Question : 183.An employer has an employee benefit package that includes employer-paid : 1258977

183.An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program. During March, the employer paid $5,500 for health insurance, and contributed to the employee retirement program 10% of the employees’ $120,000 gross salaries. Prepare the journal entry to record these employee benefits.    

184.A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 5% of sales. During the month of July, the company performed warranty work and used $11,000 of parts to perform the warranty work. Sales for July were $450,000.1. Record the warranty expense for the month of July.2. Record the costs of the warranty work completed in June.3. If the Estimated Warranty Liability account had a credit balance of $10,000 on May 31, what is the account balance at June 30?    

185.A company sells tablet computers for $1,300 each. The price includes a two-year warranty. During the current year, the company sells 400 tablets. On the basis of past experience, the warranty costs are estimated to be $280 per tablet. The actual warranty costs (paid in cash) by the company during the current year were $65,000. Prepare general journal entries to record the (a) estimated warranty expense and (b) warranty repair costs during current year.    

186.A company sells sofas with a 6-month warranty. In January, the company sold 100,000 sofas at $1,750 each; and 500 sofas needed repairs during that same month. The total repairs amounted to $85,000 costs from the upholstery materials inventory. It is estimated that 2% of all units sold will need repairs under warranty at an estimated cost of $200 per unit. Prepare the journal entries to record (a) estimated warranty expense for January and (b) warranty repair costs for January.    

187.Early Co. offers its employees a bonus equal to 2% of the company’s net income. The estimated net income for the year is expected to be $800,000. Prepare the general journal entry to record the estimated employee bonus plan expense.    

188.A company’s employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $117,000, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for the following employees: 

EmployeeGross EarningsFederal Income Taxes Withheld

A. Baylor        $114,000$17,600

C. Jasmine       52,0008,200

A. BaylorC. Jasmine

W-2 Information:________________

Federal Income Tax Withheld________________

Wages, Tips, Other Compensation________________

Social Security Tax Withheld________________

Social Security Wages________________

Medicare Tax Withheld________________

Medicare Wages________________