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(Solution Download) A company sells leaf blowers for $1,200 each. Each unit has a three-year warranty that covers replac


 

 

 

 

 

 

 

A company sells leaf blowers for $1,200 each. Each unit has a

 

three-year warranty that covers replacement of defective parts. It

 

is estimated that 4% of all leaf blowers sold will be returned

 

under the warranty at an average cost of $58 each. During October,

 

the company sold 414,000 leaf blowers; 940 leaf blowers were

 

serviced under the warranty during October at a total cost of

 

$39,000. The balance in the Estimated Warranty Liability account on

 

October 1 was $19,500. What is the company's warranty expense for

 

the month of October?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$58,500
$39,000
$960,480
$54,520
$940,980

 

 

 

 

 

 

 

Mission Company has three

 

employees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Gross pay

 

through July

Gross pay for

 

August

  Smith$3,800$1,600
  Cain27,000

 

4,100  

  Clark95,200

 

13,700  

 

 

 

 

 

 

 

The company is subject to the

 

following taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  TaxRateApplied

 

to

  FICA Ac??o Social

 

security

6.2%First

 

$106,800

  FICA Ac??o Medicare1.45%All gross

 

pay

  FUTA.80%First

 

$7,000  

  SUTA5.40%First

 

$7,000  

 

 

 

 

 

 

 

What are Mission Company's total

 

August payroll taxes for Cain?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$567.85
$2,379.15
$1,751.85
$313.65
$2,065.50

 


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