The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $231,000 Income tax withheld $83,776 Warehouse salaries Office salaries 127,000 118,000 U.S. savings bonds Group insurance 10,472 8,568 $476,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll.

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $231,000 Income tax withheld $83,776 Warehouse salaries Office salaries 127,000 118,000 U.S. savings bonds Group insurance 10,472 8,568 $476,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll.

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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