Chapter 8 exercises

Chapter 8 exercises - Chapter 8 E7 Symphony Tool and Die...

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Chapter 8 - E7 Symphony Tool and Die Corporation Payroll ending October 31 20xx $371,000.00 Employees' federal income taxes payable $94,884.00 Employees' state income taxes payable 15,636.00 Social security taxes payable 23,002.00 Medicare taxes payable 5,379.50 Medical insurance premiums payable 12,870.00 Wages Payable 219,228.00 Total monthly Payroll $370,999.50 #2 - Employer Payroll Expenses Social Security Taxes withheld 23,002.00 Medicare Taxes withheld 5,379.50 Medical Insurance premiums 51,480.00 Federal Umemployment Tax Payable 457.92 State Umemployment Tax Payable 3090.96 $83,410.38 E. 8 July 31 Product Warranty Expense 22,750 Estimated Product Warranty Liability 22,750 To record estimated product warranty expense: Number of units sold 13,000 Rate of replacement under warranty x .07 Estimated units to be replaced 910 Estimated cost per unit $25 Estimated liability for product warranty $22,750 July 31 Estimated Product Warrant Expense 35,000 Product Warranty Liability 35,000 To record product warranty expense:
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This note was uploaded on 07/27/2011 for the course ACCT 101 taught by Professor Ronbell during the Spring '11 term at UCSD.

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Chapter 8 exercises - Chapter 8 E7 Symphony Tool and Die...

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