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During December, Luxury Cruise Lines Incurs employee salaries of $3 million. Withholdings In December are $229,500 for the employee portion of FICA, $450,000 for
During December, Luxury Cruise Lines Incurs employee salaries of $3 million. Withholdings In December are $229,500 for the employee portion of FICA, $450,000 for federal Income tax, and $187,500 for state Income tax. The company Incurs an additional $186,000 for federal and state unemployment tax. These costs and expenses will be paid in January. Required: Determine the amount of accrued payroll and benefit costs Luxury Cruise Lines will report In Its December balance sheet. Note: Enter your answers in dollars, not millions (l.e., $5.5 million should be entered as $5,500,000). Accrued payroll and benefit costs
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