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irga5000 [103]
3 years ago
6

Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $6,250 cash and

$26,875 of photography equipment in the company in exchange for common stock. 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,188 cash. 20 The company received $2,550 cash in photography fees earned. 31 The company paid $884 cash for August utilities.
Prepare an August 31 trial balance for Pose-for-Pics.
Business
1 answer:
madam [21]3 years ago
7 0

Answer:

Find attached trial balance as well the general ledgers prepared extracting trial balance

Explanation:

Preparation of trial balance  could not be carried out straightaway , I had to first of all prepare the relevant ledgers before extracting trial balance.

Download xlsx
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There are not enough goods and services to meet the wants of the population
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Activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including exp
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Operating activities

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Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees’ well-being. The company offers its
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Answer:

1. Salary expense = $2,300,000

Withholdings = $494,500

Salary payable = $1,805,500

2. Total fringe benefits = $185,150

3. Payroll tax = $494,500

Explanation:

1. Employee salary expense is given as $2,300,00

Withholdings is given as $494,500. This is the sum total of federal and state FICA taxes and unemployment tax.

Salaries payable is employee salary expense less withholdings.

Salaries payable = 2,300,000 - 494,500

= $1,805,500

2. Employer-provided fringe benefits includes medical insurance, dental insurance, life insurance and voluntary retirement plan contribution. The corporation matches employee contributions to a voluntary retirement plan up to 6% of their salaries and employee contribution to voluntary retirement plan is $115,000. Since this amount is 5% of salaries, the corporation will contribute an equal amount.

Medical insurance premiums paid by employer = $46,000

Dental insurance premiums paid by employer = $16,100

Life insurance premiums paid by employer = $8,050

Employer contribution to voluntary retirement plan = $115,000

Total fringe benefits = $185,150

3. Employer payroll taxes includes Federal and state FICA taxes and unemployment tax.

Federal FICA tax (rate of 7.65%) = (7.65/100) * 2300000 = $175,950

State FICA tax (rate of 7.65%) = (7.65/100) * 2300000 = $175,950

Unemployment tax (rate of 6.20%) = (6.20/100) * 2300000 = $142,600

Total pay roll tax = 175950 + 175950 +142600

= $494,500

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3 years ago
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