Please Provide Answer During the year 2014 a company paid cash for their employees salaries amounting to $90,000. The year-end balances in the salaries payable account were $22,000 at December 31. 2013 and $20,000 atDecember 31. 2014. Determine the amount of "Salary Expense" the company would report on its 2014Income Statement:a) $92,000b) $110,000c) $88,000d) $90,000

Step 1: Definition of Accounting for Salary ExpenseSalary expense is the amount of money that a firm…

Answered: During the year 2014 a company paid…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4PA

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Lewis Company's salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.
The following totals for the month of April were taken from the payroll records of Sunland Company. $115200 8810 24000 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $76020. O debit to Salaries and Wages Payable for $78090. O debit to Salaries and Wages Payable for $69280. O credit to Cash for $86900. 4300 310 2070
The following totals for the month of April were taken from the payroll records of Shamrock Company. Salaries $97200 FICA taxes withheld 7435 Income taxes withheld 21400 Medical insurance deductions 3900 Federal unemployment taxes 780 State unemployment taxes 4900 The entry to record the payment of net payroll would include a
Financial accounting
The following totals for the month of April were taken from the payroll records of Concord Corporation. Salaries $96000 FICA taxes withheld 7340 Income taxes withheld 20000 Medical insurance deductions 3600 Federal unemployment taxes 260 State unemployment taxes 1730 The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $57720. debit to Salaries and Wages Payable for $63330. credit to Cash for $72400. debit to Salaries and Wages Payable for $65060.
The following totals for the month of April were taken from the payroll register of Waterway Company. Salaries and wages $73100 FICA taxes withheld 5499 Income taxes withheld 14600 Medical insurance deductions 2660 Federal unemployment taxes 184 State unemployment taxes 1288 The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $48869. debit to Salaries and Wages Payable for $50341. debit to Salaries and Wages Payable for $44842. credit to Cash for $55840.
The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC. Salaries $88800 FICA taxes withheld 6790 Income taxes withheld 18500 Medical insurance deductions 3300 Federal unemployment taxes 240 State unemployment taxes 1600 The entry to record the payment of net payroll would include a: debit to Salaries and Wages Payable for $60210. debit to Salaries and Wages Payable for $53420. debit to Salaries and Wages Payable for $58610. credit to Cash for $67000.
What is the total amount of current liabilities of this financial accounting question?
Required information [The following information applies to the questions displayed below.] Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($170,000), payroll deductions for income tax ($17,000), payroll deductions for FICA ($18,000), payroll deductions for United Way ($3,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,100). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $4,560 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31.…
The following payroll liability accounts are included in the ledger of Ayayai Company on January 1, 2020: FICA Taxes Payable $1,575 Federal Income Taxes Payable 3,600 State Income Taxes Payable 599 Federal Unemployment Taxes Payable 158 State Unemployment Taxes Payable 1,071 Union Dues Payable 360 Health Insurance Payable 4,500 U.S. Savings Bonds Payable 1,350 In January, the following transactions occurred: Jan. 9 Sent a check for $4,500 to Blue Cross and Blue Shield. 11 Deposited a check for $5,175 in Federal Reserve Bank for FICA taxes and federal income taxes withheld. 14 Sent a check for $360 to the union treasurer for union dues. 18 Paid state income taxes withheld from employees. 21 Paid state and federal unemployment taxes. 22 Purchased U.S. Savings Bonds for employees by writing a check for $1,350. 1 . Journalize the January transactions. (Credit account titles are automatically indented when the amount is…
The following totals for the month of April were taken from the payroll records of Sunland Service Company. Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $116000 OOO 8874 24200 4350 310 2088 The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $69702. debit to Salaries and Wages Payable for $76488. debit to Salaries and Wages Payable for $78576. credit to Cash for $87450.
The following totals for the month of April were taken from the payroll records of Cheyenne Corp.. Salaries $79200 FICA taxes withheld 6060 Income taxes withheld 17400 Medical insurance deductions 3200 Federal unemployment taxes 630 State unemployment taxes 4000 The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $47910. debit to Salaries and Wages Payable for $52540. debit to Salaries and Wages Payable for $48540. credit to Cash for $48540.

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