Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $200,000; Office salarles, $160,000; Federal Income taxes withheld, $90,000; State Income

image text in transcribedimage text in transcribed

The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $200,000; Office salarles, $160,000; Federal Income taxes withheld, $90,000; State Income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical Insurance premiums, $7,000; Life Insurance premiums, $4,000; Union dues deducted, $1,000; and Salarles subject to unemployment taxes, $50,000. The employee pays 40% of medical and life Insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1&2. Using the above Information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. Total % Paid by Premium Paid Premium Paid Premium Employees by Employees by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 Record the cash payment of salaries. July 31 The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $200,000; Office salaries, $160,000; Federal Income taxes withheld, $90,000; State Income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical Insurance premiums, $7,000; Life Insurance premiums, $4,000; Union dues deducted, $1,000, and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical and life Insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 182. Using the above Information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Using the above information, complete the below table. Amounts Subject Tax Rate Tax Amount to Tax Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles

Authors: Larson Kermit, Tilly Jensen

Volume I, 14th Canadian Edition

71051503, 978-1259066511, 1259066517, 978-0071051507

Students also viewed these Accounting questions