The following monthly data are taken from Ramirez Company at July 31: Sales sala
ID: 2526159 • Letter: T
Question
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $500,000; Office salaries, $100,000; Federal income taxes withheld, $150,000; State income taxes withheld, $33,500; Social security taxes withheld, $37,200; Medicare taxes withheld, $8,700; Medical insurance premiums, $12,000; Life insurance premiums, $9,000; Union dues deducted, $6,000; and Salaries subject to unemployment taxes, $60,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above information, complete the below table 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July ai um Pa um Pa Premium Employees by Empl Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July 31Explanation / Answer
Total Premium % Paid by Employees Premium Paid by Employees Premium Paid by Employer Employee Medical Insurance Payable 12000 40% 4800 7200 Employee Life Insurance Payable 9000 40% 3600 5400 Date General Journal Debit Credit Jul-31 Sales salaries expense 500000 Office salaries expense 100000 Federal income taxes withheld 150000 State income taxes withheld 33500 Social security taxes withheld 37200 Medicare taxes withheld 8700 Medical insurance premium withheld 4800 Life insurance premium withheld 3600 Union dues withheld 6000 Salaries payable 356200 (To record accrued payroll) Jul-31 Salaries payable 356200 Cash 356200 (To record payment of net payroll)
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