2014:
a. Sales of $2,300,000 are subject to estimated warranty cost of 11%. The estimated warranty payable at the beginning of the year was $36,000, and warranty payments for the year totaled $57,000.
b. On June 1, Six Mile Electronics signed a $45,000 note payable that requires annual payments of $9,000 plus 5% interest on the unpaid balance each June 2.
c. Music For You, Inc., a chain of music stores, ordered $120,000 worth of CD players. With its order, Music For You, Inc., sent a check for $120,000 in advance, and Six Mile shipped $85,000 of the goods. Six Miles will ship the remainder of the goods on July 3, 2014.
d. The June payroll of $300,000 is subject to employee withheld income tax of $ 30,500 and FICA tax of 7.65%. On June 30, Six Mile pays employees their take-home pay and accrues all tax amounts.
Requirement
1. Report these items on Six Mile Electronics' balance sheet at June 30, 2014:
Select the statement account and label. Calculate each account's balance and the total current liability amount at June 30, 2014.
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