Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help due in one hour. Payroll Entries Widmer Company had gross wages of $248,000 during the week ended June 17. The amount of wages

Please help due in one hour.

Payroll Entries

Widmer Company had gross wages of $248,000 during the week ended June 17. The amount of wages subject to social security tax was $223,200, while the amount of wages subject to federal and state unemployment taxes was $31,000. Tax rates are as follows:

Social security6.0%Medicare1.5%State unemployment5.4%Federal unemployment0.8%

The total amount withheld from employee wages for federal taxes was $49,600.

If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places.

Question Content Area

a. Journalize the entry to record the payroll for the week of June 17.

image text in transcribed

b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.

image text in transcribed

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

Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics

Authors: Jay Thibodeau, Deborah Freier

4th edition

78025567, 978-0078025563

More Books

Students also viewed these Accounting questions