Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,600. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $230, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. May 31 fill in the blank f06e6df38fa3f84_2 fill in the blank f06e6df38fa3f84_3 fill in the blank f06e6df38fa3f84_5 fill in the blank f06e6df38fa3f84_6 fill in the blank f06e6df38fa3f84_8 fill in the blank f06e6df38fa3f84_9 fill in the blank f06e6df38fa3f84_11 fill in the blank f06e6df38fa3f84_12 fill in the blank f06e6df38fa3f84_14 fill in the blank f06e6df38fa3f84_15 fill in the blank f06e6df38fa3f84_17 fill in the blank f06e6df38fa3f84_18 fill in the blank f06e6df38fa3f84_20 fill in the blank f06e6df38fa3f84_21 fill in the blank f06e6df38fa3f84_23 fill in the blank f06e6df38fa3f84_24 B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. June 1 fill in the blank 7cb514fdff9cfdc_2 fill in the blank 7cb514fdff9cfdc_3 fill in the blank 7cb514fdff9cfdc_5 fill in the blank 7cb514fdff9cfdc_6

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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Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,600. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $230, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.

A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.

May 31	fill in the blank f06e6df38fa3f84_2	fill in the blank f06e6df38fa3f84_3
	fill in the blank f06e6df38fa3f84_5	fill in the blank f06e6df38fa3f84_6
	fill in the blank f06e6df38fa3f84_8	fill in the blank f06e6df38fa3f84_9
	fill in the blank f06e6df38fa3f84_11	fill in the blank f06e6df38fa3f84_12
	fill in the blank f06e6df38fa3f84_14	fill in the blank f06e6df38fa3f84_15
	fill in the blank f06e6df38fa3f84_17	fill in the blank f06e6df38fa3f84_18
	fill in the blank f06e6df38fa3f84_20	fill in the blank f06e6df38fa3f84_21
	fill in the blank f06e6df38fa3f84_23	fill in the blank f06e6df38fa3f84_24

B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.

June 1		fill in the blank 7cb514fdff9cfdc_2	fill in the blank 7cb514fdff9cfdc_3
		fill in the blank 7cb514fdff9cfdc_5	fill in the blank 7cb514fdff9cfdc_6

Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $6,600. Payroll for the month of May is as
follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of
$230, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.
A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an
amount box does not require an entry, leave it blank.
May 31
B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry,
leave it blank.
June 1

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