Allister earns 2,000 in gross pay. He has 150 in federal withholding, 50 in state withholding,...
Allister earns 2,000 in gross pay. He has 150 in federal withholding, 50 in state withholding, and 7.65% in social security and Medicare taxes (FICA) withheld. Record his payroll in the accounting equation/tabular summary below (has two rows)
| assets | liabilities | stockholders equity |
|
(a) (b) |
Homework Answers
Total salaries and wages expense is 2,000; this reduces stockholders’ equity. It is in the breakup of (353, and 1647)
Total withholding = 150 + 50 + (7.65% × 2,000 =) 153
= 353
This is liability, since the amount is not yet paid to the respective authority.
Salaries and wages payable = 2,000 – 353
= 1,647
|
Assets |
Liabilities |
Equity |
|
(a) |
353 |
-353 |
|
(b) |
1,647 |
-1,647 |
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