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Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assum payroll for the month of January was $380,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premium (Blue Croce) paid by employer $123,000 11 800

Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assum payroll for the month of January was $380,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premium (Blue Croce) paid by employer $123,000 11 800

FINANCIAL ACCOUNTING
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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31 01:38:00 Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $380,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums (Blue Cross) paid by employer Contribution to retirement plan (Fidelity) paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate Assume that Kashi has paid none of the withholdings or payroll taxes by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. View transaction list Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Date January 31 Note: Enter debits before credits. General Journal $123,000 Debit 11,800 48,000 7.65% 6.20% Credit
Transcribed Image Text:31 01:38:00 Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $380,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums (Blue Cross) paid by employer Contribution to retirement plan (Fidelity) paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate Assume that Kashi has paid none of the withholdings or payroll taxes by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. View transaction list Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Date January 31 Note: Enter debits before credits. General Journal $123,000 Debit 11,800 48,000 7.65% 6.20% Credit
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