Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are token from Ramirez Company at July 31: Sales salaries. $400,000; Office salaries, $80.000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxess withheld, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3.500; and Salaries subject to unemployment taxes, $55,000. The employee pays 40 % of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4 % and FUTA taxes are 0.6 %. 1.& 2 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July assume that FICA taxes are identical to those on employees and thet SUTA taxes are 5.4 % and FUTA taxes are 0.6 % Answer is not complete Complete this question by entering your answers in the tabs below. Req 3 Req 1 and 2 Req 4 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premlum Premlum Total Premlum % Pald by Pald by Employer 5,700 Pald by Employees Employees 9,500 40% S Emplayee Medical Insurance Payable 3,800 40% s 6,500 3.900 Emplayee Life Insurance Payable 2,800 Date General Journal Credit Debit Record joumal entry for accrued payroll, including emplayee deductions, for July. July 31 400,000 Sales salaries expense 80,000 Office salaries expense FICA-Social sec. taxes payable 29,760 FICA-Medicare taxes payable 6.960 Employee fed. inc. taxes payable Employee state inc. taxes payable Employee medical insurance payable Employee life insurance payable 120.000 27,000 3,800 2,600 Employee union dues payable Salaries payable 3,500 193,620 Record the cash payment af salaries July 31 193,620 Salaries payable Cash 193,620 Req 3 Req 1 and 2 Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $400,000; Office salaries, $80,000; Federal Income taxes withheld, $120,000; State Income taxes withheld, $27,000; Soclal security taxes withheld, $29,760; Medicare taxes withheld, $6,960; Medical Insurance premlums, $9,500; Life Insurance premiums, $6,500; Unlon dues deducted, $3,500; and Salarles subject to unemployment taxes, $55,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3 Req 1 and 2 Req 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% No Date General Journal Debit Credit FICA-Social sec. taxes payable 3 July 31 FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee state inc. taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Federal unemployment taxes payable 120,000 27,000 9,500 6,500 3,500 330 State unemployment taxes payable 2,970 Cash Req 3 Req 4 Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are token from Ramirez Company at July 31: Sales salaries. $400,000; Office salaries, $80.000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxess withheld, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3.500; and Salaries subject to unemployment taxes, $55,000. The employee pays 40 % of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4 % and FUTA taxes are 0.6 %. 1.& 2 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July assume that FICA taxes are identical to those on employees and thet SUTA taxes are 5.4 % and FUTA taxes are 0.6 % Answer is not complete Complete this question by entering your answers in the tabs below. Req 3 Req 1 and 2 Req 4 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premlum Premlum Total Premlum % Pald by Pald by Employer 5,700 Pald by Employees Employees 9,500 40% S Emplayee Medical Insurance Payable 3,800 40% s 6,500 3.900 Emplayee Life Insurance Payable 2,800 Date General Journal Credit Debit Record joumal entry for accrued payroll, including emplayee deductions, for July. July 31 400,000 Sales salaries expense 80,000 Office salaries expense FICA-Social sec. taxes payable 29,760 FICA-Medicare taxes payable 6.960 Employee fed. inc. taxes payable Employee state inc. taxes payable Employee medical insurance payable Employee life insurance payable 120.000 27,000 3,800 2,600 Employee union dues payable Salaries payable 3,500 193,620 Record the cash payment af salaries July 31 193,620 Salaries payable Cash 193,620 Req 3 Req 1 and 2 Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $400,000; Office salaries, $80,000; Federal Income taxes withheld, $120,000; State Income taxes withheld, $27,000; Soclal security taxes withheld, $29,760; Medicare taxes withheld, $6,960; Medical Insurance premlums, $9,500; Life Insurance premiums, $6,500; Unlon dues deducted, $3,500; and Salarles subject to unemployment taxes, $55,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3 Req 1 and 2 Req 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% No Date General Journal Debit Credit FICA-Social sec. taxes payable 3 July 31 FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee state inc. taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Federal unemployment taxes payable 120,000 27,000 9,500 6,500 3,500 330 State unemployment taxes payable 2,970 Cash Req 3 Req 4