Maurice Tutor

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Category > Accounting Posted 21 Aug 2017 My Price 11.00

Hill Sales Company

E13-6    Sales Taxes  During August the Hill Sales Company had these summary transactions:

1.      Cash sales of $210,000, subject to sales taxes of 6%

2.      Sales on account of $260,000, subject to sales taxes of 6%

3.      Paid the sales taxes to the state

Required

Prepare journal entries to record the preceding transactions.

 

 

Q19

E13-7   Payroll and Payroll Taxes The payroll of the Rand Company on December 31 of the current year is as follows:

1.      Total payroll, $500,000

2.      Payroll in excess of $90,000 to each employee, $350,000

3.      Payroll in excess of $7,000 to each employee, $400,000

4.      Income taxes withheld, $85,000

5.      Union dues withheld, $10,000

6.      Tax rates: State unemployment tax, 5.4%; F.I.C.A. tax, 8% for both employees and employers; federal unemployment tax, 0.8%; 1% merit-rating reduction of state unemployment tax from normal rate of 5.4%

Required

Prepare the journal entries for Rand’s payroll and payroll  taxes.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 03:08 PM My Price 11.00

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