Ivy City general fund payrolls for year 2021 totaled $1,600,000.Out of $1,600,000,$200,000 was withheld for employees' federal income taxes and federal payroll taxes; $100,000 for employees' state income taxes; $160,000 for retirement funds administered by the state government; and $1,080,000 was paid to employees in cash. $60,000 of the total (i.e., $1,600,000) was earned by employees for the last week of December will be paid with the first payroll in year 2022. The amount of expenditures related to salaries expenditure Ivy cotywill report in the operating statement for general fund would be:
Ivy City general fund payrolls for year 2021 totaled $1,600,000.Out of $1,600,000,$200,000 was withheld for employees' federal income taxes and federal payroll taxes; $100,000 for employees' state income taxes; $160,000 for retirement funds administered by the state government; and $1,080,000 was paid to employees in cash. $60,000 of the total (i.e., $1,600,000) was earned by employees for the last week of December will be paid with the first payroll in year 2022. The amount of expenditures related to salaries expenditure Ivy cotywill report in the operating statement for general fund would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ivy City general fund payrolls for year 2021 totaled $1,600,000.Out of $1,600,000,$200,000 was withheld for employees' federal income taxes and federal payroll taxes; $100,000 for employees'
state income taxes; $160,000 for retirement funds administered by the state government; and $1,080,000 was paid to employees in cash. $60,000 of the total (i.e., $1,600,000) was earned by
employees for the last week of December will be paid with the first payroll in year 2022. The amount of expenditures related to salaries expenditure Ivy cotywill report in the operating statement for
general fund would be:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education