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Question - Payroll Entries - The payroll register for Schmidt Company for the week ended April 29 indicated the following:
Salaries $1,380,000
Social security tax withheld 82,800
Medicare tax withheld 20,700
Federal income tax withheld 276,000
In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $245,000 of salaries.
Required -
a. Journalize the entry to record the payroll for the week of April 29.
b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.
On November 1,What is the amount of total current liabilities that should be reported on December 31, Year 8 Statement of Financial Position?
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