FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 2, Problem 39E
To determine
Complete the income statement and the
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Sarasota Corp.s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for El, and
$9,061 for income taxes from the employees' cheques. Employees are paid monthly at the end of each
month.
Prepare a journal entry for Sarasota on April 30 to record the payment of the April payroll to employees.
(Credit account titles are automatlcally Indented when the amount Is entered. Do not Indent manually. If
no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.)
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--.
Narrative of Transactions:
Apr.
1.
Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March.
15.
Payroll: $6,105. All wages and salaries taxable. Withheld $565 for federal income taxes, $107.32 for state income taxes, and $50 for union dues.
15.
Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter.
15.
Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls.
29.
Payroll: $5,850. All wages and salaries taxable. Withheld $509 for federal income taxes,…
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--.
Narrative of Transactions:
Apr.
1.
Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March.
15.
Payroll: $6,105. All wages and salaries taxable. Withheld $565 for federal income taxes, $107.32 for state income taxes, and $50 for union dues.
15.
Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter.
15.
Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls.
29.
Payroll: $5,850. All wages and salaries taxable. Withheld $509 for federal income taxes,…
Chapter 2 Solutions
FINANCIAL ACCOUNTING
Ch. 2 - Prob. 1MCCh. 2 - Prob. 2MCCh. 2 - Prob. 3MCCh. 2 - Prob. 4MCCh. 2 - Prob. 5MCCh. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Prob. 4QCh. 2 - Prob. 5Q
Ch. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14MECh. 2 - Prob. 15MECh. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 26MECh. 2 - Prob. 27MECh. 2 - Prob. 28MECh. 2 - Prob. 29MECh. 2 - Prob. 30MECh. 2 - Prob. 31MECh. 2 - Prob. 32MECh. 2 - Prob. 33MECh. 2 - Prob. 34ECh. 2 - Prob. 35ECh. 2 - Prob. 36ECh. 2 - Prob. 37ECh. 2 - Prob. 38ECh. 2 - Prob. 39ECh. 2 - Prob. 40ECh. 2 - Prob. 41ECh. 2 - Prob. 42ECh. 2 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 45ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 48ECh. 2 - Prob. 49PCh. 2 - Prob. 50PCh. 2 - Prob. 51PCh. 2 - Prob. 52PCh. 2 - Prob. 53PCh. 2 - Prob. 54PCh. 2 - Prob. 55PCh. 2 - Prob. 56PCh. 2 - Prob. 57PCh. 2 - Prob. 58PCh. 2 - Prob. 59PCh. 2 - Prob. 60PCh. 2 - Prob. 61PCh. 2 - Prob. 62PCh. 2 - Prob. 63PCh. 2 - Prob. 64PCh. 2 - Prob. 65PCh. 2 - Prob. 66PCh. 2 - Prob. 67PCh. 2 - Prob. 68PCh. 2 - Prob. 69PCh. 2 - Prob. 70PCh. 2 - Prob. 71CPCh. 2 - Prob. 72CP
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