Buster Industries pays weekly salaries of $41,100 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is debit Salaries Payable, $16,440; credit Cash, $16,440 debit Dividends, $16,440; credit Cash, $16,440 debit Salary Expense, $16,440; credit Salaries Payable, $16,440 debit Salary Expense, $16,440; credit Dividends, $16,440

At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Base Rate Tax Social security Medicare FUTA SUTA Total % % % % Amount

Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting entry on December 31 for Lion Company would include a credit to: Interest Receivable for $37.50. Interest Receivable for $37.50. Interest Revenue for $37.50. Interest Receivable for $75.

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.   16   Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.     31   Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb.   14   Received Todd’s payment of principal and interest on the note dated December 16. Mar.   2   Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.     17   Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr.   16   Privet dishonored her note. May   31   Midnight Co. dishonored its note. Aug.   7   Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep.   3   Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…

Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)

The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense Social security and Medicare taxes withheld Income taxes withheld Medical insurance deductions Life insurance deductions Salaries subject to federal and state unemployment taxes of 6.2 percent The entry to record the net payroll on November 30 would include a a. credit to Salaries Payable for $15,000 b. credit to Salaries Expense for $11,352 Oc. debit to Salaries Payable for $15,000 d. credit to Salaries Payable for $11,352 $15,000 1,148 1,800 400 300 900

In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Pharoah asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.

Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings   $70,000 Employee FICA tax   $5,355 Federal income tax   $13,000 State income tax   $1,300 Employer FICA tax   $5,355 Federal unemployment tax   $300 State unemployment tax   $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15

In January, gross earnings in Sunland Company totaled $100,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31