[The folowng information applies to the questions displayed below The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. Grass 2 YICA t vithheldings Inene tithalding Greup hespitaliati on insme Enploye contrilutine to gensin pl Total debitions Sat pay 3, 000 16. 20 L.0 29. 149 Additionel Information: . For employees, FICA tax rates for 2018 were 765% on the first St18.500 of each employee's annual earmings However, no employees had accumulated earnings for the year in excess of the $118.500 imit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 54%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earmings Only $15,400 of ine gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual imit. quired: . Assuming that Cayman Coating Co's payrol for the last week of the year is to be paid on January 3, 2019, use the horzontai pdel to record the effects of the December 27, 2018, entries for Accrued payron Indicate the financial statement effect (Enter creases with a minus sign to Indicate a negetive finencial statement effect.) Balance Sheet Liabilites Stockholders'Equity Net ncome Assets
[The folowng information applies to the questions displayed below The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. Grass 2 YICA t vithheldings Inene tithalding Greup hespitaliati on insme Enploye contrilutine to gensin pl Total debitions Sat pay 3, 000 16. 20 L.0 29. 149 Additionel Information: . For employees, FICA tax rates for 2018 were 765% on the first St18.500 of each employee's annual earmings However, no employees had accumulated earnings for the year in excess of the $118.500 imit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 54%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earmings Only $15,400 of ine gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual imit. quired: . Assuming that Cayman Coating Co's payrol for the last week of the year is to be paid on January 3, 2019, use the horzontai pdel to record the effects of the December 27, 2018, entries for Accrued payron Indicate the financial statement effect (Enter creases with a minus sign to Indicate a negetive finencial statement effect.) Balance Sheet Liabilites Stockholders'Equity Net ncome Assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Solve In 15mins I will Thumbs-up promise
Transcribed Image Text:Required Information
(The folilowing mformation apples to the questions displayed below)
The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co
Gross pay
YICA t itl1dings
Ineone ta withhaldingn
Greup hespitaliration insr nce
Enployes contributions te pensi vn plan
Tstal dedarti ons
Set p
93. 000
16. 260
1. 150
29. 749
Additional Information:
• For employees, FICA tax rates for 2018 were 765% on the first S118,500 of each employee's annual eamings However,
no employees had accumulated earnings for the year in excess of the $18.500 limit.
• For employers, FICA tax rates for 2018 were also 765% on the first $118.500 of each employee's annual earnings
• The federal and state unempioyment compensation tax rates are 0.6% and 5.4%, respectively These rates are levied
against the employer for the first $7,000 of each employee's annual eanings. Only S15.400 of the gross pay amount for
the December 27, 2018, pay period was owed to employees who were still under the annual imit.
Required:
a-1. Assuming that Cayman Coating Co's payroll for the last week of the year is to be paid on January 3, 2019, use the horzontai
model to record the effects or the December 27, 2018, entries for Accrued payroll Indicate the financial statement effect (Enter
decreases with a minus sign to Indicate a negative finencial statement effect.)
come tent
Balance Sheet
Stockholders'Equity
Net ncome
Revemes
Liebilites
Assets
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 3 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