Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following monthly data are taken from Ramirez Compary at July at: Sales salarles, $300,000, Orfice salaries, 560,000 , Federal income taxes withheld, $90,000, State

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following monthly data are taken from Ramirez Compary at July at: Sales salarles, $300,000, Orfice salaries, 560,000 , Federal income taxes withheld, $90,000, State income taxes withheld, $20,000; Social security taxes wthheli, $22,320, Medicare taxes witheld, \$5,220, Medical insurance premiums, \$7,000; Life insurance premums, \$4,000; Union dues deducted, \$1.000, and Salanes subject to unemployment taxes, $50,000. The employee pays 40% of medical and iffe 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 beiow table and prepare the joumal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salanes payable) for July 3. Using the above information, complete the below table 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilties related to the July payroli-assume thot FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taves are 0.6\%. Complete this question by entering your answers in the tabs below. Using the above information, complete the befow table and prepare the joumal entries to fecerd accrued payroli, inchud ang employes deductions, and cash payment of the net parroli (salaries payable) for July. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, in employee deductions, and cash payment of the net payroll (salaries payable) for July. the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% Complete this question by entering your answers in the tabs below. Using the above information, complete the below table. Journal entry worksheet Record all employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits. Journal entry worksheet Noter Enter debits before credits. Journal entry worksheet Record the cash payment of all liabilities related to the July payroll

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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions