During the month of February, Sheridan Corporation's employees earned wages of $73.300. Withholdings related to these...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the month of February, Sheridan Corporation's employees earned wages of $73.300. Withholdings related to these wages were $5,607 for FICA $7,030 for federal income tax, and $2,000 for state income tax. Costs incurred for unemployment taxes were $100 for federal and $150 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Feb. 28 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Salaries and Wages Payable (To record February 28 payroll) Debit Credit During the month of February, Sheridan Corporation's employees earned wages of $73.300. Withholdings related to these wages were $5,607 for FICA $7,030 for federal income tax, and $2,000 for state income tax. Costs incurred for unemployment taxes were $100 for federal and $150 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Feb. 28 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Salaries and Wages Payable (To record February 28 payroll) Debit Credit
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A 10.231-g sample of window cleaner containing ammonia was diluted with 39.466 g of water. Then 4.373 g of solution were titrated with 14.22 mL of 0.1063 M HCl to reach a bromocresol green end point....
-
Fly-by-Night Airways provides air transportation services between New York and Miami. A single New York to Miami round-trip flight has the following operating statistics: Fuel . . . . . . . . . . . ....
-
In the 2011 annual report Royal Dutch Shell reports that it prepares its financial statements under the provisions of the Companies Act 2006 and Article 4 of the International Accounting Standards...
-
Debra Company reports the following financial information for the year: Accounts receivable: Based on prior experience the management of Debra Company expects two percent of credit sales to be...
-
The Content Rabbit Graphics Company paid its 25 employees a total of $863,428.49 during 2017. Of these wages, $5,400 is exempt fringe benefits (Section 125 cafeteria plans) and $9,850 is exempt...
-
Provide an example of an Australian firm that has developed an international global supply chain network. Discuss the benefits obtained by this firm through the network.
-
What is the annual cost of a checking account with a monthly fee of $3.50 and a processing fee of $0.25 per check if you write an average of 3 checks per month?
-
how to overcome the problem related to strategic integration of SDG 3 goal. Explain in details.
-
Book: An Intro to Combustion 4th ed. by Turns and Haworth Review reactions 10 to 15 in Table 4.1 on page 112 of the text. For each reaction, identify if it is (a) unimolecular, bimolecular, or...
-
1)What are the basic principles of Islamic Banking system? Explain any three.
-
Q1 State one rationale for completing a Falls risk assessment on Maida. S NEW 8 S Student to add answer here
-
Problem 4: (20 pts) A small business jet has the following characteristics: Take-off weight: W = 24,700 N Wing reference area S = 22.3 m Drag polar: Cp = 0.017 + 0.117C2 (drag polar is constant)...
-
[The following information applies to the questions displayed below.] Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2013, for $6,000 cash. Hitzu...
-
Consider a closed, rigid tank with a volume of 0.8L, filled with cold water initially at 27C. The tank is filled such that there are no voids (air pockets) within. The initial pressure within the...
-
Would the directed spanning tree algorithm also find an undirected spanning tree if the given graph was connected and undirected? Explain.
-
Because of the continuity assumption, it is impossible to prepare meaningful financial statements for a bankrupt company.
-
The unit-of-measure assumption states that it is meaningful to express the affairs of an enterprise in currency units.
Study smarter with the SolutionInn App