Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thiohmation about the payrol for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax

image text in transcribed
image text in transcribed
thiohmation about the payrol for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld 5116,200 Warehouse salaries 192,000 US savings bonds 14,388 Office salaries 137.000 Group insurance 11,772 $654,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1 Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account ttles) a December 30, to record the payroll b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Or the total payroll for the last week of the year. $45.000 is subject to unemployment mention 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. of the total payroll for the last week of the year, S45,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal voor journalize the following entries (refer to the Chart of Accounts for exact wording of account titles) a On page 11 of the journal: December 30, to recolhe payroll b. On page 12 of the journal January 5, to record the employer's payroll taxes on the payroil to be paid on January 5. Since it is a new fiscal year all $654,000 in salaries is subject to unemployment compensation taxes

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

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

11th Edition

0134667387, 9780134667386

More Books

Students also viewed these Accounting questions

Question

Socialize infrequently with colleagues outside of work

Answered: 1 week ago

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago

Question

An improvement in the exchange of information in negotiations.

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago