The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC. Salaries $88800 FICA taxes withheld 6790 Income taxes withheld 18500 Medical insurance deductions 3300 Federal unemployment taxes 240 State unemployment taxes 1600 The entry to record the payment of net payroll would include a: debit to Salaries and Wages Payable for $60210. debit to Salaries and Wages Payable for $53420. debit to Salaries and Wages Payable for $58610. credit to Cash for $67000
The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC. Salaries $88800 FICA taxes withheld 6790 Income taxes withheld 18500 Medical insurance deductions 3300 Federal unemployment taxes 240 State unemployment taxes 1600 The entry to record the payment of net payroll would include a: debit to Salaries and Wages Payable for $60210. debit to Salaries and Wages Payable for $53420. debit to Salaries and Wages Payable for $58610. credit to Cash for $67000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC.
Salaries | $88800 |
FICA taxes withheld | 6790 |
Income taxes withheld | 18500 |
Medical insurance deductions | 3300 |
Federal |
240 |
State unemployment taxes | 1600 |
The entry to record the payment of net payroll would include a:
debit to Salaries and Wages Payable for $60210.
debit to Salaries and Wages Payable for $53420.
debit to Salaries and Wages Payable for $58610.
credit to Cash for $67000.
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 2 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