Answered step by step
Verified Expert Solution
Question
1 Approved Answer
would someone explain me how to calculate this? thanks in advance. Payroll Accounts and Year-End Entries The followng accounts, with the balances indicated, appear in
would someone explain me how to calculate this? thanks in advance.
Payroll Accounts and Year-End Entries The followng accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year 211 Salaries Payable 212 Social Security Tax Payable 213 Medicare Tax Payable 214 Employees Federal Income Tax Payable 215 Employees State Income Tax Payable 216 State Unemployment Tax Payable 217 Federal Unemployment Tax Payable 218 Bond Deductions Payable 219 Medical Insurance Payable 411 Operations Salaries Expense 511 Officers Salaries Expense 512 Office Salaries Expense 519 Payroll Tax Expense The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during Decembers Dec. 2 Issued Check No. 410 for 4,000 to Jay Bank to purchase us. savings bonds for employees. Dec. 2 Issued Check No. 411 to Jay Bank for $ 32.90 $11,400 3,000 18.500 18,000 1,900 600 4,000 34,800 1,211,000 790,000 201,000 172,000 0 in payment of $11,400 of social security tax, $3,000 of Medicare tax, and $18.500 of employees faderal income tax due. Dec. 13 Journalized the entry to record the biweekly payroll. A summary of the payroll record followe Salary distribution: Operations $55,000 Officers 36,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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