Lexington Corporations weekly payroll of $24,000 included F.I.C.A. taxes withheld of $1,836, federal taxes withheld of $2,990,
Question:
Lexington Corporation’s weekly payroll of $24,000 included F.I.C.A. taxes withheld of $1,836, federal taxes withheld of $2,990, state taxes withheld of $920, and insurance premiums withheld of $250. Prepare the journal entry to record Lexington’s payroll.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (16 reviews)
Wages Expense 24000 FICA Taxes Payable 1...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Ari Goldstein issued $300,000 of 11%, five-year bonds payable on January 1, 2024. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Requirements 1....
-
Preston Concrete is a major supplier of concrete to residential and commercial builders in the Pacific Northwest. The company's policy is to price deliveries at 25 percent over full cost per cubic...
-
A new edition of a very popular textbook will be published a year from now. The publisher currently has 2000 copies on hand and is deciding whether to do another printing before the new edition comes...
-
Members of a multinational task force in a large international business should probably be aware that ____________ might initially slow the progress of the team in meeting its task objectives. (a)...
-
Job-order costing in a manufacturing company Keeney Corporation makes custom-order furniture to meet the needs of disabled persons. On January 1, 2011, the company had the following account balances:...
-
. FROM THE HRM PERSPECTIVE, EVALUATE THE ORGANIZATIONAL STURUCTURAL COMPONENTS BY CONSIDERING ANY TYPE OF ORGANIZATION FROM HENRY MINTZBERG CATEGORAIZATION. -TIMES NEW ROMAN -ALL SUBMISSION WILL BE...
-
You are a new consultant with the Boston Group and have been sent to advise the executives of Penury Company. The company recently acquired product line L from an out- of- state concern and now plans...
-
Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax. (a) Prepare the entry to...
-
Kasten Inc. provides paid vacations to its employees. At December 31, 2010, 30 employees have each earned 2 weeks of vacation time. The employees average salary is $500 per week. Prepare Kastens...
-
Explain the effect of the fall in net exports on GDP. The Commerce Department reported that in December 2015, retail sales rose by 0.2, net exports decreased, inventories held by businesses rose by...
-
In a bank, the employee interacting with someone seeking a loan does not have the authority to grant the loan. Why is the employee not given the responsibility to grant the loan?
-
Samson Company is an engineering firm. Many of the employees are engineers who are working individually on different projects. All of the design work takes place on networked computers, thereby...
-
In the UK, professional football teams generally have a team manager who is responsible for selecting new talent, training the team, making decisions on game day, and also signing player contracts....
-
Mary Sweet has just opened a candy shop. The store is open from 10 a.m. to 8 p.m. each day, which means that Mary must work a minimum of 10 hours a day for seven days a week. In addition to sales,...
-
The Travel Magazine executive group is very unhappy with its photographer. She had been sent to Tahiti to take some pictures of sunny beaches to entice visitors to Tahiti. Unfortunately, all the...
-
What drains energy from you? In the work you do In personal relationships
-
Read the Forecasting Supply Chain Demand Starbucks Corporation case in your text Operations and Supply Chain Management on pages 484-485, then address the four questions associated with the...
-
Suppose the relative humidity is 80% on a day when the temperature is 30.0C. (a) What will the relative humidity be if the air cools to 25.0C and the vapor density remains constant? (b) What is...
-
Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising which is reimbursable from...
-
Revenue RecognitionAlternative Methods Peterson Industries has three operating divisionsFarber Mining, Glesen Paperbacks, and Enyart Protection Devices. Each division maintains its own accounting...
-
Recognition of RevenueTheory Revenue is usually recognized at the point of sale. Under special circumstances, however, bases other than the point of sale are used for the timing of revenue...
-
In terms of AINS 102 Heavy winds from a storm cause damage to the roof shingles of a family's home. This damage is an example of which one of the following financial consequences of loss? Available...
-
5 -- Invoice Table. Each customer receives 10 invoices each year for 10 years. Each invoice as 5 rows, one for each product. Each row has a primary key, customer key, product key, invoice key, and a...
-
What are some financial implications of implementing an EMR system? I. Hiring additional staff II. Purchase of software III. Training staff IV. Upgrade costs V. Purchase more office space VI. Ongoing...
Study smarter with the SolutionInn App