Multiple Choice Question 114 The following totals for the month of April were ta

Question

Multiple Choice Question 114

The following totals for the month of April were taken from the payroll records of Tamarisk, Inc..

The entry to record the payment of net payroll would include a

debit to Salaries and Wages Payable for $84550.

debit to Salaries and Wages Payable for $82300.

debit to Salaries and Wages Payable for $75000.

credit to Cash for $94100.

Salaries $124800 FICA taxes withheld 9550 Income taxes withheld 26000 Medical insurance deductions 4700 Federal unemployment taxes 330 State unemployment taxes 2250

Explanation / Answer

a.Debit to salaries and wages for $84,550.

the following is the determination of amount to be debited to salaries and wages.

salaries $124,800 less: FICA taxes withheld ($9,550) less:income taxes withheld ($26,000) less:medical insurance deductions ($4,700) amount to be debited $84,550.

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