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During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance.
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1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
Amounted to $42,000 in December and $68,000 in January. Use this information to determine the projected ending balance of cash on hand for January.
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