Question

Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000: Federal points withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000 subject to unemployment are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 06%. Life insurance premiums, $4,000; Unlon dues deducted, $1,000, and Salaries taxes, $50,000. The employee pays 40% of medical and ife insurance premiums. Assume tat Fes ates eBook 182. Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for Juhy 3. Using the above information, complete the below table. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash peyment of al liabilities for July assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 06% Print Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all iabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% View transaction list View journal entry worksheet Gene July 31 Payroll taxes expense 30,540 FICA -Social sec.taxes payable FICA Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable 22,320 5,220 300 2,700

Answer 1

Answer