Homework Answers
Employer FICA taxes expense Debit $ 138.50
Employer Federal unemployment taxes Debit $12.50
Employer State Unemployment taxes expense Debit $87.50
FICA tax payable Credit $ 138.50
Federal unemployment taxes payable Credit $12.50
State unemployment taxes payable Credit $87.50
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Question 7 According to the accountant of Pina Colada Corp., its payroll taxes for the week...
Exercise 10-07 According to the accountant of Cullumber Company, its payroll taxes for the week were...
Exercise 10-07 According to the accountant of Cullumber Company, its payroll taxes for the week were as follows: $130.00 for FICA taxes, $12.00 for federal unemployment taxes, and $80.00 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually Round answers to 2 decimal places, e.g. 10.50.) Account Titles and Explanation Debit Credit
According to the accountant of Crane Inc., its payroll taxes for the week were as follows:...
According to the accountant of Crane Inc., its payroll taxes for the week were as follows: $144.00 for FICA taxes, $14.40 for federal unemployment taxes, and $100.80 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Problem 13-4 Below is a payroll sheet for Pina Import Company for the month of September...
Problem 13-4 Below is a payroll sheet for Pina Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages...
On July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance Co. for a 3-year...
On
July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance
Co. for a 3-year insurance contract. Both companies have fiscal
years ending December 31. Journalize and post the entry on July 1
and the adjusting entry on December 31 for Kalter Insurance Co.
Kalter uses the accounts Unearned Service Revenue and Service
Revenue. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)...
Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of...
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
Brief Exercise 13-6 Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal...
Brief Exercise 13-6 Culver Corporation’s
weekly payroll of $22,000 included FICA taxes withheld of $1,683,
federal taxes withheld of $2,930, state taxes withheld of $840, and
insurance premiums withheld of $250. Prepare the journal entry to
record Culver’s payroll. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Brief Exercise 13-6 Culver Corporation's weekly payroll of $22,000...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Pina Colada Corporation purchased 1,050 common shares of Nolan Inc. common stock for $14,600 (Pina Colada...
Pina Colada Corporation purchased 1,050 common shares of Nolan Inc. common stock for $14,600 (Pina Colada does not have significant influence). During the year, Nolan paid a cash dividend of $3.90 per share. At year end, Nolan stock was selling for $35.20 per share. Prepare Pina Colada’s journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest payable each January 1. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2740000 Discount on Bonds Payable 600000 Bonds Payable 2800000 Your answer is partially correct....
#6 a. Margaret’s regular hourly wage rate is $20, and she receives an hourly rate of...
#6 a. Margaret’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Margaret works 49 hours. Margaret’s federal income tax withholding is $97, and she has no voluntary deductions. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Assume FICA rate of 7.65%....
Exercise 10-07 According to the accountant of Cullumber Company, its payroll taxes for the week were as follows: $130.00 for FICA taxes, $12.00 for federal unemployment taxes, and $80.00 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually Round answers to 2 decimal places, e.g. 10.50.) Account Titles and Explanation Debit Credit
According to the accountant of Crane Inc., its payroll taxes for the week were as follows: $144.00 for FICA taxes, $14.40 for federal unemployment taxes, and $100.80 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Problem 13-4 Below is a payroll sheet for Pina Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages...
On
July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance
Co. for a 3-year insurance contract. Both companies have fiscal
years ending December 31. Journalize and post the entry on July 1
and the adjusting entry on December 31 for Kalter Insurance Co.
Kalter uses the accounts Unearned Service Revenue and Service
Revenue. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)...
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
Brief Exercise 13-6 Culver Corporation’s
weekly payroll of $22,000 included FICA taxes withheld of $1,683,
federal taxes withheld of $2,930, state taxes withheld of $840, and
insurance premiums withheld of $250. Prepare the journal entry to
record Culver’s payroll. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Brief Exercise 13-6 Culver Corporation's weekly payroll of $22,000...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 10-11 Pina Colada Corp. issues $2.80 million, 10-year, 6% bonds at 98, with interest payable each January 1. Your answer is partially correct. Try again. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2740000 Discount on Bonds Payable 600000 Bonds Payable 2800000 Your answer is partially correct....
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