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From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming
From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1, 500 withdraw was made during the period. Sweetman's Recording studio payroll records show the following information: a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45% b) Each employee contributes $40 per week for union dues c) State income tax is 5% of gross pay d) Federal income tax is 20% of gross pay Prepare a general journal payroll entry
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