Question
In: Accounting
Huxley Co.’s payroll for the month ended March 31, 2018, is summarized as follows: Total wages...
Huxley Co.’s payroll for the month ended March 31, 2018, is summarized as follows:
Total wages $ 18,770
Federal income tax withheld $ 1,622
All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In Huxley’s jurisdiction employers must also pay unemployment taxes under FUTA at a 4% rate. Huxley remits taxes on the 15th of the following month. As a result of March 2018 wages, what amounts should Huxley record in its journal entry for March payroll tax expense?
Solutions
Expert Solution
| Journal entry for Payrol tax expense: | ||||||
| Accounts title and explanation | Debit $ | Credit $ | ||||
| Payroll tax expense | 2064.7 | |||||
| FICA tax payable (18770*7%) | 1313.9 | |||||
| Federal Unemployment tax payable (18770*4%) | 750.8 | |||||
ekkarill92 answered 2 years agoRelated Solutions
Huxley Co.’s payroll for the month ended March 31, 2018, is summarized as follows:
Huxley Co.’s payroll for the month ended March 31, 2018, is
summarized as follows:Total
wages $ 14,670 Federal income tax
withheld $
1,949 All wages paid were subject to FICA. FICA tax rates were 6% each
for employee and employer. In Huxley’s jurisdiction employers must
also pay unemployment taxes under FUTA at a 4% rate. Huxley remits
taxes on the 15th of the following month. As a result of March 2018
wages, what amounts should Huxley record in its journal entry forMarch withholdings due to...
1. The payroll of Burton Inc. for March 2018 is as follows. Total payroll was $485,000....
1. The payroll of Burton Inc. for March 2018 is as follows.
Total payroll was $485,000. Pensionable (CPP) and insurable (EI)
earnings were $365,000. Income taxes in the amount of $85,000 were
withheld, as were $8,000 in union dues. The EI tax rate was 1.88%
for employees and 2.632% for employers, and the CPP rate was 4.95%
for employees and 4.95% for employers.
(a) Prepare the necessary journal entries to record the
payroll if the salaries and wages paid and...
1. The payroll of Burton One. for March 2018 is as follows. Total payroll was $485.000...
1. The payroll of Burton One. for March 2018 is as
follows. Total payroll was $485.000 Pensionable (CPP) and insurable
Etsy carnings were $365,000. Income taxes in the amount of $85,000
were withheld, as were $8,000 in union dues. The El tax rate was
1.88% for employees and 2.632% for employers, and the CPP rate was
4.95% for employees and 4.95% for employers.
(a) Prepare the necessary journal entries to record
the payroll if the salaries and wages paid and...
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories...
Cost data for Johnstone Manufacturing Company for the month
ended March 31 are as follows:
Inventories
March 1
March 31
Materials
$207,600
$190,890
Work in process
430,920
504,560
Finished goods
579,510
608,850
Direct labor
$3,460,000
Materials purchased during March
2,635,720
Factory overhead incurred during March:
Indirect labor
316,340
Machinery depreciation
207,600
Heat, light, and power
173,000
Supplies
34,500
Property taxes
29,650
Miscellaneous costs
45,180
This information has been collected in the Microsoft Excel
Online file. Open the spreadsheet, perform the...
The payroll of Burton Inc. for March 2018 is as follows. Total payroll was $485,000. Pensionable (CPP) and insurable (EI) earnings were $365,000.
The payroll of Burton Inc. for March 2018 is as follows. Total
payroll was $485,000. Pensionable (CPP) and insurable (EI) earnings
were $365,000. Income taxes in the amount of $85,000 were withheld,
as were $8,000 in union dues. The EI tax rate was 1.88% for
employees and 2.632% for employers, and the CPP rate was 4.95% for
employees and 4.95% for employers. (a) Prepare the necessary
journal entries to record the payroll if the salaries and wages
paid and the employer...
Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows:...
Cost data for Mix-A-Lot Manufacturing Company for the month
ended March 31, 2016, are as follows:
Inventories
March
1
March
31
Materials
$307,000
$277,600
Work in process
214,000
238,400
Finished goods
163,000
187,000
March
31
Direct labor
$566,000
Materials purchased during the
month
607,200
Factory overhead incurred during
the month:
Indirect labor
60,860
Machinery depreciation
35,000
Heat, light, and power
12,800
Supplies
8,400
Property taxes
8,200
Miscellaneous costs
16,360
Required:
A.
Prepare a cost of goods
manufactured statement for March...
data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows: Inventories...
data for Mix-A-Lot Manufacturing Company for the month ended
March 31, 2016, are as follows: Inventories March 1 March 31
Materials $310,000 $276,600 Work in process 215,200 238,400
Finished goods 162,800 190,100 March 31 Direct labor $565,000
Materials purchased during the month 604,800 Factory overhead
incurred during the month: Indirect labor 60,440 Machinery
depreciation 35,000 Heat, light, and power 13,600 Supplies 8,540
Property taxes 8,860 Miscellaneous costs 16,400 Required:
A. Prepare a cost of goods manufactured statement for March
2016....
Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows:...
Cost data for Mix-A-Lot Manufacturing Company for the month
ended March 31, 2016, are as follows:
Inventories
March
1
March
31
Materials
$314,000
$276,800
Work in process
216,000
239,800
Finished goods
163,200
189,000
March
31
Direct labor
$567,000
Materials purchased during the
month
606,600
Factory overhead incurred during
the month:
Indirect labor
60,520
Machinery depreciation
32,000
Heat, light, and power
12,200
Supplies
8,220
Property taxes
8,880
Miscellaneous costs
16,460
Required:
A.
Prepare a cost of goods
manufactured statement for March...
Purple Co.'s production budget for Product X for the year ended December 31 is as follows:...
Purple Co.'s production budget for Product X for the year ended
December 31 is as follows:
Product X
Sales (in units)
640,000
Plus desired ending inventory
85,000
Total
725,000
Less estimated beginning inventory, January 1
90,000
Total production
635,000
In Purple's production operations, Materials A, B, and C are
required to make Product X.
The quantities of direct materials expected to be used for each
unit of product are as follows:
Material A
0.50 lb. per unit
Material B
1.00...
O'Reilly Manufacturing Co.'s cost of goods sold for the month ended July 31 was $345,000. The...
O'Reilly Manufacturing Co.'s cost of goods sold for the month
ended July 31 was $345,000. The ending work in process inventory
was 90% of the beginning work in process inventory. Factory
overhead was 50% of the direct labor cost. No indirect materials
were used during the period. Other information pertaining to
O'Reilly's inventories and production for July is as follows:
Required: 1. Prepare a statement of cost of goods manufactured for
the month of July. (Hint: Set up a statement...
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