P10-3A) Recording Payroll and Payroll Taxes RuthCorporation had the following payroll for April:Officers' salaries36000Sales salariesFederal income tax withheld 19000FICA taxes withheldHealth insurance premiums 1800withheldUnion dues withheldSalaries (included above)subject to federalunemployment taxesSalaries (included above)subject to stateunemployment taxes67000750014005500058000Required:Prepare journal entries on April 30 to record:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's payroll taxes. (Assume thatthe FICA tax matches the amount withheld, thefederal unemployment tax is 0.6 percent, and thestate unemployment tax is 5.4 percent.)d. Payment of all liabilities related to this payroll.(Assume that all are settled at the same time.)

Information on employee benefits, including health insurance, retirement contributions, and other…

P10-3A) Recording Payroll and Payroll Taxes Ruth Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income tax withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes 36000 67000 19000 7500 1800 1400 55000 58000 Required: Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.)

P10-3A) Recording Payroll and Payroll Taxes Ruth Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income tax withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes 36000 67000 19000 7500 1800 1400 55000 58000 Required: Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.)

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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