Record the companys payroll tax expense

Assignment Help Financial Accounting
Reference no: EM13531914

During the month of March, Lavonis Company"s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $700 for state unemployment tax.

Instructions

(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.

(b) Prepare the entry to record the company's payroll tax expense.

Reference no: EM13531914

Questions Cloud

Define what will the volume be if the preassure is increased : 7.0and 1.00atm pressure what will the volume be if the preassure is increased at 50.0atm
What is the shuttles orbital period : The space shuttle is in a 200-mile-high orbit. What is the shuttle's orbital period
At what height will the stream of water strike the building : A fireman, 53.4 m away from a burning building, directs a stream jet of water from a ground level fire hose at an angle of 30 above the horizontal. at what height will the stream of water strike the building
Considered to be evidence that species are related : Which of the followingis (are) considered to be evidence that species are related?
Record the companys payroll tax expense : Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
How to decomposes samples of water into hydrogen and oxygen : A chemist decomposes several samples of water into hydrogen and oxygen and weighs the hydrogen and oxygen obtained. The results are: 1) 1.5g H and 12g O 2) 2g H and 16g O 3) 2.5g H and 20g O.
Highest amount of chemical energy : Which of the following molecules has the highest amount of chemical energy that can beconverted into ATP
Prepare the entries to record the sales transactions : Prepare the entries to record the sales transactions and related taxes for (a) Duvall Company and (b) Hubbard Company.
Explain what must be the reaction temperature : What must be the reaction temperature if a rate of 1.000 x 10^-9 M/s is required and [C] must be kept at 0.03000M. What must be the value of k to achieve the necessary rate?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Purchasing a running business firm

Computation of Consideration for purchasing a running Business Firm - determine this amount. Under these conditions, how much should you offer O'Henry? Give your reason."

  How much will oxford engineerings total profits change

How much will Oxford Engineering's total profits change if they decide to buy the starter assembly from Tidnish Electronics instead of making it themselves?

  Conduct a financial analysis of both companies

Conduct a financial analysis of both companies and you should evaluate these entities' profitability, liquidity, financial stability and attractiveness as an investment.

  Calculate the profit and loss position

Allocate the support department overheads to the 3 patient service departments on the basis of the % of services provided and calculate the profit and loss position for each of the patient service departments and the hospital as a whole.

  Explain how does sarah have to include in her gross income

Another client gave her a check for $750 on December 31, 2011, but after the bank had closed. Both the $500 and $750 checks cleared the next year. Explain how much does Sarah have to include in her gross income for 2011?

  Classify each cost above as either variable, fixed or mixed

Define and classify variable, fixed, and mixed costs. (SO 1, 3) Fowler Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production.

  Questionrest haven is a senior living community that

questionrest haven is a senior living community that provides a full range of services including independent living

  What is the amount of qualifying expenses for purposes

What is the amount of qualifying expenses for purposes of the American opportunity tax credit (AOTC) in 2010? What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI?

  Formulate a linear program to solve problem

Formulate a linear program to solve problem. Define your decision variables and explain the constraints.

  Prepare swags consolidated balance sheet

Prepare Swag's consolidated balance sheet under each of the following independent situations - swag purchased the assets and assumed the liabilities of Perk by paying $1,400,000 in cash and issuing a $12,600,000 note.

  Largest crude oil and natural gas reserves

Behind the United States, the world's second largest emitter of energy-related emissions is and which of the following regions has the largest crude oil and natural gas reserves

  A comparative statement of financial position of aqua ltd

a comparative statement of financial position of aqua ltd is presented below30 june 201230 june

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