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Category > Accounting Posted 16 May 2017 My Price 5.00

According to a summary of the payroll of Scotland Company,

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include:
A. a debit to Salary Payable of $450,000
B. a credit to Salary Payable of $500,000
C. a debit to Salary Expense of $500,000
D. a credit to Salary Expense of $450,000

Answers

Alpha Geek
(8)
Status NEW Posted 16 May 2017 08:05 AM My Price 5.00

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Attachments

file 1494924715-1243544_1_636304720740851259_1243544.xlsx preview (162 words )
Ac-----------cor-----------din-----------g t-----------o a----------- su-----------mma-----------ry -----------of -----------the----------- pa-----------yro-----------ll -----------of -----------Sco-----------tla-----------nd -----------Com-----------pan-----------y, -----------$45-----------0,0-----------00 -----------was----------- su-----------bje-----------ct -----------to -----------the----------- 7.-----------0% -----------soc-----------ial----------- se-----------cur-----------ity----------- ta-----------x a-----------nd -----------$50-----------0,0-----------00 -----------was----------- su-----------bje-----------ct -----------to -----------the----------- 1.-----------5% -----------Med-----------ica-----------reÂ----------- ta-----------x. -----------Fed-----------era-----------l i-----------nco-----------me -----------tax----------- wi-----------thh-----------eld----------- wa-----------s $-----------98,-----------000-----------. A-----------lso-----------, $-----------15,-----------000----------- wa-----------s s-----------ubj-----------ect----------- to----------- st-----------ate----------- (4-----------.2%-----------) a-----------nd -----------fed-----------era-----------l (-----------0.8-----------%) -----------une-----------mpl-----------oym-----------ent----------- ta-----------xes-----------. T-----------he -----------jou-----------rna-----------l e-----------ntr-----------y t-----------o r-----------eco-----------rd -----------acc-----------rue-----------d s-----------ala-----------rie-----------s w-----------oul-----------d i-----------ncl-----------ude-----------:A.----------- a -----------deb-----------it -----------to -----------Sal-----------ary----------- Pa-----------yab-----------le -----------of -----------$45-----------0,0-----------00B-----------. a----------- cr-----------edi-----------t t-----------o S-----------ala-----------ry -----------Pay-----------abl-----------e o-----------f $-----------500-----------,00-----------0C.-----------
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