Homework Help is Here – Start Your Trial Now!
Business
Accounting
Sink, Inc. had several employees working for the company. The main product line was different types of Diapers that people used to cover their faces during any type of flu outbreak. The following information was provided to you regarding the most recent payroll: Gross wages were $400,000 Medical Insurance was $35,000 in total with the employee paying 30% and

Sink, Inc. had several employees working for the company. The main product line was different types of Diapers that people used to cover their faces during any type of flu outbreak. The following information was provided to you regarding the most recent payroll: Gross wages were $400,000 Medical Insurance was $35,000 in total with the employee paying 30% and

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

help

Problem #5 Current Liabilities Sink, Inc. had several employees working for the company. The main product line was different types of Diapers that people used to cover their faces during any type of flu outbreak. The following information was provided to you regarding the most recent payroll: Gross wages were $400,000 Medical Insurance was $35,000 in total with the employee paying 30% and the employer paying 70%. Federal Income taxes were $40,000 State Income taxes were $25,000 Social Security withheld was $15,000 in total. Medicare withheld was $7,000 in total AP totaled $34,000 at this point in time. The employees had a Christmas fund deducted from their pay. This was $5,000 in total Federal Unemployment tax was .5% with a limit of $300,000 State Unemployment tax was 5.4% with a limit of $300,000 Required: Make the entries for the employee and employer portion of the payroll expenses.
Transcribed Image Text:Problem #5 Current Liabilities Sink, Inc. had several employees working for the company. The main product line was different types of Diapers that people used to cover their faces during any type of flu outbreak. The following information was provided to you regarding the most recent payroll: Gross wages were $400,000 Medical Insurance was $35,000 in total with the employee paying 30% and the employer paying 70%. Federal Income taxes were $40,000 State Income taxes were $25,000 Social Security withheld was $15,000 in total. Medicare withheld was $7,000 in total AP totaled $34,000 at this point in time. The employees had a Christmas fund deducted from their pay. This was $5,000 in total Federal Unemployment tax was .5% with a limit of $300,000 State Unemployment tax was 5.4% with a limit of $300,000 Required: Make the entries for the employee and employer portion of the payroll expenses.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS