?-Paid the amount due on the note to Fargo B Required 2017 rity date for each of

Question

?-Paid the amount due on the note to Fargo B Required 2017 rity date for each of the three notes described Determine the matu naturity for each of the three notes. (Assume a 360-day year) Check (2) Locust, $875 3) $308 (4) $252 he interest expense to be recorded in the adjusting entry at the end of 2016 3. Determine t 4. Determine the interest expense to be recorded in 2017 5. Prepure journal entries for all the preceding transactions and events for years 2016 and 2017, Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showant that its employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from tfu employee salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal Check (1) Cr. Salaries Payable, $66,782.10 entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round amounts to cents.) 2) Dr PayrollTxes2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January 8 pay- Expense, $10,853.50 roll Regis's merit rating reduces its state unemployment tax rate to 4% of the first $1,000 paid each employee. The federal unemployment tax rate is 0.6%. (Round amounts to cents.)

Explanation / Answer

1.1 Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security 88600 6.20% 5493.2 FICA-Medicare 88600 1.45% 1284.7 FUTA 88600 0.60% 531.6 SUTA 88600 4.00% 3544 1.2 Date General Journal Debit Credit Jan-08 Office salaries expense 22,760.00 Sales salaries expense 65,840.00 FICA—Social sec. taxes payable 5,493.20 FICA—Medicare taxes payable 1,284.70 Employee fed. inc. taxes payable 12,860.00 Employee medical insurance payable 1,340.00 Employee union dues payable 840 Salaries payable 66,782.10 2 Jan-08 Payroll taxes expense 10,853.50 FICA—Social sec. taxes payable 5,493.20 FICA—Medicare taxes payable 1,284.70 State unemployment taxes payable 3,544.00 Federal unemployment taxes payable 531.6

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