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Emily Tumbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental Insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. $1,900,000 95,000 38,000 13,300 6,650 405,500 7.65% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

Emily Tumbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental Insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. $1,900,000 95,000 38,000 13,300 6,650 405,500 7.65% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EB: In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...
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Emily Tumbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental Insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits 3. Record the employer payroll taxes $1,900,000 95,000 38,000 13,300 6,650 488,500 7.65% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date January 24 General Journal Debit Credit
Transcribed Image Text:Emily Tumbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental Insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits 3. Record the employer payroll taxes $1,900,000 95,000 38,000 13,300 6,650 488,500 7.65% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date January 24 General Journal Debit Credit
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