Gander Publications had the following payroll data for its May 14 pay date: Date May 14 Account Title Wages and salaries expense Federal withholding tax payable Social Security tax payable Medicare tax payable 401(k) contributions payable Charitable contributions payable Account Number 522 220 221 222 223 224 226 Debit $ 32,327.54 Credit 21,539.77 $ 5,057.92 1,872.47 437.92 1,293.10 2,126.35 Wages and salaries payable 21,539.77 May 14 Wages and salaries payable 226 Cash 101 21,539.77 If the firm matches employee 401(k) contributions at 50 percent of the employee's contribution, what is the amount to be remitted for this pay date
Gander Publications had the following payroll data for its May 14 pay date: Date May 14 Account Title Wages and salaries expense Federal withholding tax payable Social Security tax payable Medicare tax payable 401(k) contributions payable Charitable contributions payable Account Number 522 220 221 222 223 224 226 Debit $ 32,327.54 Credit 21,539.77 $ 5,057.92 1,872.47 437.92 1,293.10 2,126.35 Wages and salaries payable 21,539.77 May 14 Wages and salaries payable 226 Cash 101 21,539.77 If the firm matches employee 401(k) contributions at 50 percent of the employee's contribution, what is the amount to be remitted for this pay date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Gander Publications had the following payroll data for its May 14 pay date:
Date
May 14
Account Title
Wages and salaries expense
Federal withholding tax payable
Social Security tax payable
Medicare tax payable i
401(k) contributions payable
Charitable contributions payable
May 14
Account
Number
522
220
221
222
Debit
$ 32,327.54
$ 5,057.92
1,872.47
437.92
223
1,293.10
224
2,126.35
Wages and salaries payable
226
21,539.77
226
Wages and salaries payable
Cash
101
21,539.77
If the firm matches employee 401(k) contributions at 50 percent of the employee's contribution, what is the amount to be remitted for this pay date
Credit
21,539.77
Transcribed Image Text:Muhiole Choice
Debit Cash $2,126.35: Credit 4016) Contributions Payable $2.126.35
Debit Cash $43792, Credit 401) Contributions Payable $43792
Debit 401(k) Contributions Payable $1,29330; Credit Cash $1.293.10
Debit 40to Contributions Paysble $193965 Credit Cash $193965
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