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Please dont just give the answers, explain how you calculated each answer. Thank you. During January, Luxury Cruise Lines incurs employee salaries of $2.8 million.
Please dont just give the answers, explain how you calculated each answer. Thank you.
During January, Luxury Cruise Lines incurs employee salaries of $2.8 million. Withholdings in January are $214,200 for the employee portion of FICA, and $595,000 for employee federal and state. The company incurs an additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) Journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. During January, Luxury Cruise Lines incurs employee salaries of $2.8 million. Withholdings in January are $214,200 for the employee portion of FICA, and $595,000 for employee federal and state. The company incurs an additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000) ).) Journal entry worksheet During January, Luxury Cruise Lines incurs employee salaries of $2.8 million. Withholdings in January are $214,200 for the employee portion of FICA, and $595,000 for employee federal and state. The company incurs an additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000 ).) Journal entry worksheet Note: Enter debits before creditsStep by Step Solution
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