Journal for recording the bi-weekly payroll of the company. Given information: Bi-Weekly payroll of the company is $1,200,000. Income tax for federal is 20%. Tax rate for state and local taxes is 4%. Federal unemployment tax rate is 1.6%. State unemployment tax rate is 4.4% on wage base. Company gets credit of 3.2% for state unemployment tax.

Question

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Answer 1

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

b.

To determine

To prepare: The journal for recording paying accrued salaries.

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Answer 2

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

b.

To determine

To prepare: The journal for recording paying accrued salaries.

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Answer 3

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

b.

To determine

To prepare: The journal for recording paying accrued salaries.

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Answer 4

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

b.

To determine

To prepare: The journal for recording paying accrued salaries.

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Answer 5

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

b.

To determine

To prepare: The journal for recording paying accrued salaries.

Answer 6

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

Answer 7

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal for recording the bi-weekly payroll of the company.

Given information:

Bi-Weekly payroll of the company is $1,200,000.

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

Answer 8

b.

To determine

To prepare: The journal for recording paying accrued salaries.

Answer 9

b.

To determine

To prepare: The journal for recording paying accrued salaries.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 13 - Prob. 13.1Q Ch. 13 - Prob. 13.2Q Ch. 13 - Prob. 13.3Q Ch. 13 - Do sellers recognize sales taxes as expenses on...Ch. 13 - Prob. 13.5Q Ch. 13 - Prob. 13.6Q Ch. 13 - Prob. 13.7Q Ch. 13 - What is a gam contingency? Is It accrued and...Ch. 13 - Do firms always accrue and record loss...Ch. 13 - Prob. 13.10Q

Solution Summary: The author explains the process of journalizing the transactions of an organization in a chronological order.

To prepare: The journal for recording paying accrued salaries.

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Chapter 13 Solutions