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During the month of March, Sheridan Company's employees earned wages of $ 67,000. Withholdings related to these wages were $ 5,126 for FICA $ 7,852

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During the month of March, Sheridan Company's employees earned wages of $ 67,000. Withholdings related to these wages were $ 5,126 for FICA $ 7,852 for federal income tax $3,245 for state income tax, and $ 419 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $ 733 for state unemployment tax (a) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that we Prepare a tabular summary to record the company's payroll tax expense. (6) Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash Salaries & Wages Pay. Fed. Inc. Taxes Pay. + FIC (a) Mar 31 $ $ (b) Mar 31 Liabilities FICA Taxes Pay St. Inc. Taxes Pay. + Union Dues Pay + State Unemp. Taxes Pay, $ Stockholders' Equity Retained Earnings Pd. in Cap. Common Stock Revenue Expense Dividend $

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