The company accrued income taxes at the end of January of $9,000. Record the adjusting entry for income taxes.
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The company accrued income taxes at the end of January of $9,000. Record the
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- From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the Dayto The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed) Total Payroll Employee W Duncan C. Hart G. Oval Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3.000 $ 6.100 8.000 Done 750 650 250PART 1 Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($72,000), payroll deductions for income tax ($7,200), payroll deductions for FICA ($5,400), payroll deductions for American Cancer Society ($2,700), employer contributions for FICA (matching), and state and federal unemployment taxes ($630). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,850 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Make the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note , Prepare the entry for the Amount borrowed.
- In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note, Prepare the entry for the Amount borrowed.The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260. Required: Prepare the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles. Prepare the journal entry for the period's payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles.Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.
- Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings $70,000 Employee FICA tax $5,355 Federal income tax $13,000 State income tax $1,300 Employer FICA tax $5,355 Federal unemployment tax $300 State unemployment tax $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15For each transaction, prepare journal entries. Paid payroll, $8340 during the year.The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($88,000), payroll deductions for income tax ($8,800), payroll deductions for FICA ($6, 600), payroll deductions for American Cancer Society ($3, 300). employer contributions for FICA (matching), and state and federal unemployment taxes ($660). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded Collected rent revenue of $6, 150 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Rent Revenue. Required: Complete the required journal entries for the above transactions as shown below: Prepare the entries required on December 31 to record payroll. Prepare the journal entry for the collection of rent on December 10. Prepare the adjusting…
