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create the two journal entries based on the payroll information given. Sondeno Company has gathered the following payroll data for the month of July 2010.
create the two journal entries based on the payroll information given.
Sondeno Company has gathered the following payroll data for the month of July 2010. Administrative salaries Sales commissions earned Executive salaries $ 50,000 60,000 280,000 Assume the following rates: FICA, 7.65 percent (no employees have reached the maximum withhold- ing for social security); federal income taxes for administrative and sales 15%, executives 25%; state income taxes, 10 percent of the federal income tax withholding: FUTA taxes, 0.8 percent; and SUTA, 5.4 percent. Assume that employees are paid at the end of each month Step by Step Solution
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