Homework Answers
Net pay for May = Administrative salaries + Sales salaries + Shop wages - FICA Social security withheld - FICA medicare taxes withheld - Federal income tax withheld - Medical insurance premium withheld - Union dues withheld
= 2,000 + 3,500 + 4,000 - 300 - 400 - 1,300 - 415 - 205
= $6,880
Journal
|
May |
Salaries and wages payable |
6,880 |
|
|
Cash |
6,880 |
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#9
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#8 pretion Status QUESTION 8 A company's payroll information for the month of May follows: Administrative...
#8
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Check the work and need help with the rest of it. Exercise 11-8 Recording payroll LO...
Check the work and need help with the rest of it.
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#8
pretion Status QUESTION 8 A company's payroll information for the month of May follows: Administrative salaries Sales salaries 3,500 Shop wages 14,000 FICA Social Security withheld 1 300 FICA Medicare taxes withheld 1400 Federal income taxes withheld 111.300 Medical insurance premiums withheld A15 Union dues withheld 1205 On May 31 the company issued Check No. 335 payable to the Payroll Bank Account for the May payroll. It issued payroll checks to the employees after depositing the check Prepare the...
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Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes tithheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries included above) subject to federal unemployment taxes Salaries included abovej subject to state unemployment taxes $320,000 670,000 190,000 75,000 16.000 12.000 550.000 600.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll C. Accrual of employer's...
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000, Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical and life insurance premiums Assume that FICA taxes are identical to those on employees and that SUTA taxes...
Check the work and need help with the rest of it.
Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical...
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