Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 5 points During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA,

9 5 points During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA, $330,000 for federal income tax, $137,500 for state income tax, and $22,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $136,400 for federal and state unemployment tax and $66,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) 1 No Date January 31 Salaries Expense Income Tax Payable FICA Tax Payable Accounts Payable Salaries Payable 2 January 31 Salaries Expense 3 January 31 Payroll Tax Expense FICA Tax Payable Answer is not complete. General Journal Debit Credit 2,200,000 330,000 168,300 Unemployment Tax Payable 22,000 22,000 1,542,200 66,000 66,000

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

Intelligent Accountant Strategies Concepts And Ideas To Transform Your Practice

Authors: Darren Gleeson

1st Edition

1925515575, 978-1925515572

More Books

Students also viewed these Accounting questions