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Please make sure to put the numbers in During the month of March, Lisa Company's employees earned wages of $88,000. Withholdings related to these wages

image text in transcribedimage text in transcribedPlease make sure to put the numbers in

During the month of March, Lisa Company's employees earned wages of $88,000. Withholdings related to these wages were $6,732 for Social Security (FICA), $14,700 for federal income tax, $6,100 for state income tax, and $800 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $1,700 for state unemployment tax.

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On January 1, 2020, the Splish Brothers Inc. had $2,330,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,130,000. The company issued 149,000 shares of common stock at $16 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Splish Brothers Inc. stock was $17 per share on December 15 and $17 per share on December 31. Net income for 2020 was $600,000. Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit July 1 A Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock July 1 Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par Value-Common Stock Prepare the stockholders' equity section of the balance sheet for Splish Brothers Inc. at December 31, 2020. SPLISH BROTHERS INC. Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Capital Stock Common Stock Additional Paid-in Capital in Excess of Par Value $ Paid-in Capital Total Paid-in Capital Retained Earnings Total Stockholders' Equity $ Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Payroll Tax Expense 1700 FICA Taxes Payable State Unemployment Taxes Payable

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