Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill in the dollar amounts . The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $600,000; Office salaries, $120,000; Federal

image text in transcribed

image text in transcribed

Fill in the dollar amounts .

The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $600,000; Office salaries, $120,000; Federal Income taxes withheld, $180,000; State Income taxes withheld, $40,000: Social security taxes withheld, 544,640; Medicare taxes withheld, $10,440; Medical Insurance premiums, $14,500; Life Insurance premlums, $11,500: Union dues deducted, $8,500; and Salaries subject to unemployment taxes, $65,000. 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%. 182. 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% No Date General Journal Debit Credit 1 July 31 69,380 > Payroll taxes expense FICA-Social sec. taxes payable 44.640 FICA-Medicare taxes payable 10.440 . State unemployment taxes payable 3,510 Federal unemployment taxes payable 390 2 July 31 Employee benefits expense Employee medical insurance payable Employee life insurance payable ololo 4,176 3 July 31 44,840 14,500 FICA-Social sec, taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee state income taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable State unemployment taxes payable Federal unemployment taxes payable Cash 313,480

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

Blockchain Techonology In Accounting And Auditing

Authors: Prof Oleksandr Melnychenko

1st Edition

1976900328, 978-1976900327

More Books

Students also viewed these Accounting questions