Homework Answers
The table will be prepared in the following manner:
| ASSETS | LIABILITIES | STOCKHOLDERS' EQUITY | |||||||||
| Date | Cash | Salaries & Wages Pay. | Fed. Inc. Taxes Pay. | FICA Taxes Pay | SI Inc. Taxes Pay. | Union Duties Pay. | State Unemploy. Taxes Pay. | Common Stock | Revenue | Expense | Dividends |
| Mar-31 | $ 62,903 | $ 9,727 | $ 6,350 | $ 4,020 | $ 62,903 | ||||||
| Mar-31 | $ 6,350 | $ 908 | $ 7,258 | ||||||||
Notes
The above table is prepared because the following journal entries will be booked on the 2 dates:
| Date | Description | Debit | Credit |
| Mar-31 | Salaries and Wages Expense | 83,000 | |
| Fica taxes payable | 6350 | ||
| Federal income tax payable | 9727 | ||
| Union dues payable | 4020 | ||
| Salaries and Wages payable | 62,903 | ||
| Mar-31 | Payroll tax expense | 7258 | |
| Fica taxes payable | 6350 | ||
| State unemployment taxes payable | 908 |
Please comment in case of any issue and I will be happy to help.
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RCES Exercise 8-4 ent During the month of March, Blossom Company's employees earned wages of $83,000....
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these earnings for federal unemployment tax but incurred $600 for
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Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
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for FICA, $6,480 for federal income tax, $2,700 for state income
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to these earnings for federal unemployment tax but incurred $540
for state unemployment tax.
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During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these wages were $6.126 for FICA, $10,080 for federal income tax, $4,200 for state income tax, and $504 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $840 for state unemployment Prepare the necessary March 31 Journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
Show Attempt History Current Attempt in Progress During the month of March, Ivanhoe Company's employees earned wages of $56,000. Withholdings related to these wages were $4,284 for FICA, $6,720 for federal income tax, $2,800 for state income tax, and $336 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $560 for state unemployment tax. Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when...
During the month of March, Cullumber Company’s employees earned
wages of $54,000. Withholdings related to these wages were $4,131
for FICA, $6,480 for federal income tax, $2,700 for state income
tax, and $324 for union dues. The company incurred no cost related
to these earnings for federal unemployment tax but incurred $540
for state unemployment tax.
Prepare the entry to record the company’s payroll tax expense.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)...
During the month of March, Sunland Company's employees earned wages of $48,000. Withholdings related to these wages were 53.672 for FICA 55.760 for federal income tax, $2.400 for state income tax, and $200 for unlondues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $480 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
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