Problem $8.$ Current Liabilities

$8\mathrm{.}1$ During the month of June, Moby Corporation, Inc. had cash sales of $$243,624$ and

credit sales of $$153,687,$ both of which include Maine sales tax of $5\mathrm{.}5\%$ that must be

remitted to the state by July ${15}^{th}.$ Note that Moby Corporation did not separate the sales

tax from the actual sales when made during the month. They recorded the full amount

as sales revenue. Prepare the adjusting journal entry to fairly present the June $30$th

financial statements.

$8\mathrm{.}2$ The payroll of Moby, Inc. for June $30$th is as follows: The total payroll was $$150,000.$

None of the individual wages were greater than $$160,200($social security maximum

threshold for $2023).$ Income taxes withheld from employees totaled $$37,500$ and union

dues withheld was $$4,000.$ Assume FICA tax is $7\mathrm{.}65\%$ on employee's wages $(6\mathrm{.}2\%$

Social Security & $1\mathrm{.}45\%$ Medicare tax$).$ Calculate Unemployment tax $-.6\%$ FUTA and

$5\mathrm{.}4\%$ SUTA taxes. No employees have reached the $$12,000$ Maine maximum wage

threshold.

A$.$ Prepare the necessary journal entries for the wages paid on June $30$th$.$

B$.$ Prepare the employer payroll taxes.