I need help with homework prob

Sigchi4life
Category:
Accounting
Price: $70 USD

Question description

I need help with homework problem: The following data are taken from Ramirez company at july 31: Sales salaries, $300,00; office salaries, $60,000; federal income taxes withheld, $90,000; state income taxes withheld, $20,000; social security taxes withheld, $22,320, medicare taxes withheld, $5,220, medical insurance premiums, $7,000; life insurance premiums, $4,000; union dues deducted, $1,000; and salaries subject to unemployment taxes, $50,000. The employee pays 40% of the medical and life insurance premiums. Prepare journal entries to record: (1) accured payroll including employee deductions, for July; (2) cash payment of the next payroll (salaries payable) for July; (3) accured employer payroll taxes, and other related employment expenses, for July - assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA are 0.8%; and (4) cash payment of all liabilities related to July payroll.

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(Top Tutor) Daniel C.
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School: UC Berkeley
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