During the year 2024, a company named Wolverine Textiles paid cash for their employees' salaries amounting to $95,300. The year-end balances in the salaries payable account were $30,000 at December 31, 2023 and $33,000 at December 31, 2024. Determine the amount of "Salary Expense" the company would report on its 2024 Income Statement: a) $92,300 b) $98,300 c) $91,300 d) $96,300

During the year 2024, a company named Wolverine Textiles paid cash for their employees' salaries amounting to $95,300. The year-end balances in the salaries payable account were $30,000 at December 31, 2023 and $33,000 at December 31, 2024. Determine the amount of "Salary Expense" the company would report on its 2024 Income Statement: a) $92,300 b) $98,300 c) $91,300 d) $96,300

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

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Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
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For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $180,000Electricians’ wages 382,000Total $562,000Deductions: FICA taxes $37,847Federal income taxes withheld 160,000State income taxes withheld (3%) 16,860United Fund contributions payable 28,100Health insurance premiums 15,000Total $257,807 Waterway’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $479,000, and gross earnings subject to unemployment taxes total $111,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.
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On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.
Bata 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 2022 is as follows: Employee advances Accrued salaries payable Salaries expense during the year Salaries paid during the year (gross) 12/31/21 12/31/22 $12,000 $ 18,000 75,000 ? 650,000 625,000 At December 31, 2022, what amount should Bata report for accrued salaries payable?
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For the year ended December 31, 2022, Crane Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $214,000 Electricians’ wages 362,000 Total $576,000 Deductions: FICA taxes $38,639 Federal income taxes withheld 187,500 State income taxes withheld (3%) 17,280 United Fund contributions payable 27,789 Health insurance premiums 19,500 Total $290,708 Crane’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,500, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at…
For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $193,000 Electricians’ wages 365,000 Total $558,000 Deductions: FICA taxes $37,293 Federal income taxes withheld 167,500 State income taxes withheld (3%) 16,740 United Fund contributions payable 27,900 Health insurance premiums 18,000 Total $267,433 Bramble’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $471,000, and gross earnings subject to unemployment taxes total $127,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at December 31 to…
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