During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0
During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were
$7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were
$330 for federal and $480 for state.
Prepare the February 28 journal entries for:
(a)
(b)
Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March.
The company's payroll tax expense.
(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Date
Account Titles and Explanation
Feb.
(a)
Salaries and Wages Expense
28
(b)
Ci
Salaries and Wages Payable
No Entry
No Entry
FICA Taxes Payable
Debit
102000
0
7803
Feb.
21300
Federal Income Taxes Payable
28
Credit
102000
0
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