Following are the balances in Daffy Inc's ledger as of: FICA Taxes Payable Federal Income Tax...
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Following are the balances in Daffy Inc's ledger as of: FICA Taxes Payable Federal Income Tax Payable State Income Tax Payable Federal Unemployment Tax Payable State Unemployment Tax payable Jan 1, 2023 $750 $1,400 $325 $172 $1,950 Jan 31, 2023 Instructions Show the balances for each of the above accounts as of January 31, 2023 if the following transactions occured during January 1 January payroll shows - Salaries and wages expense of $60,000, FICA taxes payable $4,590, federal income taxes payable $2,970, state income taxes payable $730 and net pay $51,710 2 Employer's taxes on January payroll was - FICA 7.65%, state unemployment taxes 5.4%, and federal unemployment 0.8% Following are the balances in Daffy Inc's ledger as of: FICA Taxes Payable Federal Income Tax Payable State Income Tax Payable Federal Unemployment Tax Payable State Unemployment Tax payable Jan 1, 2023 $750 $1,400 $325 $172 $1,950 Jan 31, 2023 Instructions Show the balances for each of the above accounts as of January 31, 2023 if the following transactions occured during January 1 January payroll shows - Salaries and wages expense of $60,000, FICA taxes payable $4,590, federal income taxes payable $2,970, state income taxes payable $730 and net pay $51,710 2 Employer's taxes on January payroll was - FICA 7.65%, state unemployment taxes 5.4%, and federal unemployment 0.8%
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Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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