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 firms

Certain transactions and procedures relating to federal and state unemployment taxes follow for Fancy Nancy LLC, a retail store owned by Nancy Roberts. The firms address is 2007 Trendsetter Lane, Dallas, TX 75268-0967. The firms phone number is 972-456-1200.The employers 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 $157.88 on April 21, a deposit of $331.56 on July 22, and a deposit of 59.28 on October 21.

Quarter Ended Total Wages Paid Wages Paid in Excess of $7,000 State Unemployment Tax Paid
Mar. 31 $ 26,313.00 0 $ 447.32
June 30 59,400.00 4,140.00 939.42
Sept. 30 30,600.00 20,720.00 167.96
Dec. 31 32,800.00 29,610.00 54.23
Totals $ 149,113.00 $ 54,470.00 $ 1,608.93

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.)

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

Accounting The Ultimate Guide To Accounting Principles

Authors: Greg Shields

1st Edition

1722964839, 978-1722964832

More Books

Students also viewed these Accounting questions

Question

image proccessing

Answered: 1 week ago

Question

What are the steps that the EEOC uses once a charge is filed?

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago