The company accrued income taxes at the end of January of $9,000. Record the adjusting entry for income taxes.
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The company accrued income taxes at the end of January of $9,000. Record the
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- On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 13,350.
- Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries, 1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.In January, gross earnings in Concord Company totaled $88,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes.Prepare the entry to record January payroll tax expense.
- In January, gross earnings in Sheridan Company totaled $60,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.60% 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. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31In January, gross earnings in Swifty Company totaled $96,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% 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. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31In January, gross earnings in Lugo Company totaled $64,000. All earnings are subject to 7.65% FICA taxes, 5.6% state unemployment taxes, and 0.8% 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. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31 Show Work is REQUIRED for this question: Open Show Work
- In January, gross earnings in Coronado Company totaled $74,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% 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. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31 Click if you would like to Show Work for this question: Open Show WorkThe following totals for the month of June were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes$640004896 17600 3200 384 3456 The entry to record the accrual of Concord's Company's payroll taxes would include a credit to FICA Taxes Payable for$3840. credit to Payroll Tax Expense for$3840. debit to Payroll Tax Expense for$8736. credit to Payroll Tax Expense for$8736On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes.
