Gross pay wages expense 250000 social security and

Assignment Help Accounting Basics
Reference no: EM13610492

Gross pay (wages expense) $ 250,000 Social Security and Medicare taxes 19,125 Federal and state unemployment taxes 15,500 Workers' compensation insurance 8,500 Group health and life insurance benefits 10,000 Employee pension plan benefits 22,875 Total payroll costs for February $ 326,000 Gruver's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period and recorded initially as prepaid insurance expense. Withholdings from employee wages in February were as follows: State income tax withholdings $ 5,875 Federal income tax withholdings 56,000 Social Security and Medicare tax withholdings 19,125 a. Record Gruver's gross wages, employee withholdings, and employee take-home pay for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit b. Record Gruver's payroll tax expense for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit c. Record Gruver's employee benefit expenses for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit d. Do the amounts withheld from Gruver's employees represent taxes levied on Gruver Corporation? Yes no

Reference no: EM13610492

Questions Cloud

Part 1 - summer tyme inc is considering a new three-year : part 1 - summer tyme inc. is considering a new three-year expansion project that requires an initial fixed asset
What would be recorded in the common stock account on the : what would be recorded in the common stock account on the balance sheet if 20000 shares are issued at a par value of 2
On october 1 2012 noller company issued 4000000 par value : on october 1 2012 noller company issued 4000000 par value 10 10-year bonds dated july 1 2012 with interest payable
Reeves inc sold 1000000 shares of 25 par value common stock : reeves inc. sold 1000000 shares of 25 par value common stock at 30. it subsequently repurchased 100000 of those shares
Gross pay wages expense 250000 social security and : gross pay wages expense 250000 social security and medicare taxes 19125 federal and state unemployment taxes 15500
Grammar inc offers its full-time employees pension and : grammar inc. offers its full-time employees pension and other postretirement benefits primarily health insurance.
New wave co sold 14000 annual subscriptions of game life : new wave co. sold 14000 annual subscriptions of game life for 51 during december 2012. these new subscribers will
If a company pays 8 percent interest to borrow 500000 but : one of the advantages of borrowing is that interest is deductible for income tax purposes.a. if a company pays 8
Compute the depreciation expense to be recognized each : on august 3 srini construction purchased special-purpose equipment at a cost of 1000000. the useful life of the

Reviews

Write a Review

Accounting Basics Questions & Answers

  Electing immediate expensing

Weston acquires a used office machine (seven-year classasset) on November 2, 2008, for $75,000. This is the only asset acquired by Weston during the year. He does not elect immediate expensing under 179. On September 15, 2009, Weston sells the mac..

  Vinita ramaswamy recently acquired wild country air wild

vinita ramaswamy recently acquired wild country air. wild country has been in business for many years and provides

  Quick ratio-current ratio

Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because

  Under the perpetual inventory system the cost of

1.a company had sales of 699000 and cost of goods sold of 280000. its gross profit

  Tanner-unf corporation acquired as a long-term investment

tanner-unf corporation acquired as a long-term investment 240 million of 6 bonds dated july 1 on july 1 2013. company

  You have just received notice that a customer of yours with

1 using the allowance method of accounting for uncollectible receivables the entry to reinstate a specific receivable

  A professional football players contract is sold at a gain

a professional football players contract is sold at a gain after it has been held for two years. what issues shoul the

  Which of the following explains the behavior of the fixed

which of the following describes the behavior of the fixed cost per unit?a. decreases with increasing productionb.

  Keillor companys inventory of 1100000 at december 31 2010

keillor companys inventory of 1100000 at december 31 2010 was based on a physical count of goods priced at cost and

  Does a negative residual income amount equate

What do you think would be an acceptable return on investment in the current economic climate? Please explain.

  The lmn partnership has a group term life insurance plan

the lmn partnership has a group term life insurance plan. each partner has 150000 of protection and each employee has

  On december 31 2009 when its allowance for doubtful

on december 31 2009 when its allowance for doubtful accounts had a credit balance of 1500 leeds company estimates that

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd