Swan Shipping pays employees at the end of each month. Payroll information is listed in the table
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Question:
Swan Shipping pays employees at the end of each month. Payroll information is listed in the table for January, the first month of the fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.
Salaries | $1,000,000 |
---|---|
Federal and state income taxes withheld | 130,000 |
Federal unemployment tax rate | 0.80% |
State unemployment tax rate (after FUTA deduction) | 5.40% |
Social Security (FICA) tax rate | 7.65% |
- Record journal entries for salaries expense and payroll tax expense for the January pay period.
The football stadium at Woodpecker University has a seating capacity of about 60,000. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $30.6 million in ticket sales.
- Record the advance collection of $30.6 million in ticket sales.
- Record the revenue recognized after the first home game is completed.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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