Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 28 Use the information below for the next two questions The total payroll of a company for the month of October 2019 was $280,000.

image text in transcribed
QUESTION 28 Use the information below for the next two questions The total payroll of a company for the month of October 2019 was $280,000. This amount is entirely subject to F.L.C.A. (6.2%), Medicare (1.45%), federal (0.8%) and state (34) unemployment taxes. Also, $63,000 of federal income taxes and $1,100 of union dues were withheld. The journal entry to record the wages paid and employee payroll deductions: Account Title Debit Credit reduce total assets by $85,520 reduces net income by $194,480 reduces total liabilities by $85,520 reduces total assets by $194,480 Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Air

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

Case And Problem Materials In Management Accounting

Authors: Tony Brabazon And Tony ODea

2nd Edition

1412024315, 978-1412024310

More Books

Students also viewed these Accounting questions

Question

Describe the patterns of business communication.

Answered: 1 week ago

Question

3. Provide two explanations for the effects of mass media

Answered: 1 week ago