Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE ANSWER 1,2,3 McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $600,000 Salaries and wages earned Employee

PLEASE ANSWER 1,2,3

image text in transcribed

image text in transcribedimage text in transcribed

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $600,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 55,500 42,900 4,170 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2, & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Total Labor Cost Reg 1 Reg 2 and 3 > Req 1 Req 2 and 3 Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Show less View transaction list Journal entry worksheet Record the payroll for March including employee deductions: Salaries and wages earned, $600,000; Employee income taxes withheld, $55,500; FICA taxes withheld, $42,900; Unemployment taxes, $4,170. Note: Enter debits before credits. General Journal Debit Credit Date March 31 Record entry View general journal Clear entry

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

Audit Risk In The Operation Of EDF Financed Projects

Authors: Koffi Rufin Kouame

1st Edition

6205912651, 978-6205912652

More Books

Students also viewed these Accounting questions

Question

8-6 Who poses the biggest security threat: insiders or outsiders?

Answered: 1 week ago