Record the journal entries. 1 What is the journal entry when XYZ Co takes a deposit of
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Question:
Record the journal entries.
1 What is the journal entry when XYZ Co takes a deposit of $50,000 on 100 notebook computers to be delivered to JWU at a special price of $500 each?
2 XYZ's 3 employees earned a total of $2,000 of wages for the week. XYZ deducted $400 for federal income taxes, 7.65% for FICA, $200 for state income taxes. The company pays a FICA matching tax and state unemployment tax of 4% and federal unemployment tax of 1%. Calculate the payroll deductions, net pay, and employer taxes for the week and answer the following questions:
What is the entry when XYZ records the payroll for the week (assume it is net pay paid that day)?
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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