v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20-. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.

v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20-. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.

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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