5.

The following summary data for the payroll period ended December 27, 2012, are available for Cayman Coating Co.:

Gross pay		$	94,000
FICA tax withholdings			?
Income tax withholdings			15,070
Group hospitalization insurance			1,890
Employee contributions to pension plan			?
Total deductions			26,112
Net pay			?

Additional information:

	For employees, FICA tax rates for 2012 were 5.65% on the first $110,100 of each employees annual earnings and 1.45% on any earnings in excess of $110,100. However, no employees had accumulated earnings for the year in excess of the $110,100 limit.
	For employers, FICA tax rates for 2012 were 7.65% on the first $110,100 of each employees annual earnings and 1.45% on any earnings in excess of $110,100.
	The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employees annual earnings. Only $15,800 of the gross pay amount for the December 27, 2012, pay period was owed to employees who were still under the annual limit.

b.1

Assuming that Cayman Coating Co.'s payroll for the last week of the year is to be paid on January 3, 2013, use the horizontal model to record the effects of the December 27, 2012, entries for Accrued payroll taxes.(Enter decreases to account balances with a minus sign.) Balance Sheet Income Statement Assets=Liabilities+Stockholders Equity Net Income=Revenue-Expenses _________=___________+_____________ _____________=______________-____________________