Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, I need assistance with my accounting homework. PR 11-2A Entries for payroll and payroll taxes The following information about the payroll for the week

Hello, I need assistance with my accounting homework.

image text in transcribedimage text in transcribed

PR 11-2A Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co. OBJ. 2,3 V1. (b) Dr. Payroll Tax Expense, $60,675 Salaries: Deductions: General Ledger Sales salaries Warehouse salaries Office salaries $402,000 210,000 165,000 $777,000 Income tax withheld Social security tax withheld Medicare tax withheld Retirement savings Group insurance $135,975 46,620 11,655 17,094 13,986 $225,330 Tax rates assumed Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Chapter 11 Current Liabilities and Payroll 573 Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 3 journalize the following entries a. December 30, to record the payroll b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes

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_2

Step: 3

blur-text-image_3

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

Computer Fraud Casebook The Bytes That Bite

Authors: Joseph T. Wells

1st Edition

0470278145, 978-0470278147

More Books

Students also viewed these Accounting questions