College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 8, Problem 6E
On September 30, Cody Company’s selected account balances are as follows:
In general journal form, prepare the entries to record the following:
Oct. 15 Payment of liabilities for FICA taxes and the federal income tax.
31 Payment of liability for state
31 Payment of liability for federal unemployment tax.
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Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:
Employee federal income tax payable
$2,500
Social Security tax payable
2,008
Medicare tax payable
470
FUTA tax payable
520
SUTA tax payable
4,510
a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--.
c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal
unemployment taxes, and $92.40 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
Recording payroll and payroll taxes.
Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax.
REQUIRED: Record the following in general journal entry form on May 31.
A. Accrual of monthly payroll
B. Payment of the net payroll
C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold)
D. Payment of these payroll related liabilities. (assume that all are settled at the same time)
The options for the shaded drop boxes are :
Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
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