For the payroll period ended on June 25, 2019, gross pay was $143,000, net pay was $102,000,

Question:

For the payroll period ended on June 25, 2019, gross pay was $143,000, net pay was $102,000, FICA tax withholdings were $10,000, income tax withholdings were $25,000, and medical insurance contributions were $6,000.

Required:

Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual on June 25, 2019.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting What the Numbers Mean

ISBN: 978-1260565492

12th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

See More Books

Question Posted: Oct 28, 2019 08:02 AM

See More Questions

The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.: Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
The following summary data for the payroll period ended on April 10, 2015, are available for Brac Construction Ltd.: the payroll Gross pay............................... $ ? FICA tax...
The following summary data for the payroll period ended on April 10, 2018, are available for Brac Construction Ltd.: Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
The Apache NetBeans IDE is an open-source integrated development environment, and it supports development of all Java application types, which include . a. Java desktop applications b. Mobile and Web...
What are the guidelines that Carl Rogers proposed to perfect the technique of active listening?
A punch-out card contains 100 spaces. One space pays $\$ 100$, five spaces pay $\$ 10$, and the others pay nothing. How much should you pay to punch out one space?
Do employees of banks and mortgage companies have an ethical obligation to question the process of mass robo-signing? Who has ultimate responsibility for the mistreatment of hundreds of thousands of...
Which of the four examples of conflict resolution is the best example, in your opinion, of effective resolution? Why?
Danks Corporation purchased a patent for $405.000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, Danies spent 595,000 to successfully defend the patent in a lawsuit....
A tubular shaft similar to that shown in Figure 16.11 is to be designed that has an outside diameter of 100 mm (4 in.) and a length of 1.25 m (4.1 ft). The mechanical characteristic of prime...
The balance of the Estimated Warranty Liability account was $25,000 on January 1, 2019, and $34,400 on December 31, 2019. Based on an analysis of warranty claims during the past several years, this...
The balance sheets of Tully Corp. showed the following at December 31, 2020 and 2019: Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account...
What is the purpose of the signature card?
Carla Vista Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan Plan assets $489,900 Projected benefit obligation 616,700...
Question 2 of 8 Shirts were purchased for $12.50 each and were marked up by $18.75. During Christmas, they were discounted by $6.85 per shirt. a. What was the rate of markdown? % Round to two decimal...
The cost versus quality decision is one that only few companies get right. What is the cost of quality? It is very high for some companies such as Ford and Bridgestone/Firestone, whose reputations...
Find the absolute maximum and absolute minimum values of the function f(x) (x-2)(x-5)+7 = on each of the indicated intervals. Enter 'NONE' for any absolute extrema that does not exist. (A) Interval =...
4. Roll one 10-sided die 12 times. The probability of getting exactly 4 eights in those 12 rolls is given by (a) 10 9 4 10 10 (b) HA 9 -HAA (c) 1 (d) 9 (c) 10 9 () 10
An elevator starts at the basement with 8 people (not including the elevator operator) and discharges them all by the time it reaches the top floor, number 6. In how many ways could the operator have...
Why is inventory management important for merchandising and manufacturing firms and what are the main tradeoffs for firms in managing their inventory?
Indicate the effect that each transaction/event listed here will have on the financial ratio listed opposite it, and provide an explanation for your answer. Use + for increase, for decrease, and...
Refer to the consolidated balance sheets on page 688 of the Intel Corporation annual report in the appendix. Required: Prepare a common size balance sheet at December 29, 2007, using the following...
Solve the requirements of Problem 11.5 for the year ended December 27, 2008. Required: Prepare a common size balance sheet at December 29, 2007, using the following captions: Total current assets...
Hrubec Products, Incorporated, operates a Pulp Division that manufactures wood pulp for use in the production of various paper goods. Revenue and costs associated with a ton of pulp follow: Selling...
The AICPA guidelines suggest that taxes should be transparent and visible. This means that: a. The taxes affect similarly situated taxpayers in a similar manner. b. Taxes should be due at the same...
What is Apple Companys strategy for success in the marketplace? Does the company rely primarily on customer intimacy, operational excellence, or product leadership? What evidence supports your...

For the payroll period ended on June 25, 2019, gross pay was $143,000, net pay was $102,000,

Question:

Step by Step Answer:

Balance Sheet Income Statement Assets Liabilities Stockholders Equity Net income ...View the full answer

Accounting What the Numbers Mean

Students also viewed these Business questions