College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 8, Problem 6E
On September 30, Cody Company’s selected account balances are as follows:
In general journal form, prepare the entries to record the following:
Oct. 15 Payment of liabilities for FICA taxes and the federal income tax.
31 Payment of liability for state
31 Payment of liability for federal unemployment tax.
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Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:
Employee federal income tax payable
$2,500
Social Security tax payable
2,008
Medicare tax payable
470
FUTA tax payable
520
SUTA tax payable
4,510
a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--.
c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal
unemployment taxes, and $92.40 for state unemployment taxes.
Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually)
Account Titles and Explanation
Debit
Credit
Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts.
The journal page and the ledger accounts are supplied below. The balances listed in the general ledger accounts for Cash, FUTA Taxes Payable, SUTA Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable—OASDI, FICA Taxes Payable—HI, and Employees FIT Payable are the amounts due from the March 15 payroll.
March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees' wages.
March 31, 20--: Record the employer's payroll taxes for the last pay in…
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
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