Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Morgan works for Addidas Company. For the month ended January 31, he earned $5,800.. FICA taxes are 7.65%, state income taxes to be withheld
1. Morgan works for Addidas Company. For the month ended January 31, he earned $5,800.. FICA taxes are 7.65%, state income taxes to be withheld totaled $150. Federal income taxes withheld totaled $340. His health insurance is $18.00, and he contributes 7% of his gross pay into his retirement account. a. Prepare the journal entry to record Morgan's earnings. 2. Addidas Co. had total payroll of $125,000 for the month ending March 31. The FICA rate is 7.65%, federal unemployment tax is 5.4% and state unemployment rate is .8%. ** Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses. 3. The register tape of Rouxdy Co. indicated sales of $28,950. Assuming a sales tax rate of 8.75%, journalize their sales. 4. Madison Co. signed a $15,000 5%, 9-month note payable at State Bank on Sept. 1. Prepare journal entries for the following dates: September 1, December 31, and the retirement of the
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started