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1. 29. 2. 13. In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20-- Narrative of Transactions: Apr. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $8,310. All wages and salaries taxable. Withheld $890 for federal income taxes, $165.20 for state income taxes, and $140 for union dues. 15. Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter. 15. Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls. 29. Payroll: $7,975. All wages and salaries taxable. Withheld $815 for federal income taxes, $151.50 for state income taxes, and $135 for union dues. 29. Filed the Employer's Quarterly Federal Tax Return (Form 941) for the period ended March 31. No journal entry is required, since the FICA taxes and federal income taxes withheld have been timely paid. Filed the state contribution return for the quarter ended March 31 and paid the amount to the state unemployment compensation fund. May Paid the treasurer of the union the amount of union dues withheld from workers' earnings during April. Payroll: $8,190. All wages and salaries taxable. Withheld $875 for federal income taxes, $150.05 for state income taxes, and $135 for union dues. 16. Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the April payrolls. Payroll: $8,755. All wages and salaries taxable. Withheld $971 for federal income taxes, $174.05 for state income taxes, and $140 for union dues. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during May. 15. Payroll: $9,110. All wages and salaries taxable, except only $4,210 is taxable under FUTA and SUTA. Withheld $1,029 for federal income taxes, $187.15 for state income taxes, and $145 for union dues. 15. Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the May payrolls. 30. Payroll: $8,960. All wages and salaries taxable, except only $2,280 is taxable under FUTA and SUTA. Withheld $988 for federal income taxes, $183.95 for state income taxes, and $145 for union dues. The following are the account balances forwarded as of June 1: (1) Union Due Payable: $275.00 (2) Employees SIT Payable: $651.80 (3) FICA Taxes Payable - OASDI: $2,101.18 (4) FICA Taxes Payable - HI: $491.42 (5) Employees FIT Payable: $1,846.00 (6) FUTA Taxes Payable: $348.54 (7) SUTA Taxes Payable: $764.30 (8) Cash: $23,605.29 (9) Wages and Salaries: $ 104,590.00 (10) Payroll Taxes: $10,352.53 Note: The SUTA tax rate is 2.3%. a. Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. 31. June 3. a. Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. GENERAL JOURNAL PAGE 21 CREDIT DATE DESCRIPTION DEBIT 20-- Jun. 3-Union Dues Jun. 15-Payroll Jun. 15-Payroll Tax Jun. 15-Federal Taxes Jun. 30-Payroll Jun. 30-Payroll Taxes b. Post the June journal entries in chronological order to the general ledger accounts in the attached spreadsheet. When finished, enter the final June 30 balance of each account below. Bieg/Toland: Payroll Accounting Problem 6-16B Name: Section: Use the ledger accounts below to post the June journal entries you prepared in CengageNOW. When finished, enter the final June 30 balance of each account into Problem 6-16B, part b, in CengageNOW. Cash 11 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20-- Jun 1 Balance 23,605.29 20 FICA Taxes Payable-OASDI Post Date Item Ref. 20- Jun. 1 Balance Account No. Balance Dr. Dr. Cr Cr. 2,101.18 FICA Taxes Payable-HI 21 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. 1 Balance 491.42 FUTA Taxes Payable 22 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20-- Jun. 1 Balance 348.54 SUTA Taxes Payable 23 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 764.30 Employees FIT Payable 25 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 1,846.00 Employees SIT Payable 26 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. 1 Balance 651.80 Union Dues Payable 28 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. O 1 Balance 275.00 Wages and Salaries 51 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 104,590.00 Payroll Taxes 55 Post Ref. Account No. Balance Dr. Item Dr. Cr Cr. Date 20- Jun. 1 Balance v 10,352.53 Payroll Taxes 55 Post Ref. Account No. Balance Dr. Item Dr. Cr Cr. Date 20- Jun. 1 Balance v 10,352.53 b. Post the June journal entries in chronological order to the general ledger accounts in the attached spreadsheet. When finished, enter the final June 30 balance of each account below. 1. Cash 2. FICA Taxes Payable-OASDI 3. FICA Taxes Payable-HI 4. FUTA Taxes Payable 5. SUTA Taces Payable 6. Employees FIT Payable 7. Employees SIT Payable 8. Union Dues Payable 9. Wages and Salaries 10. Payroll Taxes c. Answer the following questions. Enter your answers to the nearest cent. If an amount is zero, enter"0". 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is TEATEATED s 2. The total amount of the liability for state income taxes withheld as of June 30 is 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is 5. The total amount due the treasurer of the union is 6. The total amount of wages and salaries expense since the beginning of the fiscal year is 7. The total amount of payroll taxes expense since the beginning of the fiscal year is 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the company's fiscal year. The amount of Brookins Company's vacation accrual for the fiscal year is $15,000. If an amount box does not require an entry, leave it blank. Credit Account Debit 1. 29. 2. 13. In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20-- Narrative of Transactions: Apr. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $8,310. All wages and salaries taxable. Withheld $890 for federal income taxes, $165.20 for state income taxes, and $140 for union dues. 15. Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter. 15. Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls. 29. Payroll: $7,975. All wages and salaries taxable. Withheld $815 for federal income taxes, $151.50 for state income taxes, and $135 for union dues. 29. Filed the Employer's Quarterly Federal Tax Return (Form 941) for the period ended March 31. No journal entry is required, since the FICA taxes and federal income taxes withheld have been timely paid. Filed the state contribution return for the quarter ended March 31 and paid the amount to the state unemployment compensation fund. May Paid the treasurer of the union the amount of union dues withheld from workers' earnings during April. Payroll: $8,190. All wages and salaries taxable. Withheld $875 for federal income taxes, $150.05 for state income taxes, and $135 for union dues. 16. Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the April payrolls. Payroll: $8,755. All wages and salaries taxable. Withheld $971 for federal income taxes, $174.05 for state income taxes, and $140 for union dues. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during May. 15. Payroll: $9,110. All wages and salaries taxable, except only $4,210 is taxable under FUTA and SUTA. Withheld $1,029 for federal income taxes, $187.15 for state income taxes, and $145 for union dues. 15. Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the May payrolls. 30. Payroll: $8,960. All wages and salaries taxable, except only $2,280 is taxable under FUTA and SUTA. Withheld $988 for federal income taxes, $183.95 for state income taxes, and $145 for union dues. The following are the account balances forwarded as of June 1: (1) Union Due Payable: $275.00 (2) Employees SIT Payable: $651.80 (3) FICA Taxes Payable - OASDI: $2,101.18 (4) FICA Taxes Payable - HI: $491.42 (5) Employees FIT Payable: $1,846.00 (6) FUTA Taxes Payable: $348.54 (7) SUTA Taxes Payable: $764.30 (8) Cash: $23,605.29 (9) Wages and Salaries: $ 104,590.00 (10) Payroll Taxes: $10,352.53 Note: The SUTA tax rate is 2.3%. a. Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. 31. June 3. a. Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. GENERAL JOURNAL PAGE 21 CREDIT DATE DESCRIPTION DEBIT 20-- Jun. 3-Union Dues Jun. 15-Payroll Jun. 15-Payroll Tax Jun. 15-Federal Taxes Jun. 30-Payroll Jun. 30-Payroll Taxes b. Post the June journal entries in chronological order to the general ledger accounts in the attached spreadsheet. When finished, enter the final June 30 balance of each account below. Bieg/Toland: Payroll Accounting Problem 6-16B Name: Section: Use the ledger accounts below to post the June journal entries you prepared in CengageNOW. When finished, enter the final June 30 balance of each account into Problem 6-16B, part b, in CengageNOW. Cash 11 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20-- Jun 1 Balance 23,605.29 20 FICA Taxes Payable-OASDI Post Date Item Ref. 20- Jun. 1 Balance Account No. Balance Dr. Dr. Cr Cr. 2,101.18 FICA Taxes Payable-HI 21 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. 1 Balance 491.42 FUTA Taxes Payable 22 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20-- Jun. 1 Balance 348.54 SUTA Taxes Payable 23 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 764.30 Employees FIT Payable 25 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 1,846.00 Employees SIT Payable 26 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. 1 Balance 651.80 Union Dues Payable 28 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun. O 1 Balance 275.00 Wages and Salaries 51 Post Ref. Account No. Balance Dr. Item Dr. Cr. Cr. Date 20- Jun 1 Balance 104,590.00 Payroll Taxes 55 Post Ref. Account No. Balance Dr. Item Dr. Cr Cr. Date 20- Jun. 1 Balance v 10,352.53 Payroll Taxes 55 Post Ref. Account No. Balance Dr. Item Dr. Cr Cr. Date 20- Jun. 1 Balance v 10,352.53 b. Post the June journal entries in chronological order to the general ledger accounts in the attached spreadsheet. When finished, enter the final June 30 balance of each account below. 1. Cash 2. FICA Taxes Payable-OASDI 3. FICA Taxes Payable-HI 4. FUTA Taxes Payable 5. SUTA Taces Payable 6. Employees FIT Payable 7. Employees SIT Payable 8. Union Dues Payable 9. Wages and Salaries 10. Payroll Taxes c. Answer the following questions. Enter your answers to the nearest cent. If an amount is zero, enter"0". 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is TEATEATED s 2. The total amount of the liability for state income taxes withheld as of June 30 is 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is 5. The total amount due the treasurer of the union is 6. The total amount of wages and salaries expense since the beginning of the fiscal year is 7. The total amount of payroll taxes expense since the beginning of the fiscal year is 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the company's fiscal year. The amount of Brookins Company's vacation accrual for the fiscal year is $15,000. If an amount box does not require an entry, leave it blank. Credit Account Debit
