Eclipse Company has the following payroll information for the week: $240,000 of Salaries and Wages Expense. None of the employees have reached the earnings limits for FICA, FUTA, or SUTA so all wages are subject to these taxes for employer payroll tax purposes. The following deductions were withheld from employees: Federal Income Tax: $36,300 State Income Tax: $8,200 FICA Taxes: $18,360 Union Dues: $2,800 United Funds: $1,700 The FUTA rate is 0.8% and the SUTA rate is 5.4% Prepare the journal entry to record the employer's payroll tax expense

Eclipse Company has the following payroll information for the week: $240,000 of Salaries and Wages Expense. None of the employees have reached the earnings limits for FICA, FUTA, or SUTA so all wages are subject to these taxes for employer payroll tax purposes. The following deductions were withheld from employees: Federal Income Tax: $36,300 State Income Tax: $8,200 FICA Taxes: $18,360 Union Dues: $2,800 United Funds: $1,700 The FUTA rate is 0.8% and the SUTA rate is 5.4% Prepare the journal entry to record the employer's payroll tax expense

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800