Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the month of February, Pharoah Corporation's employees earned wages of $73,250. Withholdings related to these wages were $5,604 for FICA $7,025 for federal income

image text in transcribed
During the month of February, Pharoah Corporation's employees earned wages of $73,250. Withholdings related to these wages were $5,604 for FICA $7,025 for federal income tax, and $2,000 for state income tax. Costs incurred for unemployment taxes were $140 for federal and $180 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) During the month of February, Pharoah Corporation's employees earned wages of $73,250. Withholdings related to these wages were $5,604 for FICA $7,025 for federal income tax, and $2,000 for state income tax. Costs incurred for unemployment taxes were $140 for federal and $180 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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

Total Quality Safety Management And Auditing

Authors: Michael B. Weinstein

1st Edition

1566702836, 978-1566702836

More Books

Students also viewed these Accounting questions

Question

Comment should this MNE have a global LGBT policy? Why/ why not?

Answered: 1 week ago