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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 8.00

Banff Electronics

E9-23A (Learning Objectives 1, 5: Report current and long-term liabilities) Assume that Banff Electronics completed these selected transactions during March 2012:

a.    Sales of $2,400,000 are subject to estimated warranty cost of 4%. The estimated warranty payable at the beginning of the year was $35,000, and warranty payments for the year totaled $57,000.

b.   On March 1, Banff Electronics signed a $65,000 note payable that requires annual payments of $16,250 plus 7% interest on the unpaid balance each March 2.

c.    Music For You, Inc., a chain of music stores, ordered $100,000 worth of CD players. With its order, Music For You, Inc., sent a check for $100,000 in advance, and Banff shipped

$85,000 of the goods. Banff will ship the remainder of the goods on April 3, 2012.

d.   The March payroll of $320,000 is subject to employee withheld income tax of $30,900 and FICA tax of 7.65%. On March 31, Banff pays employees their take-home pay and accrues all tax amounts.

â–¶ Requirement

1. Report these items on Banff Electronics’ balance sheet at March 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 12:08 AM My Price 8.00

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