Prepare the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM132007112

Question - The payroll of YellowCard Company for September 2013 is as follows.

Total payroll was $464,800, of which $133,900 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $405,700. Income taxes in the amount of $81,270 were withheld, as was $8,690 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $106,800 and 1.45% in excess of $106,800. No employee for YellowCard makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.

Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately.

Reference no: EM132007112

Questions Cloud

Write a couple of paragraphs that presents your prediction : Pretend that you are a statistician for your favorite sports team. Your job is to compile strange probabilities regarding your favorite team and a competing
Find the required return for these bonds : Suppose your firm needs to raise $10 million and you wish to issue 20 year zero-coupon bonds (each with a face value of $1000) for this purpose.
What is the minimum number of votes needed to ensure : If the firm uses straight voting to elect its board, what is the minimum number of votes needed to ensure election of one member to the board?
What is their charge for depreciation and amortization : Suppose a firm has Earnings before interest, Taxes, Depreciation, Amortization of $10 Million. They are in the 40% tax bracket.
Prepare the necessary journal entries : Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately
What will the waccs be for each division : The firm currently has four divisions, A through D, with average betas for each division of 0.7, 1.3, 1.4, and 1.6, respectively.
How should the equipment purchased for help be reported : How should the equipment purchased for Help be reported in Blue's income statements and statements of financial position
Are retained earnings risk-free why or why not : Suppose your firm is going to finance a new project 100% with retained earnings. Is this appropriate? Are retained earnings risk-free? Why or why not?
Prepare journal entries for market research : Assuming Market Research Syndicate owns 10% of Catskill Tools, prepare journal entries for Market Research Syndicate for the following events:

Reviews

Write a Review

Accounting Basics Questions & Answers

  You are the cfo of diversied industries diversied has

you are the cfo of diversi?ed industries. diversi?ed has suffered through 4 or 5 tough years. this has deteriorated its

  Discuss what happens to overhead rates based on direct labor

Explain underapplied and overapplied overhead and tell about the adjustment that is made at the end of the period

  Compute the taxable income and tax liability for james

Anthony and Latrisha are married and have two sons, James, age 25 and Jonas, age 13. Both sons are properly claimed as dependents. Anthony and Latrisha's marginal tax rate is 25% in the current year and they file a joint return. Both James and Jon..

  Collections are expected to be 50 in the first month of

sierra star prepares monthly cash budgets. relevant data from operating budgets for 2010 arejanuary februarysales

  Zippy inc manufactures large crates of microwaveable

zippy inc. manufactures large crates of microwaveable popcorn that are typically sold to distributors. its main factory

  What should the balance in the allowance account

What should the balance in the allowance account be after the adjusting entry for doubtful accounts is made

  How much of cook net income did mehan report

On April 1, 2012, just after its first dividend receipt, Mehan sells 10000 shares of its investment. How much of Cook's net income did Mehan report

  Togos purchased all the assets at the beginning of 2010 3

togos sandwich shop had the following long-term asset balances as of january 1 2012

  What was bertin total debt

At year-end 2006, total assets for Bertin Inc. were $1.2 million and accounts payable were $375,000. Sales, which in 2006 were $2.5 million, are expected.

  When the serial bond account decreased during the year what

debt thousdands2014year-end interest rate2013year-end interest rateshort-term debtnbspnbspnbsp working capital

  What was the state income tax paid by quarter by state

How much federal income tax did Smart-Buy pay on behalf of its employees? What was the state income tax paid by quarter by state?

  Fom the following data retained earnings december 31 2011

from the following data retained earnings december 31 2011 490400 net decrease in total assets during 2011 74800 net

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