McLoyd Company completed the salary and wage payroll for March 2003. The payroll provided the following details:
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McLoyd Company completed the salary and wage payroll for March 2003. The payroll provided the following details:
Required: 1. Give the journal entry to record the payroll for March including employee deductions. 2. Give the journal entry to record the employer's payroll taxes. 3. Give a combined journal entry to show the payment of amounts owed to governmental agencies and other organizations. 4. What was the total labor cost for the company? Explain. What percentage of the payroll was takehome pay? From the employers' perspective, does an economic difference between the cost of salaries and the cost of fringe benefits exist? From the employees" perspective, does a difference exist'?
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