The following monthly data are taken from Ramirez Company at July 31: Sales sala
ID: 2574037 • Letter: T
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $520,000; Office salaries, $104,000; Federal income taxes withheld, $156,000; State income taxes withheld, $35,000; Social security taxes withheld, $38,688; Medicare taxes withheld, $9,048; Medical insurance premiums, $12,500; Life insurance premiums, $9,500; Union dues deducted, $6,500; and Salaries subject to unemployment taxes, $61,000. 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%.
Safari File Edit View History Bookmarks Window Help 0 newconnect.mheducation.com Inbox sal Boite de récepti Pay Fees Online Class Search Ellen Klugman at McGraw-Hill Connect Connect The Following M Chap 11 - Homework Saved Help Save & Exit Submit Check my work Journal entry worksheet 201 1.11 points Record all employer's payroll expenses and liabilities for the month of July. 015 Note: Enter debits before credits Hint Date General Journal Debit Credit Print July 31 This is a numeric cell, so please enter numbers only Record entry Clear entry View general journal Graw Hill Prev 1 of 9 Next>Explanation / Answer
Employer's payroll expenses Date Account title Debit credit July.31 Federal unemloyment tax 366 State unemployment tax 3294 Federal unemloyment tax payable 366 State unemployment tax payable 3294 (To record unemployment taxes for the month) Employer's benefit expenses Date Account title Debit credit July.31 Sales salaries 39780 Office salaries 7956 Medical insurance expense 5000 Life insurance expense 3800 Social security taxes payable 38688 Medical taxes payable 9048 Medical insurance payable 5000 Life insurance payable 3800 Total salaries Sales salaries 520000 Office salaries 104000 Social security taxes (6.2%) Sales salaries 32240 Office salaries 6448 38688 Medicare taxes (1.45%) Sales salaries 7540 Office salaries 1508 9048 To be accounted as Sales salaries 39780 Office salaries 7956 47736 Medical insurance premiums 12500 Life insurance premiums 9500 Employer's share Medical insurance premiums 5000 Life insurance premiums 3800 Payment of all liabilities relating to July Pyroll Date Account title Debit credit July.31 Federal income taxes payable 156000 State income taxes payable 35000 Social security taxes payable 77376 Medicare taxes payable 18096 Federal unemloyment tax payable 366 State unemployment tax payable 3294 Medical insurance payable 12500 Life insurance payable 9500 Cash 312132
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