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Just need help finishing this. Thanks! Problem 8-3B Kecord payroll (LU8-3) Kashi Sales. L.L.C. produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and
Just need help finishing this. Thanks!
Problem 8-3B Kecord payroll (LU8-3) Kashi Sales. L.L.C. produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $330,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums (Blue Cross) paid by employer Contribution to retirement plan (Fidelity) paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $118,000 11,300 43,000 7.65% 6.20% Assume that Kashi has paid none of the withholdings or payroll taxes by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date January 31 Debit 480,000 Salaries Expense Income Tax Payable FICA Tax Payable Salaries Payable 2 January 31 Salaries Expense Accounts Payable (Blue Cross) Accounts Payable (Fidelity) 3 January 31 Payroll Tax Expense FICA Tax Payable Unemployment Tax PayableStep by Step Solution
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