During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health Insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer provided fringe benefits. Record the employer payroll taxes. Nate - Journal entry has been entered Debit 1,700,000 255,000 105.400 68.000 51,000 Credit 1.700.000 130.050 106 250 51,000 105,400 105,400

During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health Insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer provided fringe benefits. Record the employer payroll taxes. Nate - Journal entry has been entered Debit 1,700,000 255,000 105.400 68.000 51,000 Credit 1.700.000 130.050 106 250 51,000 105,400 105,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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