The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560,000; Office salarles, $12.00 Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Socilal security taxes withheld, $41,664; Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500: Life Insurance premlums, $10,500: Unilon dues deducted, $7,500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are ldentical to those on employees and that SUTA taxes are 5.4% and FUT taxes are 0.6% 182 Using the above Information, complete the below table and prepare the Journal entries to record accrued payroll an cash payment of the net payroll for July. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all labilites for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Using the above information, complete the below table and prepare the joumal entries to record accrued payroll and cash payment of the net payroll for July. Total Premium Employees by Employees % Paid by Premium Paid Premium Paid by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Record the cash payment of salaries. July 31
The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560,000; Office salarles, $12.00 Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Socilal security taxes withheld, $41,664; Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500: Life Insurance premlums, $10,500: Unilon dues deducted, $7,500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are ldentical to those on employees and that SUTA taxes are 5.4% and FUT taxes are 0.6% 182 Using the above Information, complete the below table and prepare the Journal entries to record accrued payroll an cash payment of the net payroll for July. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all labilites for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Using the above information, complete the below table and prepare the joumal entries to record accrued payroll and cash payment of the net payroll for July. Total Premium Employees by Employees % Paid by Premium Paid Premium Paid by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Record the cash payment of salaries. July 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560.000; Office salarles, $112.000:
Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Socilal security taxes withheld, $41,664:
Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500; Life Insurance premlums, $10,500; Union dues
deducted, $7.500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life
Insurance premlums. Assume that FICA taxes are ldentical to those on employees and that SUTA taxes are 5.4% and FUTA
taxes are 0.6%
182. Using the above Information, complete the below table and prepare the Journal entrles to record accrued payroll and
cash payment of the net payroll for July.
3. Using the above Information, complete the below table.
4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all labilitles
for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are
0.6%.
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
Req 4
Using the above information, complete the below table and prepare the joumal entries to record accrued payroll and cash
payment of the net payroll for July.
% Paid by Premium Paid
Premium Employees by Employees
Total
Premium Paid
by Employer
Employee Medical Insurance Payable
Employee Life Insurance Payable
Date
General Journal
Debit
Credit
Record journal entry for accrued payroll, including employee deductions, for July.
July 31
Record the cash payment of salaries.
July 31
< Reg 1 and 2
Req 3 >
Transcribed Image Text:The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560.000; Office salarles, $112.000;
Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Soclal security taxes withheld, $41,664;
Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500: Life Insurance premlums, $10.500: Union dues
deducted, $7,500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life
Insurance premlums. Assume that FICA taxes are Identical to those on employees and that ŠUTA taxes are 5.4% and FUTA
taxes are 0.6%.
182. Using the above Information, complete the below table and prepare the journal entries to record accrued payroll and
cash payment of the net payroll for July.
Using the above information, complete the below table.
4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all labilities for
July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
Req 4
Using the above information, complete the below table.
Amounts
Тах
Tax Rate Tax Amount
Subject to Tax
State Unemployment Taxes Payable
Federal Unemployment Taxes Payable
< Req 1 and 2
Req 4 >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 5 images
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education