Question
The following totals for the month of April were taken from the payroll records of Novak Corp.. Salaries $146400 FICA taxes withheld 11200 Income taxes
The following totals for the month of April were taken from the payroll records of Novak Corp..
| Salaries | $146400 |
| FICA taxes withheld | 11200 |
| Income taxes withheld | 30500 |
| Medical insurance deductions | 5500 |
| Federal unemployment taxes | 390 |
| State unemployment taxes | 2640 |
The entry to record the payment of net payroll would include a
credit to Cash for $110400.
debit to Salaries and Wages Payable for $96560.
debit to Salaries and Wages Payable for $88000.
debit to Salaries and Wages Payable for $99200.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
