Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Car Inc.'s weekly payroll is $40,000. Car withholds $2,600 FICA tax, $3,000 federal income tax and $800 state income tax. Car records the payroll
Car Inc.'s weekly payroll is $40,000. Car withholds $2,600 FICA tax, $3,000 federal income tax and $800 state income tax. Car records the payroll for the week by: Select one: a. Dr. Wage expense $40,000 Cr. FICA tax payable $2,600 Cr. Federal income tax payable $3000 Cr. State income tax payable $800 Cr. Wages payable $33,600 O b. Dr. Wage expense $40,000 Cr Wages payable $40,000 C. Dr. Cash $40,000 Cr. Wages payable $40,000 d. Dr. Fica tax payable $2,600 Dr. State income tax payable $800 Dr. Federal income tax payable $3,000 Cr. Wage expense $40,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started