A. what were arrington's total liabilities in 2016? write out your answer completely. for example, 25 million should be entered as 25,000,000. round your answer to the nearest cent. b. how much new long-term debt financing will be needed in 2017? write out your answer completely. for example, 25 million should be entered as 25,000,000. do not round your intermediate calculations. round your answer to the nearest cent. (hint: afn - new stock = new long-term debt.)

Alamar petroleum company offers its employees the option of contributing retirement funds up to 5% of their wages or salaries, with the contribution being matched by alamar. the company also pays 80% of medical and life insurance premiums. deductions relating to these plans and other payroll information for the first biweekly payroll period of february are listed as follows: wages and salaries $ 2,800,000 employee contribution to voluntary retirement plan 92,000 medical insurance premiums 50,000 life insurance premiums 9,800 federal income taxes to be withheld 480,000 local income taxes to be withheld 61,000 payroll taxes: federal unemployment tax rate 0.60 % state unemployment tax rate (after futa deduction) 5.40 % social security tax rate 6.20 % medicare tax rate 1.45 % required: prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. assume that no employee's cumulative wages exceed the relevant wage bases for social security, and that all employees' cumulative wages do exceed the relevant unemployment wage bases.