Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Complete the below table and fill out the general journal entries. Dashboard Saved Help Save & Exit Submi ignment: Accounting for C... 6 Check my

Complete the below table and fill out the general journal entries.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Dashboard Saved Help Save & Exit Submi ignment: Accounting for C... 6 Check my work Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $400,000; Office salaries, $80,000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxes withheld, $29,760: Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3,500; and Salaries subject to unemployment taxes, $55,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Reg 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. ald Reg 1 and 2 Reg 3 Reg 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll, ir employee deductions, and cash payment of the net payroll (salaries payable) for July. Total % Paid by Premium Pald Premium Employees by Employees Premium Paid by Employer ed Employee Medical Insurance Payable Employee Life Insurance Payable ok t Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 ences Record the cash payment of salaries. Check Premium Employees by Employees by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record joumal entry for accrued payroll, including employee deductions, for July ed July 31 Ok t ht nces Record the cash payment of salaries. July 31 1. & 2. Using the above information, complete the below table and prepare the journal entries to rec payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for J 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cas liabilities related to the July payroll-assume that FICA taxes are identical to those on employees and SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1 nts Skipped Complete this question by entering your answers in the tabs below. eBook Hint Reg 3 Req 1 and 2 Reg 4 Print Using the above information, complete the below table. References Tax Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable Mc Graw Prey 8 of 9 Next > Req 1 and 2 Reg 3 Req 4 Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilitie July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and that! Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list ed Journal entry worksheet ok at 1 2 3 ht Record all employer's payroll expenses and liabilities for the month of July. ences Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all lia July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list ed Journal entry worksheet k + Record the employer's benefit expense. nces Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees an Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list ped Journal entry worksheet Book Hint

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago