Homework: HW Mod 5 Ch 9 Save 3 of 4 (1 complete) HW Score: 25%, 1 of 4 pts Score: 0 of 1 pt P9-53 (book/static Question Help For the week ended January 27, the Massengill Company had a total payroll of $100,000. The company withheld three items from employees' paychecks: (1) Social Security (FICA) tax of 7.1 % of the payroll ; (2) income taxes, which average 22% of the payroll; and (3) employees' savings that are deposlted in their Credit Union, which are S6,000. Massengill paid all three items together with the wages on January 30. Requirements Use the balance sheet equation to analyze the transactions on January 27 and January 30. 1 Prepare jounal entries for the recording of the items in requirement 1 2 3 In addition to the payroll, Massengill pays (1) payroll taxes of 9% of the payroll, (2) health insurance premiums of S7,000, and (3) contributions to the employees' pension fund of $8,000. Prepare joumal entries for the recognition and payment of these additional expenses. Requirement 1. Use the balance sheet equation accounting equation component and leave any unused cells blank.) analyze the transactions on January 27, then January 30. (Abbreviation used: RE Retained Eamings. Use parentheses or a minus sign to showa decrease in an LiabilitiesStockholders' Equity Assets = Accrued Withheld Withheld RE: Wages Income Taxes Social Payable to Compensation Security Taxes Cash Payable yable Credit Unian xpense = Jan 27 Recognize liabilities Enter any number in the edit fields and then click Check Answer. Homework: HW Mod 5 Ch 9 Save 3 of 4 (1 complete) HW Score: 25%, 1 of 4 pts Score: 0 of 1 pt P9-53 (book/static Question Help For the week ended January 27, the Massengill Company had a total payroll of $100,000. The company withheld three items from employees' paychecks: (1) Social Security (FICA) tax of 7.1 % of the payroll ; (2) income taxes, which average 22% of the payroll; and (3) employees' savings that are deposlted in their Credit Union, which are S6,000. Massengill paid all three items together with the wages on January 30. Requirements Use the balance sheet equation to analyze the transactions on January 27 and January 30. 1 Prepare jounal entries for the recording of the items in requirement 1 2 3 In addition to the payroll, Massengill pays (1) payroll taxes of 9% of the payroll, (2) health insurance premiums of S7,000, and (3) contributions to the employees' pension fund of $8,000. Prepare joumal entries for the recognition and payment of these additional expenses. Requirement 1. Use the balance sheet equation accounting equation component and leave any unused cells blank.) analyze the transactions on January 27, then January 30. (Abbreviation used: RE Retained Eamings. Use parentheses or a minus sign to showa decrease in an LiabilitiesStockholders' Equity Assets = Accrued Withheld Withheld RE: Wages Income Taxes Social Payable to Compensation Security Taxes Cash Payable yable Credit Unian xpense = Jan 27 Recognize liabilities Enter any number in the edit fields and then click Check
