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Do It! Review 8-1b During the month of February, Grouper Corp.'s employees earned wages of $84,360. Withholdings related to these wages were $6,454 for Social
Do It! Review 8-1b During the month of February, Grouper Corp.'s employees earned wages of $84,360. Withholdings related to these wages were $6,454 for Social Security (FICA), $8,094 for federal income tax, and $2,166 for state income tax. Costs ir for unemployment taxes were $125 for federal and $182 for state. Prepare a tabular summary to record on February 28 (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March The company's payroll tax expense (b) (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Liabilities Assets Retained Earnings Fed. Unemp. Taxes Pay. State Unemp. Salaries & Fed. Inc. St. Inc. Taxes + FICA Taxes Common Cash Dividend Revenue Expense + Taxes Pay Taxes Pay Pay Wages Pay. Stock ay. () Feb. 28 $ $ (b) Feb. 28 Open Show Work Click if you would like to Show Work for this
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