chapter 10-02 instructions The following information about the payroll for the w
ID: 2541538 • Letter: C
Question
chapter 10-02
instructions
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:
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Salaries: Deductions: Sales salaries $325,000 Income tax withheld $119,000 Warehouse salaries 196,000 U.S. savings bonds 14,344 Office salaries 131,000 Group insurance 11,736 $652,000Explanation / Answer
Date Accounts Title Post Ref Dr Cr Asset Liabilities Equity a 30-Dec Sales Salaries Expense 520 $325,000 ($325,000) Warehouse Salaries Expense 521 196000 ($196,000) Office Salaries Expense 522 131000 ($131,000) Employees Income Tax Payable 218 119000 119000 Bond Deductions Payable 221 14344 14344 Group Insurance Payable 220 11736 11736 Social Security Tax Payable (652000*6%) 216 39120 39120 Medicare Tax Payable (652000*1.5%) 217 9780 9780 Salaries Payable 215 $458,020 458020 b 30-Dec Payroll Tax expenses 535 51628 -51628 Social Security Tax Payable (652000*6%) 216 39120 39120 Medicare Tax Payable (652000*1.5%) 217 9780 9780 Federal Unemployment Tax Payable (44000*.8%) 224 352 352 State Unemployment Tax Payable (44000*5.4%) 225 2376 2376 2) a) 30-Dec Sales Salaries Expense 520 $325,000 ($325,000) Warehouse Salaries Expense 521 196000 ($196,000) Office Salaries Expense 522 131000 ($131,000) Employees Income Tax Payable 218 119000 119000 Bond Deductions Payable 221 14344 14344 Group Insurance Payable 220 11736 11736 Social Security Tax Payable (652000*6%) 216 39120 39120 Medicare Tax Payable (652000*1.5%) 217 9780 9780 Salaries Payable 215 $458,020 458020 b) Payroll Tax expenses 535 89324 -89324 Social Security Tax Payable (652000*6%) 216 39120 39120 Medicare Tax Payable (652000*1.5%) 217 9780 9780 Federal Unemployment Tax Payable (652000*.8%) 224 5216 5216 State Unemployment Tax Payable (652000*5.4%) 225 35208 35208 If any doubt please comment
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