Question
1.On December 30, Drake Corporation pays wages of $15,000, from which it withholds $1,148 Medicare and $1,340 FITW. FUTA tax is $120 and SUI, $440.
1.On December 30, Drake Corporation pays wages of $15,000, from which it withholds $1,148 Medicare and $1,340 FITW. FUTA tax is $120 and SUI, $440. Prepare the following journal entries:
a.Payment of employee salaries, including deductions.
- Drake's payroll tax expense
- Drake remits its payroll taxes
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
16th edition
1259307417, 978-1260153132, 1260153134, 978-1259307416
