Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ch. 11 Homework Assignment 7 Problem 11.5A Computing and recording unemployment taxes; completing Form 940LO 11-6, 11-7 Certain transactions and procedures relating to federal and

image text in transcribed

Ch. 11 Homework Assignment 7 Problem 11.5A Computing and recording unemployment taxes; completing Form 940LO 11-6, 11-7 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 points as instructed in each of the following steps. Assume thet 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 $165.00 on April 21, a deposit of $76.80 on July 22, and a deposit of $52.20 on October 21 Pelest wagen Paid state Total Wages Paid of $7.000 Tax Paid duarter Mar- 31 27,500.00 June 30 30,800.00 18,000.00 Bept. 30 38,700.00 3b,000.oo ec 31 49,000.00 45.000-00 5467.50 217.60 147.90 68.00 Totals $146,000.00 93,000-00 $901.00 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.) View transaction list View journal entry worksheet Credit /1 Jan 28, 2020 Federal unemployment tax payatble Cash K Prev 7 of 8EE Next>

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

Intermediate Accounting

Authors: Steven M. Bragg

1st Edition

1642210803, 9781642210804

More Books

Students also viewed these Accounting questions