Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Certain transactions and procedures relating to federal and state unemployment taxes follow for Fancy Nancy LLC, a retail store owned by Nancy Roberts. The firm's

image text in transcribedimage text in transcribed

Certain transactions and procedures relating to federal and state unemployment taxes follow for Fancy Nancy LLC, a retail store owned by Nancy Roberts. The firm's address is 2007 Trendsetter Lane, Dallas, TX 75268-0967. The firm's phone number is 972-456 1200.The employer's federal and state identification numbers are 75-9462315 and 37-9462315, respectively. Carry out the procedures as instructed in each of the following steps Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The payroll information for 2019 appears below. The federal tax deposits were submitted as follows: a deposit of $156.08 on April 21, a deposit of $329.40 on July 22, and a deposit of 56.52 on October 21 Wages Paid State Quarter Total in Excess Unemployment Ended Wages Paid of $7,000 Mar. 31 $ 26, 013.00 Tax Paid S442.22 933 . 3 160.14 50.49 $1,586.15 Dec. 31 32,000.00 29,030.00 Totals $147,013. $53,710. Required: In general journal form, record issuance of a check on January 28, 2020, for the balance of FUTA tax due for 2019. (Round your answers to 2 decimal places.) Journal entry worksheet Record payment of balance tax due. Note: Enter debits before credits Date General Journal Debit Credit Jan 28, 2020 Record entry Clear entry View general journal

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_2

Step: 3

blur-text-image_3

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

Marketing Audit Benefits How A Marketing Audit Improves Your Business's Performance

Authors: Sharita Winder

1st Edition

B0BQXYKYYL, 979-8371064820

More Books

Students also viewed these Accounting questions

Question

43. Managers say the break even point is around $50 million.

Answered: 1 week ago