During january the companys employees earned wages of 76250

Assignment Help Accounting Basics

Reference no: EM13606586

On January 1, 2010, the ledger of Glennon Company contained these liability accounts.

Accounts payable $49,020
Sales Taxes Payable 7,316
Unearned service revenue 26,330

During January the following selected transactions occurred.

Jan. 1 Borrowed $21,300 in cash from Midland Bank on a 4-month 8%, $21,300 note.

Jan. 5 Sold merchandise for cash totaling $7,518, which includes 5% sales taxes.

Jan. 12 Provided services for customers who had made advance payment of $17,944. (Credit Service Revenue.)

Jan. 14 Paid state treasurer's department for sales taxes collected in December 2009, $6,696.

Jan. 20 Sold 550 units of a new product on credit at $47 per unit, plus 5% sales tax.

During January the company's employees earned wages of $76,250. Withholdings related to these wages were $5,833 for Social Security (FICA), $5,452 for federal income tax, and $1,525 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

Reference no: EM13606586

Questions Cloud

During a cold winter day wind at 55 kmh assuming heat : during a cold winter day wind at 55 kmh assuming heat transfer coefficient h 32.8 wm2c is blowing parallel to a

Health construction builds standard prefabricated wooden : health construction builds standard prefabricated wooden frames for walls. each frame requires 10 direct labot hours

Two kg of saturated liquid water at 1 bar is compressed to : two kg of saturated liquid water at 1 bar is compressed to 25 bar and 100degc in a water pump. determine the change in

In a series of 40 payments the first 10 payments are 10 : in a series of 40 payments the first 10 payments are 10 each the second 10 payments are 20 each the third 10 payments

During january the companys employees earned wages of 76250 : on january 1 2010 the ledger of glennon company contained these liability accounts.accounts payable 49020sales taxes

Can someone please help me with finding these critical t : can someone please help me with finding these critical t scores.1. what is the positive critical t score for a

Determine a max flowrate of water b the pressure difference : underground water is to be pumped by a 70 percent efficient 3 kw submerged pump to a pool whose free surface is 30 m

Can someone please help me with finding these critical z : can someone please help me with finding these critical z scores.1. what is z critical for a positive one-tailed test

If the satellite is made of material with an average : a spherical communication satellite with a diameter of 2.5m is orbiting around the earth. the outer surface of the

User Account

All Pages