Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flounder Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1417.220,which includes a 6% sales

image text in transcribed
image text in transcribed
image text in transcribed
Flounder Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1417.220,which includes a 6% sales tax. Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (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 for the amounts. List all debit entries before credit entries.) Sales taxes payable $ Debit Credit Account Titles and Explanation Cash Sales Taxes Payable Sales Revenue Sarasota Company's payroll for the week ending January 15 amounted to $392,000 for salaries and wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax $81,000 State Income Tax 14.580 FICA Taxes 29.988 Union Dues 4,428 United Fund Contributions 2.916 a Federal unemployment tax (FUTA) rate is 6,0% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%. Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll. (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 tities and enter for the amounts List all debit entries before credit entries.) Debit Credit Date Account Titles and Explanation Jan. 15 (To record payroll for the week ending January 15) Jan. 15 (To record employer's naveolitaxes on January 15 navaly

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

Financial Accounting

Authors: Pauline Weetman

8th Edition

129224447X, 9781292244471

More Books

Students also viewed these Accounting questions

Question

Explain the various methods of job evaluation

Answered: 1 week ago

Question

Differentiate Personnel Management and Human Resource Management

Answered: 1 week ago

Question

Describe the functions of Human resource management

Answered: 1 week ago