User Account

All Pages

Prepare the journal entries to record accrued payroll

Assignment Help Accounting Basics
Reference no: EM132681618

Question - The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Office salaries, $124,000; Federal income taxes withheld, $186,000; State income taxes withheld, $41,500; Social security taxes withheld, $46,128; Medicare taxes withheld, $10,788; Medical insurance premiums, $15,000; Life insurance premiums, $12,000; Union dues deducted, $9,000; and Salaries subject to unemployment taxes, $66,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.

1. & 2. Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July.

3. Using the above information, complete the below table.

4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.

Reference no: EM132681618

Questions Cloud

Describe how you would use capital budgeting techniques : Describe how you would use capital budgeting techniques to determine whether a business investment is a good idea.
Identifying business risks : (A) Identify what you believe is McDonald's (fast food franchise) most significant business risk.
Identify each statement as true or false : A simple form of account consisting of just the account title, the left side, and the right side, is called T-account. Identify each statement as true or false
Estimate the cost of capital : When using a representative company to estimate the cost of capital, are there any potential problems with this approach? (From Minicase "Cost of Capital for Sw
Prepare the journal entries to record accrued payroll : Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July
Explain the use of return on assets : You are writing a book on how to evaluate performance evaluation for a company.
What is the price per share of the company stock : You have looked at the current financial statements for Reigle Homes, Co. The company has an EBIT of $4,050,000 this year. Depreciation, the increase in net wor
What is the relationship between ethics and laws : What is the relationship between ethics and laws? Are ethical responsibility the same as legal responsibility
Develop a linear programming model : Cleveland Area Rapid Delivery (CARD) operates a delivery service in the Cleveland metropolitan area. Most of CARD's business involves rapid delivery of document

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the total cost per mailbox per month

Compute the total cost per mailbox per month of Madeira Travel Services' current e-mail function. Show all computations

  Determine to which years the NOL should be applied

Assuming that Soong had taxable income for each of the last five years, determine to which years the 2019 NOL should be applied

  What is walter basis in the land received

Walter receives cash of $18,000 and land with a fair market value of $75,000, What is Walter's basis in the land received

  Prepare journal entries in general journal form

Prepare journal entries in general journal form for each of the four options. (b) Write a brief memo on how each option affects the financial statements.

  What is the estimated amount of fire loss on december

What is the estimated amount of fire loss on December 31, 2020? On December 31, 2020, a fire destroyed most of the merchandise inventory

  Why is control over unauthorized access so important

Why is control over unauthorized access so important in a database environment?

  Prepare a cost of goods manufactured schedule

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) Prepare an entire income statement through net income

  Boise bike corp manufactures mountain bikes and distributes

boise bike corp. manufactures mountain bikes and distributes them through retail outlets in montana idaho oregon and

  Xyz company had 500000 common shares authorized 250000

xyz company had 500000 common shares authorized 250000 shares issued. they had 22000 shares in treasury stock. they

  Prepare the memorandum to the county executive

Prepare the memorandum to the County Executive, which should be double spaced (12 point font, 1-inch margins on all sides) and no more than five pages long.

  Examine change from the current and prior years

Briefly, describe the change from the current and prior years in each of these key areas and determine if the changes would be positive or negative.

  Will a contribution to a traditional ira reduce his income

If Michael is going to claim the standard deduction, will a contribution to a traditional IRA reduce his taxable income? Explain

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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