OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained PR 11-2B Entries for payroll and payroll taxes from the records of Saine Co.: Deductions: Salaries: $232,260 $ 625,000 Income tax withheld Sales salaries 71,100 240,000 Social security tax withheld Warehouse salaries 17,775 320,000 Medicare tax withheld Office salaries 35,500 $1,185,000 Retirement savings 53,325 Group insurance $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31. journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. RR 11 2R OBJ. 2,3 The following information about the payroll for the week ended December 30 was obtained PR 11-2B Entries for payroll and payroll taxes from the records of Saine Co.: Deductions: Salaries: $232,260 $ 625,000 Income tax withheld Sales salaries 71,100 240,000 Social security tax withheld Warehouse salaries 17,775 320,000 Medicare tax withheld Office salaries 35,500 $1,185,000 Retirement savings 53,325 Group insurance $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31. journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $1,185,000 in salaries is subject to unemployment compensation taxes. RR 11 2R
Expert Answer:
Answer rating: 100% (QA)
1 SNo Date Accounts titles and Explanation Dec30 Sales Sala... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Falcon Company manufactures the camera system of a DRONE assembly. Its manufacturing assembly plant is located at the middle east, and started its operation in the year 2010. The company exported...
-
Explain why an employers total cost of a payroll may exceed by a substantial amount the total wages and salaries earned by employees.
-
How often must employers report payroll taxes to the IRS? What form must the employer file?
-
1. You are required to compare the results of your printed reports and the results of reports of the MYOB assignment book in your MYOB assignment. If it is assumed that two results of the reports are...
-
The Pine Furniture Company makes fine country furniture. The companys current product lines consist of end tables, coffee tables, and dining room tables. The production of each of these tables...
-
Determine an equation of the conic section that satisfies the given conditions. Parabola with focus (2, 0) and vertex (0, 0)
-
Use properties of the real numbers and mental math to calculate the following: 1. \(2 \times 13 \times 50\) 2. \(13+84+27\) 3. \(9 \times 16 \times 11\)
-
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume...
-
ABC Enterprises' bonds currently sell for $1135 They have a 6-year maturity, an annual coupon of $80, and a par value of $1,000. What is their current virid Oa 7.74% Ob. 8.52% Oc 7.35% Od.6.58% Oe....
-
Complete the diagram below, which shows the flux of alanine's amino group from its entry into the liver to its exit as urea. NAD(P) NAD(P)H 2 Alanine 2 -Ketoglutarate 2 ATP HCO,- 2 ADP+2P...
-
Use the following resources provided to comment on the following How would you explain the p-value measure? Which classical statistical test would be appropriate to analyze the data shown in the...
-
What are the main similarities and differences between BS 7750, EMAS and ISO 14001? Is one of these systems to be preferred over the other two?
-
Standards can be technical, performance-based or process-based. Distinguish between these three categories and identify the category that applies to standards for environmental management systems.
-
Implementation plays a critical part in environmental management.Why might environmental management fail at the implementation stage? Can these reasons for failure be corrected or avoided?
-
The company has 2,500 shares of common stock outstanding. What is Liberty's earnings per share? a. 2.04 b. 3.6 times c. \(\$ 1.22\) d. \(\$ 3.05\)
-
Is there any notion of a trade-off between risk and return involved in an ecoefficiency portfolio matrix? How are green stars and dirty dogs related? In your answer cite examples from an industry...
-
Can you please draw the below graph? Graph Title: Welfare Effects of Reducing Tax on Intellectual Property Good Axis Labels: Horizontal Axis: Quantity of the Intellectual Property Good (Q) Vertical...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
You have $70,000. You put 20% of your money in a stock with an expected return of 12%, $30,000 in a stock with an expected return of 15%, and the rest in a stock with an expected return of 20%. What...
-
Suppose Cisco Systems pays no dividends but spent $5 billion on share repurchases last year. If Ciscos equity cost of capital is 12%, and if the amount spent on repurchases is expected to grow by 8%...
-
In July 2007, Apple had cash of $7.12 billion, current assets of $18.75 billion, and current liabilities of $6.99 billion. It also had inventories of $0.25 billion. a. What was Apples current ratio?...
-
On December 31, 2020, for GAAP purposes, Clubs Inc. reported a balance of \(\$ 70,000\) in Prepaid Maintenance Expense for services to be received over the following year. For tax purposes, however,...
-
On December 31, 2020, for GAAP purposes, Clubs Inc. reported a balance of \(\$ 40,000\) in a warranty liability for anticipated costs to satisfy future warranty claims. No claims were paid in 2020....
-
The records of Anderson Inc. provide the following information for the tax year 2020. - There was no beginning balance in deferred tax account(s). - Taxable income for 2020 was \(\$ 60,000\). - Tax...
Study smarter with the SolutionInn App