Laundry supplies purchased during the year amounted to 19,000, of which three-forth has been used during the year. Give the adjusting entry on December 31.
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Laundry supplies purchased during the year amounted to 19,000, of which three-forth has been used during the year. Give the
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- During the month of January, an employee earned $4,800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $297.60, FICA Medicare taxes of $69.60, federal income taxes of $511.20, and medical insurance deductions of $204.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 General Journal Debit Credit >During the month of December, Hexon steels made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).
- The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities…A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The payroll was due to be paid on January 6,2011. Make the requred Accrual entry.Shields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000
- For each transaction, prepare journal entries. Paid payroll, $8340 during the year.Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. 4. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. The store sold 25 gift cards for $100 per card. At year-end, 20 of the gift cards are redeemed. Schultz expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…On December 31 (the end of the fiscal year), Ramesh Company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $14,500; interest cost, $8,800. The discount rate applied by the actuary was 10%. What was the beginning PBO?
- A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ 1678 Submit Answeron december 1 a six month liability insurance policy was purchased for 900Months gross earnings for the week were $1450, his federal income tax withholding was $318 and his fisca total $111 there were no state income tax what was money's net pay for the week
