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Classifying Liabilities and Preparing Payroll Entries

This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.

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For your convenience, I have attached a formatted MS Excel spreadsheet containing the information below.

Fundamental Accounting
Exercise 11-1

1). C Sales taxes payable. 6). C Notes payable (due in 6 to 12 months).
2). C FUTA taxes payable. 7). C Notes payable (due in 120 days).
3). N Accounts receivable. 8). C Current portion of long-term debt.
4). C Accrued payroll payable. 9). L Notes payable (mature in five years).
5). C Wages payable. 10). L Notes payable (due in 13 to 24 months).

Exercise 11-6

Gross Pay Gross
Through Pay for
August September
a. $6,400 $800

Tax Rate Applied To
FICA - Social Security 6.20% First $87,000
FICA - ...

Solution Summary

This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.

$2.19