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 salaries, $200,000; Office salarles, $160,000; Federal income taxes withheld, $90,000, State income

image text in transcribed
image text in transcribed
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $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 duos deducted, $1,000; and Solaries 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 tbble 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, Req 1 and 2 Reg Reg 3B and 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 % Puld by Premium Paid Premium Pald 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 Employee life insurance payable Record the cash payment of salarios July 31

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_2

Step: 3

blur-text-image_3

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

Artificial Intelligence In Accounting Organisational And Ethical Implications

Authors: Othmar M. Lehner, Carina Knoll

1st Edition

1032055626, 9781032055626

More Books

Students also viewed these Accounting questions

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago