Homework Help is Here – Start Your Trial Now!
Business
Accounting
Equipment... 40,000 Federal unemployment taxes payable .. 200 Salaries payable . 34,000 FICA–Medicare taxes payable ..... . 5,100 FICA–Social Security taxes payable . . 50,000 Employee medical insurance payable .. 4,000 State unemployment taxes payable . 10,000 Sales tax payable (due in 2 weeks) .. 725 Accounts receivable . .3,100 Cash. . . 2,000 ..... Current portion of long-term debt . Notes payable (due in 6 years) . 1,800 ........ . 275

Equipment... 40,000 Federal unemployment taxes payable .. 200 Salaries payable . 34,000 FICA–Medicare taxes payable ..... . 5,100 FICA–Social Security taxes payable . . 50,000 Employee medical insurance payable .. 4,000 State unemployment taxes payable . 10,000 Sales tax payable (due in 2 weeks) .. 725 Accounts receivable . .3,100 Cash. . . 2,000 ..... Current portion of long-term debt . Notes payable (due in 6 years) . 1,800 ........ . 275

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Total Equity value $ 30000

Employee federal income tax payable $ 9000

Show Balance sheet 

. 200 Equipment.. Salaries payable.…. Accounts receivable . 40,000 Federal unemployment taxes payable .... 34,000 FICA–Medicare taxes payable .... 5,100 FICA–Social Security taxes payable ... . 50,000 Employee medical insurance payable . ..4,000 State unemployment taxes payable .. . 10,000 Sales tax payable (due in 2 weeks) .. .. .725 . 3,100 . 2,000 Cash... Current portion of long-term debt.. Notes payable (due in 6 years) . . 1,800 . 275
Transcribed Image Text:. 200 Equipment.. Salaries payable.…. Accounts receivable . 40,000 Federal unemployment taxes payable .... 34,000 FICA–Medicare taxes payable .... 5,100 FICA–Social Security taxes payable ... . 50,000 Employee medical insurance payable . ..4,000 State unemployment taxes payable .. . 10,000 Sales tax payable (due in 2 weeks) .. .. .725 . 3,100 . 2,000 Cash... Current portion of long-term debt.. Notes payable (due in 6 years) . . 1,800 . 275
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Federal Insurance Contributions Act (FICA)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS