FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
100%
Only Exercise 10-11 ,thank you!
10. Net amount Paiu
Accounts debited:
$ 285,000
11. Factory Wages
12. Sales Salaries
120,000
13. Office Salaries
a. Calculate the amounts omitted in lines (1), (3), (8), and (12).
b. Journalize the entry to record the payroll accrual.
C. Journalize the entry to record the payment of the payroll.
Obj. 2
EX 10-11 Payroll tax entries
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subiect to
6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal
unemployment taxes.
Va. $9,800
a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%.
federal unemployment, 0.8%.
b. Journalize the entry to record the accrual of payroll taxes.
SHOW ME HOW
EXCEL TEMPLATE
EX 10-12 Payroll entries
The payroll register for D. Salah Company for the week ended May 18 indicated the following:
Obj. 2
SHOW ME HOW
Salaries
$615,000
Federal income tax withheld
165,000
The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition,
state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively,
on $45,000 of salaries.
a. Journalize the entry to record the payroll for the week of May 18.
b. Journalize the entry to record the payroll tax expense incurred for the week of
May 18.
expand button
Transcribed Image Text:10. Net amount Paiu Accounts debited: $ 285,000 11. Factory Wages 12. Sales Salaries 120,000 13. Office Salaries a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. C. Journalize the entry to record the payment of the payroll. Obj. 2 EX 10-11 Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was subiect to 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. Va. $9,800 a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%. federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. SHOW ME HOW EXCEL TEMPLATE EX 10-12 Payroll entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: Obj. 2 SHOW ME HOW Salaries $615,000 Federal income tax withheld 165,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $45,000 of salaries. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education