hristmas break to earn a short vacation during the first week of January 201 Sne arns three vacation days and will be paid $400 per day. She takes her vacation in anuary and is paid for those days. Prepare the journal entries on the government-wide financial statements for 2013 and 2014 because of these events. Government-Wide Financial Statements Date Dec 31, 2013 Jan 2014 Date Dec 31, 2013 General Journal (Click to select) Jan 2014 (Click to select) (Click to select) Fund Financial Statements (Click to select) Assume that Lincoln works in an activity reported within the General Fund. Prepare journal entries for the fund financial statements for 2013 and 2014 because of these events. General Journal (Click to select) (Click to select) (Click to select) Debit (Click to select) Credit Debit Credit

hristmas break to earn a short vacation during the first week of January 201 Sne arns three vacation days and will be paid $400 per day. She takes her vacation in anuary and is paid for those days. Prepare the journal entries on the government-wide financial statements for 2013 and 2014 because of these events. Government-Wide Financial Statements Date Dec 31, 2013 Jan 2014 Date Dec 31, 2013 General Journal (Click to select) Jan 2014 (Click to select) (Click to select) Fund Financial Statements (Click to select) Assume that Lincoln works in an activity reported within the General Fund. Prepare journal entries for the fund financial statements for 2013 and 2014 because of these events. General Journal (Click to select) (Click to select) (Click to select) Debit (Click to select) Credit Debit Credit

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 9Q

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Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
The City of Greensboro provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time each to be taken in the following year. If the average weekly salary for these employees is $900, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Expense for $58500 and credit Salaries and Wages Payable for $58500. Debit Salaries and Wages Expense for $117000 and credit Salaries and Wages Payable for $117000. No journal entry required. O Debit Salaries and Wages Payable for $116495 and credit Salaries and Wages Expense for $116495.
John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20; Medicare $8.70; Federal Income Tax $58; and State Income Tax $10. Assuming the payroll deductions are paid in the following month, ABC would record John's pay with a journal entry that includes a ______. (Check all that apply.) Multiple select question. debit to Salaries and Wages Expense of $486.10 credit to Cash of $486.10 credit to State and Federal Income Tax Payable of $68 debit to Salaries and Wages Expense of $600 credit to FICA (Social Security and Medicare) Payable of $45.90
i need help please its due in 10 mins for federal tax accounting George works for a construction company that builds large commercial buildings. These projects often last 10 -18 months. George's work office is in Dallas, Texas. However, he often supervises building projects out of state. In 2023, George was assigned to work on a project in Tucson, Arizona. The project was expected to last for 16 months. The company will pay for George's travel to Arizona, his lodging while there, and his meals. Can the company deduct the expenses related to George's travel to Arizona? Be sure to fully explain your answer and the applicable rules.
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2015. Using the information presented below, complete Part 1 of Form 941 # of employees for pay period that included September 12-14 employees Wages paid third quarter- $79,750.17 Federal income tax withheld in the third quarter- $9,570.00 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter-$21,771.83
Miranda is an employee of XYZ Corporation, a private enterprise. The following summarizes the benefits of Miranda for the current year: Company anniversary gift Rice subsidy Laundry allowance Uniform allowance Christmas gift 13h month pay CBA incentive 14th month pay Monetized unused sick leave (10 days x P2,000) Monetized unused vacation leave (5 days x P2,000) P10,000 35,000 6,000 8,000 5,000 60,000 10,000 30,000 20,000 10,000 Compute the taxable 13h month pay and other benefits.
For the Corporation I have created I need to prepare the Corporation needs a Payroll Register and Payroll Tax Register for the three employees for the week ended August 31, 2024. August 2024 has 22 working days. As well as the total coronation payroll expense for the month ended August 31, 2024. -I also attached an image of the outline of the payroll register and payroll tax register for my corporation. The Corporation employs three employees, and pays time-and-a-half for overtime and monthly paychecks are distributed on the Friday following the last day of the month. The Corporation withholds federal income tax at 18%, state income tax at 7%, FICA-OASDI at 6.2% for wages up to $118,500, and FICA-Medicare at 1.45%. The Corporation also pays payroll taxes for FICA-OASDI at 6.2% for wages up to $118,500, FICA--Medicare at 1.45%, and state and federal unemployment at 5.4% and 0.6% respectively for wages up to $7,000. August 2024 has 22 working days. The payroll data employees…
Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________
A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ 1678 Submit Answer
Required information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Y Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…
Required information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $25 per hour and 1/2 times her regular rate for hours over 40 per week. Kayla worked 46 hours the first week in January. Kayla's federal income tax withholding is equal to 10 percent of her gross pay. Webber pays medical insurance of $80 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,350. Paula's federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $115 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $80 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…