Can anyone help me out for those questions? Thank you. Chapter 12In-Class AssignmentCurrent Liabilities:1. Obligations due within one year2. Will be paid with assets or through the creation of other liabilitiesExamples include:Accounts payable (A/P), Unearned revenue, Sales taxes payable, Notes payable (N/P), payrolland contingent liabilities.Exercise 1: Sales taxOn November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,200.The sales tax rate is 9%. Please record this event on November 1st.DateАccountsDebitCreditSales tax must be remitted by the end of the month, please record Sassy's entry to record theremittance of the collected sales tax to the appropriate government agency on November 30th.DateAccountsDebitCreditExercise 2: Short-term notes payableYnot Company signs a $10,000, 12%, six-month note payable with First Union Bank onNovember 1, 2019. Prepare the journal entry needed on November 1st to record this event.DateAccountsDebitCreditPrepare any necessary entry to record any interest owed on the note payable at December 31.DateАccountsDebitCreditRecord the journal entry for Ynot at the note's maturity date, May 1.DateAccountsDebitCredit Exercise 3: Payroll LiabilitiesEmployers are required to withhold the appropriate amount of taxes from their employees'paychecks (FICA, Federal and State Income taxes). Employers also must pay certain employer-only taxes such as Federal and State Unemployment taxes (FUTA and SUTA).RH Macy employs one employee, W. Hill, who earns $200 per day and is paid weekly for a fiveday work week on Fridays. Ms. Hill's required federal and state withholdings are $20 and $8per week respectively. Assume all of Ms. Hill's wages are subject to Social Security andMedicare taxes. Prepare the journal entry needed to record Ms. Hill's payroll for the first weekof November. (Friday falls on November 7th and please round all figures to two decimal places).DateAccountsDebitCreditPrepare RH Macy's journal entry to record the employer expense and liabilities related topayroll for the first payroll of November. RH Macy's SUTA cost equals $56 for the week andFUTA amounts to $12.DateAccountsDebitCreditExercise 4: Contingent LiabilitiesWhich of the following situations would require a journal entry for Street Fighter Company?1.) Street Fighter (defendant) estimates that a pending lawsuit could result in damages of$1,000,000; it is reasonably possible that the plaintiff will win the case.2.) Street Fighter faces a probable loss on a pending lawsuit; the amount is not reasonablyestimable.3.) Street Fighter estimates damages in a case at $2,500,000 with a high probability oflosing the case.Once you have identified the situation, prepare the journal entry at the company's year-end.DateAccountsDebitCredit

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Exercise 1: Sales tax On November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,20o. The sales tax rate is 9%. Please record this event on November 1st. Date Accounts Debit Credit Sales tax must be remitted by the end of the month, please record Sassy's entry to record the remittance of the collected sales tax to the appropriate government agency on November 30th. Date Accounts Debit Credit

Exercise 1: Sales tax On November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise costing $2,20o. The sales tax rate is 9%. Please record this event on November 1st. Date Accounts Debit Credit Sales tax must be remitted by the end of the month, please record Sassy's entry to record the remittance of the collected sales tax to the appropriate government agency on November 30th. Date Accounts Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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