For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Recording unearned revenue On June, Hunting Man Magazine collected cash of $63,000 on future annual subscriptions starting on July 1. Requirements Journalize the transaction to record the collection of cash on June 1. Journalize the transaction required at December 31, the magazine’s year-end, assuming no revenue earned has been recorded.(Round adjustments to the nearest whole dollar.)
For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Recording unearned revenue On June, Hunting Man Magazine collected cash of $63,000 on future annual subscriptions starting on July 1. Requirements Journalize the transaction to record the collection of cash on June 1. Journalize the transaction required at December 31, the magazine’s year-end, assuming no revenue earned has been recorded.(Round adjustments to the nearest whole dollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For all payroll calculations, use the following tax rates and round amounts to the nearest cent
Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000.
Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.
Recording unearned revenue
On June, Hunting Man Magazine collected cash of $63,000 on future annual subscriptions starting on July 1.
Requirements
- Journalize the transaction to record the collection of cash on June 1.
- Journalize the transaction required at December 31, the magazine’s year-end, assuming no revenue earned has been recorded.(Round adjustments to the nearest whole dollar.)
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