gased on the following data for the current year, what is the acounts receivable turnover? Sales...
The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross a) pay less taxes payable. b) amount of all paychecks issued. Oc) amount less all payroll deductions. d) pay less voluntary deductions.
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I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000 b. Long-term debt, $2,000,000 c. Current liabilities, $500,000; Long-term Debt, $1,000,000 d. Current liabilities, $500,000; Long-term Debt, $1,500,000. 13. The following totals for the month of April were taken from the payroll records of Noll Company....
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
Help System Announcements Problem 11-05A (Video) For the year ended December 31, 2020, Concord Electrical Repair Company reports the following summary payroll data. $192,000 386,000 $578,000 Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $39,133 179,500 17,340 28,900 17,000 $281,873 Concord's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), an...
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The following information about the payroll for the week anded December 20 was obtained from the records Co: ember 30 was obtained from the records of Boltz Salaries: Deductions: Sales salaries S335,000 Income tax withheld $116,800 Warehouse salaries 186,000 U.S. savings bonds 14,630 Office salaries 144,000 Group insurance 11,970 $665,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment employer only) 0.8% Required: 1. Assuming that the...
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Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...
Problem 11-05A (Video) For the year ended December 31, 2020, Sunland Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total $186,000 390,000 $576,000 Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $38,546 166,500 17,280 28,800 18,000 $269,126 Sunland's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment....
Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($450,000), payroll deductions for income tax ($47,000), payroll deductions for FICA ($39,000), payroll deductions for United Way ($5,900), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,900). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded....
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 75% 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 Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income...