During the month of March, Olinger Companys employees earned wages of $64,000. Withholdings related to these wages
Question:
During the month of March, Olinger Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $700 for state unemployment tax.
Instructions
(a) 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 be paid during April.
(b) Prepare the entry to record the company’s payroll tax expense.
Step by Step Answer:
a Mar 31 Salaries and Wages Expense 64000 FICA Taxes Payable 4896 Federal Income Taxes ...View the full answer
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Students also viewed these Accounting questions
-
During the month of February, Morrisey Corporation's employees earned wages of $74,000. Withholdings related to these wages were $5,661 for Social Security (FICA), $7,100 for federal income tax, and...
-
During the month of February, Morrisey Corporations employees earned wages of $74,000. Withholdings related to these wages were $5,661 for Social Security (FICA), $7,100 for federal income tax, and...
-
Assume that a 150-ft entry spiral will be used with the curve of Problem 24.7. Compute and tabulate curve notes to stake out the alignment from the TS to ST at full stations using a total station and...
-
For each transformation below, a C-C bond forming strategy is required to complete the synthesis. (a) Identify the C-C formation strategy that will be effective from the list below and write it on...
-
Let T: P2 P2 be a linear transformation for which T(l) = 3 - 2x, T(x) = 4x - x2, and T(x2) = 2 + 2x2 Find T(6 + x - 4x2) and T(a + bx + cx2).
-
Assume the \(X\) and \(Y\) miss distances of darts thrown at a bull's-eye dart board are Gaussian with zero mean and variance \(\sigma^{2}\). (a) Determine the probability that a dart will fall...
-
Like any retail company, Costco knows that some customers will return merchandise after the sale. When a June sale is returned in July, both the sale and the sales return are recorded in the same...
-
A sports apparel company has received an order for a college basketball teams national championship T-shirt. The company can purchase the T-shirts from textile factories in Mexico, Puerto Rico, and...
-
The dean of the School of Business and Applied Arts at Red River College in Winnipeg wants to establish a scholarship program for the newly created finance major in its business administration...
-
Using MATLAB, plot the inductance of the inductor of Problem 1.9 as a function of relative core permeability as the core permeability varies for r = 100 to r = 10000. What is the minimum relative...
-
On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting...
-
Season tickets for the Wildcats are priced at $320 and include 16 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was...
-
How does ENSO affect climate on land?
-
What are the key strategies for balancing autocratic and democratic leadership styles to maximize team efficiency and morale ?
-
ceeeeeeee A block of mass 6.3 kg slides on a flat, horizontal frictionless surface at a speed of 8.9 m/s. It comes into contact with the end of an ideal spring, the other end of which is attached to...
-
5 18 9 Purpose: Provide feedback about your ability to create a flow diagram of a complex system 20 11 12 Scenario 13 14 15 16 ===ARARE 17 18 19 20 21 22 There are 5 workstations. All flow units on a...
-
1) What acceleration will result when a 12-N net force is applied to a 3-kg object? A 6- kg object? (4 m/sec and 2 m/sec) 2) An object is accelerating at 2 m/s. If the net force is tripled and the...
-
Nathaniel opens an account with an initial deposit of $9500. He plans to deposit $3600 at the end of every six months for 15 years into an account paying 4.25% compounded quarterly. What will be the...
-
Cost of Greenhouse Lighting Between 2008 and 2015, extremely high electricity taxes in Denmark particularly affected nurseries using greenhouse lighting. Other things remaining the same, would...
-
Use the formula to determine the value of the indicated variable for the values given. Use a calculator when one is needed. When necessary, use the key on your calculator and round answers to the...
-
The parol evidence rule requires a court to examine previous drafts of a contract in order to interpret it. a. True b. False
-
On July 1, 2017 Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize and post the entry on July...
-
The book keeper for Tran Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Account Receivable, Interest Expense, Interest...
-
The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type...
-
Tu tarea: Una directora ejecutiva recin nombrada, la Sra. Sally Riley, MHA, FACHE, lo asciende al puesto de directora estratgica de un hospital comunitario de cuidados intensivos de 300 camas. El CEO...
-
McEwan Industries sells on terms of 3/10, net 20. Total sales for the year are $971,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 52 days...
-
Intro The Treasury yield curve shows the following yields to maturity for the next 5 years: Maturity in years 1 2 3 4 5 YTM in % 0.9 1.1 1.7 1.9 2.2 Part 1 Attempt 2/10 for 9.5 pts. What is the...
Study smarter with the SolutionInn App