The following totals for the month of April were taken from the payroll records of Windsor, Inc.Salaries$103200FICA taxes withheld7890Income taxes withheld21500Medical insurance deductions3900Federal unemployment taxes280Štate unemployment taxes1860The entry to record the payment of net payroll would include aO credit to Cash for $77800.O debit to Salaries and Wages Payable for $62020.O debit to Salaries and Wages Payable for $68050.O debit to Salaries and Wages Payable for $69910.

The process of documenting commercial transactions for the first time in the books of accounts is known as journal entry. Journal entries form the basis for other accounting tasks such as ledger account preparation, trial balances, financial statements, and so on. The initial recording of all monetary business transactions in a systematic way is known as journal entries. They are listed in chronological sequence according to when the incident occurred. Adjusting entries, closing entries, and normal entries are all examples of diary entries.For starters, keeping orderly records of your transactions aids in the organization of your company's information. Accountants keep track of data in a precise order and manner. This allows them to quickly locate information while also keeping a watch out for any potential accounting problems. Second, the initial step in the recording procedure is journal entries. As a result, you'll need them to generate further financial statements in the future. The income statement, cash flow statement, and balance sheet are all dependent on the first journal entries. Explanation: Salaries $103,200 FICA taxes withheld -$7,890 Income taxes withheld -$21,500 Medical insurance deduction -$3,900 Net Salaries Payable $69,910 Journal Entry will be: Date Particulars Debit Credit Dec 31 Salaries and wages payable $69,910 To Cash $69,910Therefore, Option (d) is the correct answer

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The following totals for the month of April were taken from the payroll records of Windsor, Inc.. Salaries $103200 FICA taxes withheld 7890 Income taxes withheld 21500 Medical insurance deductions 3900 Federal unemployment taxes 280 State unemployment taxes 1860

The following totals for the month of April were taken from the payroll records of Windsor, Inc.. Salaries $103200 FICA taxes withheld 7890 Income taxes withheld 21500 Medical insurance deductions 3900 Federal unemployment taxes 280 State unemployment taxes 1860

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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Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
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.
The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $90,000 FICA taxes withheld 6,885 Income taxes withheld 19,800 Medical insurance deductions 3,600 Federal unemployment taxes 720 State unemployment taxes 4,500 The entry to record the payment of net payroll would include a: a) debit to Salaries and Wages Payable for $54,495. b) debit to Salaries and Wages Payable for $59,715 c) debit to Salaries and Wages Payable for $55,21 d) credit to Cash for $55,215
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The following totals for the month of April were taken from the payroll records of Sunland Company. $115200 8810 24000 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $76020. O debit to Salaries and Wages Payable for $78090. O debit to Salaries and Wages Payable for $69280. O credit to Cash for $86900. 4300 310 2070
Payroll entries Widmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount of wages subject to federal and state unemployment taxes was $52,500. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment June 7 Wages Expense 6.0% 1.5% 5.4% The total amount withheld from employee wages for federal taxes was $70,000. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of June 17. June 7 Payroll Tax Expense 0.8% Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable Social Security Tax Payable Medicare Tax Payable 350,000 THEA b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. ✓ 21,000 5,250 HOW! 88
The following totals for the month of June were taken from the payroll register of Waterway Company. Salaries and wages $100000 FICA taxes withheld 7650 Income taxes withheld 17600 Medical insurance deductions 3200 Federal unemployment taxes 600 State unemployment taxes 5400 The entry to record the accrual of federal unemployment taxes would include a debit to Federal Unemployment Taxes Payable for $600. credit to Federal Unemployment Taxes Expense for $600. credit to Payroll Tax Expense for $600. credit to Federal Unemployment Taxes Payable for $600.
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 196,000 Office salaries 131,000 $652,000 Deductions: Income tax withheld $119,000 Social security tax withheld 39,120 Medicare tax withheld 9,780 Retirement savings 14,344 Group insurance 11,736 $193,980 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
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The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.
The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $520,000 Federal income tax withheld 104,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $9,880 of salaries. Required: a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar.
Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 $77,616 9,702 7,938 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 related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.