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Refer to M10-3. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes.
Refer M10-3
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1, 14 pay period show that employees earned wages totaling $ 50,000 but that employee income taxes totaling $ 7,000 and FICA taxes totaling $ 2,625 were withheld from this amount. The net pay was directly deposited into the employee's bank accounts. What was the amount of net pay? Assuming Lightning Electronics must also pay $ 250 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
An analysis of the general ledger accounts indicates that equipment, which had cost $37,000 and on which accumulated depreciation totaled $32,000 on the date of sale, was sold for $8,000 during the year.
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