Accounting for Current liabilities and contingencies
Homework Answers
Journal Entries :-
| S No. | Particulars | Debit($) | Credit($) |
| a) | Salaries and Wages Expenses A/c | 480000 | |
| Withholding Taxes Payable A/c | 72500 | ||
| Union Dues Payable A/c | 4000 | ||
| FICA Taxes Payable A/c (Working Note 1) | 28040 | ||
| State Income Tax Payable | 20000 | ||
| Cash A/c ($480000-$72500-$4000-$28040-$20000) | 355460 | ||
| b) | Payroll Taxes Expense A/c (28040+1020+3480) | 32540 | |
| FICA Taxes Payable A/c | 28040 | ||
| State unemployment taxes payable ((480000-310000)*0.6%) | 1020 | ||
| Federal unemployment taxes payable ($72500*(5.9%-1.1%)) | 3480 | ||
Working Note :-
1) FICA Taxes Payable :-
= (($480000-$140000)*7.65% + $140000*1.45%)
= $26010 + $2030
= $28040
Add Answer to:
Accounting for Current liabilities and
contingencies
1. THE PAYROLL OF KENMARE COMPANY FOR SEPTEMBER 2020 IS...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $440,000, of...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $440,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128.400 to certain employees The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $404,000. Income taxes in the amount of $79.400 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Cullumber Company...
xercise 13-6 The payroll of Swifty Company for September 2016 is as follows. Total payroll was...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was $467,600, of which $159,100 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $397,100. Income taxes in the amount of $88,920 were withheld, as was $8,160 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $458,000, of...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $458,000, of which $112,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $416,000. Income taxes in the amount of $84,100 were withheld, as was $9,200 in union dues. The state unemployment tax is 3.5%, but Cullumber Company...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, of...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $366,000. Income taxes in the amount of $77,900 were withheld, as was $9,300 in union dues. The state unemployment tax is 3.5%, but Marigold Company is allowed a credit of 2.3% by the state...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $394,000. Income taxes in the amount of $79,200 were withheld, as was $9,600 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $440,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128.400 to certain employees The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $404,000. Income taxes in the amount of $79.400 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Cullumber Company...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was $467,600, of which $159,100 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $397,100. Income taxes in the amount of $88,920 were withheld, as was $8,160 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago