Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show how to get calculations The payroll of Kee Ltd. for September 2020 is as follows (amounts in thousands): total payroll was 340,000; income taxes

image text in transcribedShow how to get calculations

The payroll of Kee Ltd. for September 2020 is as follows (amounts in thousands): total payroll was 340,000; income taxes in the amount of 80,000 were withheld, as was 49,000 in union dues; and the current Social Security tax is 8% of an employee's wages. The employer must also remit 8% for employees' wages for Social Security taxes. Your answer is partially correct. Prepare the journal entry to record salaries and wages payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit 340000 Account Titles and Explanation Salaries and Wages Expens Income Taxes Pavable Social Security Taxes Pava 80000 27200 Union Dues Pavable 9000 Your answer is partially correct. Prepare the journal entry to record salaries and wages paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit x Your answer is incorrect. Prepare the journal entry to record employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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

Measurement And Internal Audit Operations

Authors: Andrew Fight

1st Edition

184112401X, 978-1841124018

More Books

Students also viewed these Accounting questions

Question

5. Recognize your ability to repair and let go of painful conflict

Answered: 1 week ago