The following totals for the month of April were taken from the payroll records of Sunland Service Company.SalariesFICA taxes withheldIncome taxes withheldMedical insurance deductionsFederal unemployment taxesState unemployment taxes$116000OOO88742420043503102088The entry to record the payment of net payroll would include adebit to Salaries and Wages Payable for $69702.debit to Salaries and Wages Payable for $76488.debit to Salaries and Wages Payable for $78576.credit to Cash for $87450.

Net payment refers to the net amount of salaries and wages after deducting all payroll deductions.

Answered: The entry to record the payment of net…

Business

Accounting

The entry to record the payment of net payroll would include a Odebit to Salaries and Wages Payable for $69792.

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

The following totals for the month of April were taken from the payroll records of Sunland Service Company.
Salaries
FICA taxes withheld
Income taxes withheld
Medical insurance deductions
Federal unemployment taxes
State unemployment taxes
$116000
OOO
8874
24200
4350
310
2088
The entry to record the payment of net payroll would include a
debit to Salaries and Wages Payable for $69702.
debit to Salaries and Wages Payable for $76488.
debit to Salaries and Wages Payable for $78576.
credit to Cash for $87450.

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