Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer questions 6-10 based on the following problem PR 10-2A Entries for payroll and payroll taxes Obj. 2 The following information about the payroll

please answer questions 6-10 based on the following problem
image text in transcribed
image text in transcribed
image text in transcribed
PR 10-2A Entries for payroll and payroll taxes Obj. 2 The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: 111 GENERAL LEDELE Salaries: Sales salaries Warehouse salaries Office salaries $540,000 155,000 85,000 $780,000 Deductions: Income tax withheld U.S. savings bonds Group insurance $160,000 10,500 9,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: A. December 30, to record the payroll. Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes. Question 6 (10 points) In the journal entry to record the payroll at December 30, the account Office Salaries Expense is debited for $ Question 7 (10 points) The journal entry to record employer's payroll taxes at December 30, based upon the payroll, includes a credit to Social Security Tax Payable for $ Question 8 (10 points) The journal entry to record employer's payroll taxes at December 30, based upon the payroll, includes a credit to State Unemployment Taxes Payable for $ Question 9 (10 points) The journal entry to record employer's payroll taxes at December 30, based upon the payroll includes a credit to Medicare Taxes Payable for $ Question 10 (10 points) The journal entry to record the employer's payroll taxes at December 30, based upon the payroll, includes a debit to Payroll Taxes Expense for $

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

Step: 3

blur-text-image

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

Social Work Policy Practice Changing Our Community Nation And The World

Authors: Jessica A Ritter

3rd Edition

179354087X, 9781793540874

More Books

Students also viewed these Accounting questions

Question

What is the effect of word war second?

Answered: 1 week ago