1. On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales).

Analyze each separate transaction by showing its effects on the accounting equationspecifically, identify the accounts and amounts (including + or ) for each transaction. (Enter all amounts as positive values.)

7) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee.

Assuming situation (a), prepare the employers September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employees federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.)

The employees federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.)

! Required Information [The following Information applies to the questions displayed below.) 1. On July 15. Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1. Piper sent the sales tax collected from the sale to the government 2 On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). th Analyze each separate transaction by showing its effects on the accounting equation-specifically. Identify the accounts and amounts (Including - or -) for each transaction (Enter all amounts as positive values.) Date Liabilities + Equity Sales taxes payable (+) increase 400 + Assets (+) increase decrease (-) decrease ) increase 10.400 5.000 Sales + Cost of goods sold (C) increase (-) decrease 10.000 5.000 July 15 Cash July 15 Merchandise inventory August 1 Cash November 3 Cash November 20 = 400 = Sales taxes payable 400 + dim 300 = (-) decrease (+) increase - decrease 300+ 50 + increase 50 Required Information [The following Information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 pald to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX. Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 pald to its employee Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2. 100 8,000 b Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax 80.00 Taxes to be General Withheld From Journal Gross Pay Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.) View transaction lat Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credit Date General Journal Debit Credit September 30 Recordamy Clearom MAURITANIA DARMONIE MOUNTAIN REACTIES