Question
Hi I need help with this 3.General Fund payrolls for the year totaled $2,638,220. Of that amount, $395,733 was withheld for employees' federal income taxes;
Hi I need help with this
3.General Fund payrolls for the year totaled $2,638,220. Of that amount, $395,733 was withheld for employees' federal income taxes; $344,623 for federal payroll taxes; $98,933 for employees state income taxes; $194,545 for retirement funds administered by the state government; and the remaining $1,604,386 was paid to employees in cash. The City of Smithville does not record encumbrances for payrolls. The payrolls were chargeable against the following functions:
General Government$518,022Public Safety1,242,447Public Works588,947Culture and Recreation288,804
Total$2,638,220
Required:Make summary journal entries for payroll in both the General Fund and governmental activities general journals for the year.
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Understanding Financial Accounting
Authors: Christopher D. Burnley
2nd Canadian Edition
1119406927, 978-1119406921
