Assume that mckinley electronics completed these selected transactions during march 2014:
a. sales of $1,800,000 are subject to estimated warranty cost of 4%. the estimated warranty payable at the beginning of the year was $41,000, and warranty payments for the year totaled $assume that mckinley electronics completed these selected transactions during march 201267,000. b. on march 1, best electronics signed a 75,000 note payable that requires annual payments of $15,000 plus 3% interest on the unpaid balance each march 2. c. music for you, inc., a chain of music stores, ordered $110,000 worth of cd players. with its order, music for you, inc., sent a check for $110,000 in advance, and best shipped $80,000 of the goods. best will ship the remainder of the goods on april 3, 2014. d. the march payroll of $260,000 is subject to employee withheld income tax of $27,900 and fica tax of 7.65%. on march 31, best pays employees their take-home pay and accrues all tax amounts.
select the statement account and label. calculate each accounts' balance and the total current liability amount at march 31, 2016. (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.)