The following totals for the month of April were taken from the payroll records

Question

The following totals for the month of April were taken from the payroll records of Noll Company.

The entry to record the payment of net payroll would include a

debit to Salaries and Wages Payable for $36,070.

credit to Cash for $45,250.

debit to Salaries and Wages Payable for $40,660.

debit to Salaries and Wages Payable for $39,580.

Salaries $60,000 FICA taxes withheld 4,590 Income taxes withheld 12,500 Medical insurance deductions 2,250 Federal unemployment taxes 160 State unemployment taxes 1,080

Explanation / Answer

60,000-4590-12500-2250= 40,660

(The others are payroll taxes paid by the employer)

So we would have a credit to salaries and wages payable of 40,660 and a debit to salaries expense of 60,000 (the other credits would be to taxes and insurance payable).

This is not listed as an option. Is there a mistake?

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