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PART 2: If any math is done, please tell me how so I can understand. Thank you. On March 31, the Federal Unemployment Tax Payable
PART 2:
If any math is done, please tell me how so I can understand. Thank you.
On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy Company showed a balance of $1,496. This represents the FUTA tax owed for the first quarter of the year. On April 30 , the firm deposited the amount owed in the First Security National Bank. Record this transaction in general journal form. Journal entry worksheet Note: Enter debits before credits. General Journal Column Options: On April 30 , Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had taxable wages of $100,400. Because of a favorable experience rating, Chung pays SUTA tax at a rate of 1.4 percent. How much SUTA tax did the firm owe for the quarter? (Round "SUTA tax rate" answer to 3 decimal places. i.e., 12.3% should be entered as 0.123. )Step by Step Solution
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