Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ument/d/1XUCES-UBTVTBEZSY-59wf5AACMHK6Efyz3m6nc/edit Tools Add-ons Help All changes saved in Drive 10.5. BIUA mal text - Arial , . FEIE EEEE The following payroll liability accounts are

image text in transcribed
image text in transcribed
ument/d/1XUCES-UBTVTBEZSY-59wf5AACMHK6Efyz3m6nc/edit Tools Add-ons Help All changes saved in Drive 10.5. BIUA mal text - Arial , . FEIE EEEE The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2020. FICA Taxes Payable $ 760.00 Federal Income Taxes Payable 1,204.60 State Income Taxes Payable 108.95 Federal Unemployment Taxes Payable 288.95 State Unemployment Taxes Payable 1,954.40 Union Dues Payable 870.00 U.S. Savings Bonds Payable 360.00 In January, the following transactions occurred. Jan 10 Sent check for $870.00 to union treasurer for union dues 12 Remitted check for $1,964.60 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $360.00. Paid state income taxes withheld from employees Pald federal and state unemployment taxes. Completed monthly payroll register, which shows salaries and wages $58,000, FICA taxes withheld $4,437, federal income taxes payable $2,158, state income taxes payable $454, union dues payable $400, United Fund contributions payable $1,888, and not pay $48,663. 31 Prepared payroll checks for the net pay and distributed checks to employees. 20 At January 31, the company also makes the following accrued adjustments pertaining to employee compensation Employer payroll taxes: FICA taxes 7.65% federal unemployment taxes 0.8%, and state unemployment taxes 5.4%. (a) Journalize the January transactions MacBook Pro Q Search or type URL cz 31 32,158, state income taxes payable $454, union dues payable $400, United Fund contributions payable $1,888, and net pay $48,663. Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8% and state unemployment taxes 5.4%. (a) Journalize the January transactions. Jan. 10 Jan. 12 Jan. 15 Jan. 17 Jan. 20 Jan. 31 (b) Journalize the adjustment pertaining to employee compensation at January 31 MacBook Pro Q Search or type URL 3 orde O CCC 77 7u T F OLI

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

Auditing a business risk appraoch

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

6th Edition

9780324645095, 324645090, 978-0324375589

More Books

Students also viewed these Accounting questions