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SCORPION-xisa [38]
3 years ago
12

During the month of March, Munster 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.
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.
Business
1 answer:
STALIN [3.7K]3 years ago
8 0

Answer:

A) March 31 journal entries for wages expense and wages payable

  • Dr Salaries and Wages Expense account 64,000
  • Cr FICA Taxes Payable account 4,896
  • Cr Federal Income Tax Payable account 7,500
  • Cr State Income Tax Payable account 3,100
  • Cr Union Dues Payable account 400
  • Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

  • Dr Payroll Tax Expense account 5,596
  • Cr FICA Taxes Payable account 4,896
  • Cr State Unemployment account 700

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Explanation:

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A company deposits $2,378 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5
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Answer:

Final Value= $61,037.04

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Giving the following information:

Investment= $2,378 in a bank at the end of every year for 10 years.

The company makes no deposits during the subsequent 5 years.

Interest rate= 10%

First, we need to calculate the first 10 years.

FV= {A*[(1+i)^n-1]}/i

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