Exercise 8-6 Ccounting for Cash and Payroll,3w meOW32,3Envirocon Company deposits taxes monthly. In general journal form, record the entryfor the April 15 payment of FICA and federal income taxes for employees and employer.+Sept. 30EXERCISE 8-6 On September 30, Cody Company's selected account balances are asfollows:Employees' Federal Income Tax PayableFICA Social Security Tax Payable (employer,$2,110.80; employee, $2,110.80)Social Securityax PayableFICA Medicare Tax Payable (employer, $493.66;employee, $493.66)State Unemployment Tax PayableFederal Unemployment Tax PayableIn general journal form, prepare the entries to record the following:Oct. 15 Payment of liabilities for FICA taxes and the federal income tax.Payment of liability for state unemployment tax.Payment of liability for federal unemployment tax.31311.876.0899+DELLEXERCISE 8-7 On September 30, Hilltop Company's selected payroll accounts are asfollows:FICA MedicareTax Payable$4,738.00+Sept. 304,221.60987.32438.762,200.00570.00(Some employees havereached the limit.)Employees' FederalIncome Tax Payable+Sent. 303.210.85<354

The employer records the tax payable to the income tax authority as a liability. The employer pays…

EXERCISE 8-6 On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income Tax Payable FICA Social Security Tax Payable (employer, $2,110.80; employee, $2,110.80) FICA Medicare Tax Payable (employer, $493.66; employee, $493.66) State Unemployment Tax Payable $4,738.00 31 31 4,221.60 987.32 2,200.00 (Some employees have reached the limit.) 570.00 Federal Unemployment Tax Payable In general journal form, prepare the entries to record the following: Oct. 15 Payment of liabilities for FICA taxes and the federal income tax. Payment of liability for state unemployment tax. Payment of liability for federal unemployment tax.

EXERCISE 8-6 On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income Tax Payable FICA Social Security Tax Payable (employer, $2,110.80; employee, $2,110.80) FICA Medicare Tax Payable (employer, $493.66; employee, $493.66) State Unemployment Tax Payable $4,738.00 31 31 4,221.60 987.32 2,200.00 (Some employees have reached the limit.) 570.00 Federal Unemployment Tax Payable In general journal form, prepare the entries to record the following: Oct. 15 Payment of liabilities for FICA taxes and the federal income tax. Payment of liability for state unemployment tax. Payment of liability for federal unemployment tax.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Exercise 8-6

Ccounting for Cash and Payroll
,3
w me
OW
3
2,3
Envirocon Company deposits taxes monthly. In general journal form, record the entry
for the April 15 payment of FICA and federal income taxes for employees and employer.
+
Sept. 30
EXERCISE 8-6 On September 30, Cody Company's selected account balances are as
follows:
Employees' Federal Income Tax Payable
FICA Social Security Tax Payable (employer,
$2,110.80; employee, $2,110.80)
Social Security
ax Payable
FICA Medicare Tax Payable (employer, $493.66;
employee, $493.66)
State Unemployment Tax Payable
Federal Unemployment Tax Payable
In general journal form, prepare the entries to record the following:
Oct. 15 Payment of liabilities for FICA taxes and the federal income tax.
Payment of liability for state unemployment tax.
Payment of liability for federal unemployment tax.
31
31
1.876.08
99+
DELL
EXERCISE 8-7 On September 30, Hilltop Company's selected payroll accounts are as
follows:
FICA Medicare
Tax Payable
$4,738.00
+
Sept. 30
4,221.60
987.32
438.76
2,200.00
570.00
(Some employees have
reached the limit.)
Employees' Federal
Income Tax Payable
+
Sent. 30
3.210.85
<
354

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