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question on august 1 2015 trico technologies an aeronautic electronics company borro 4293349

Question

On August 1, 2015, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.’s year-end is December 31.

Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.Enter your answers in dollars, not in millions.)

record journal entry acceptance of note receivable

2.

During January, Luxury Cruise Lines incurs employee salaries of $2.7 million. Withholdings in January are $206,550 for the employee portion of FICA, $405,000 for federal income tax, $168,750 for state income tax, and $27,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $167,400 for federal and state unemployment tax and $81,000 for the employer portion of health insurance.

 

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