Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 payroll b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes

current year a. Product warranty cost, $65,000. b. Interest on the nine remaining notes owed to Greenwood Co. 1. (b) Dr. Payroll Tax Expense, 561,476 The following information about the payroll for the week ended December 30 was obtained from Obj. 2 the records of Boltz Co.: Salaries: Sales salaries Warehouse salaries Office salaries $540,000 155.000 85,000 $780,000 Deductions: Income tax withheld U.S. savings bonds Group insurance $160,000 10.500 9,000 Tax rates assumed: Social security, 6% State unemployment employer only.5.4% Medicare, 1.5% Federal unemployment employer only, 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: 1. 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, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the ine film

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

16th Global Edition

1292147989, 978-1292147987

More Books

Students also viewed these Accounting questions