Based on the following data, prepare the appropriate journal entry when paying employees:
Total wages earned were $8000
Total amount of federal income tax withheld for the period was 550
Total amount of FICA withheld for the period was 612
Total employee contributions to Health Ins. were 300
Homework Answers
Salaries Ac ..........Dr. $8000
To withhold tax payable. $ 550
To FICA payable. $ 612
To health contribution $ 300
To salaries payable $ 6538
Benig salary entry booked
Add Answer to:
Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000...
Based on the following information, prepare the journal entry that recognizes the payroll expense for the...
Based on the following information, prepare the journal entry
that recognizes the payroll expense for the period ending today, to
be paid Friday of next week:
Total wages earned for the period: $8,000.00
Account Name Dr Cr $8,000 $8,000 To accrue wages for payroll period ending XX/XX
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this tra...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: 2. During one pay period, Star Valley Company distributes $132,000 to employees as net pay. The income tax withholdings were $19,300 and the FICA withholdings were $8,945. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: 3. Lightning Electronics is a...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax,...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow. PAGE 32 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Oct. 15 Sales Salaries Expense 93,000.00...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax,...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offerrs 401k plans to employees. Review the journal entries, then answer the questions that follow. POST. REF DESCRIPTION CREDIT ASSETS LIABILITIES DATE DEBIT EQUITY Oct. 15 Sales Salaries Expense 145,500.00 1 Officers Salaries Expense 523,800.00 Office...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax,...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offerrs 401k plans to employees. Review the journal entries, then answer the questions that follow. POST. REF DESCRIPTION CREDIT ASSETS LIABILITIES DATE DEBIT EQUITY Oct. 15 Sales Salaries Expense 145,500.00 1 Officers Salaries Expense 523,800.00 Office...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of...
For a the original journal entry was for a Cash 5500 Service revenue 5500 c. the...
For a the original journal entry was for a
Cash 5500
Service revenue 5500
c. the second note is for 40,000, 9 month note at 6%
D. Equipment 1. purchased 1/1/19 was bought for 60,000
Equipment 2 purchased for 45,000 on 12/1/19
J. 12/1 last pay day for this employee was on 12/27
Hired Tailer Sift as a staff accountant who will be paid $400
per day for a 5-day (M-F) work week. Payday is every other Friday
for the...
please answer both questions Problem 1. Selected accounts from the ledger of Hughes Company appear below....
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Based on the following information, prepare the journal entry
that recognizes the payroll expense for the period ending today, to
be paid Friday of next week:
Total wages earned for the period: $8,000.00
Account Name Dr Cr $8,000 $8,000 To accrue wages for payroll period ending XX/XX
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offerrs 401k plans to employees. Review the journal entries, then answer the questions that follow. POST. REF DESCRIPTION CREDIT ASSETS LIABILITIES DATE DEBIT EQUITY Oct. 15 Sales Salaries Expense 145,500.00 1 Officers Salaries Expense 523,800.00 Office...
The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offerrs 401k plans to employees. Review the journal entries, then answer the questions that follow. POST. REF DESCRIPTION CREDIT ASSETS LIABILITIES DATE DEBIT EQUITY Oct. 15 Sales Salaries Expense 145,500.00 1 Officers Salaries Expense 523,800.00 Office...
For a the original journal entry was for a
Cash 5500
Service revenue 5500
c. the second note is for 40,000, 9 month note at 6%
D. Equipment 1. purchased 1/1/19 was bought for 60,000
Equipment 2 purchased for 45,000 on 12/1/19
J. 12/1 last pay day for this employee was on 12/27
Hired Tailer Sift as a staff accountant who will be paid $400
per day for a 5-day (M-F) work week. Payday is every other Friday
for the...
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Most questions answered within 3 hours.
-
3. Use a text editor to create a comma-delimited file of user
IDs and passwords. Revise...
asked 33 minutes ago -
Jensen and Associates has a projected balance
sheet that includes the following accounts. What is the...
asked 6 minutes ago -
implement a doubly-linked list in C. Each node in the linked list should contain a string,...
asked 28 minutes ago -
What are some best practices and things to avoid when developing
a PowerPoint presentation or file
asked 31 minutes ago -
Consider the ways that the government can get involved in
economic issues. What role do you...
asked 7 minutes ago -
Sodium carbonate is added to the tea mixture, in part, to form
the sodium salt of...
asked 29 minutes ago -
he plant started to purify its wastewater before discharging it
into the lake. How long will...
asked 48 minutes ago -
Thiazyl fluoride, F3NS is a colourless gas. Using concepts of
electronegativity, formal charge etc. determine the...
asked 51 minutes ago -
1. Why is an explicit inflation target a bad policy?
2. MV=PQ If M grows, then...
asked 24 minutes ago -
A 1.50 kg sample of water at 15.0°C is in a calorimeter. You
drop a piece...
asked 50 minutes ago -
For the assignment this week, use Microsoft Word or Microsoft
Excel to create your own Comparing...
asked 26 minutes ago -
Pratt Company acquired all of Spider, Inc.’s outstanding shares
on December 31, 2018, for $510,100 cash....
asked 28 minutes ago