Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During January, Luxury Cruise Lines incurs employee salaries of $14 million. Withholdings in January are $107100 for the employee portion of FICA $210,000 for federal

image text in transcribed
image text in transcribed
image text in transcribed
During January, Luxury Cruise Lines incurs employee salaries of $14 million. Withholdings in January are $107100 for the employee portion of FICA $210,000 for federal income tax, $87,500 for state income tax, and $14,000 for the employee portion of health insurance payable to Blue Cross/Blue Shield). The company incurs an additional $86,800 for federal and state unemployment tax and $42.000 for the employer portion of health Insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (ie. 5 should be entered os 5,000,000).) View transaction list Journal entry worksheet

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

Where Does Money Grow

Authors: Beth McGuinness

1070202150, 978-1070202150

More Books

Students also viewed these Accounting questions