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S8-8. (Learning Objective 4: Account for accrued payroll) Fitzgerald Company pays its employees every other Friday. December 31,2017, was a Sunday. On Friday, January 5,
S8-8. (Learning Objective 4: Account for accrued payroll) Fitzgerald Company pays its employees every other Friday. December 31,2017, was a Sunday. On Friday, January 5, 2018, Fitzgerald paid wages of $112,000, which covered the 14-day period from December 20, 2017, through January 2, 2018. Wages were earned evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $15,610, while the FICA tax withheld was $12,600. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's wages and payroll taxes at December 31,2017
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