question 1

question 2

Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Complete this question by entering your answers in the tabs below. Electronics Service Company pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries. Duke reached $110,000 before September. His salary in December amounted to $12,000 and is included in the $83,000. No one else will reach the $110,000 amount for the year. None of the employee salaries are subject to unemployment tax in December. Assume the Medicare tax rate is 1.5% of total salarles. Other amounts withheld from salaries in December were as follows: Required a. Prepare the journal entry to record the payment of payroll on December 31, Year 1. b. Prepare the joumal entry to record the payroll tax expense for Electronics Service Company for December Year 1