Journalize prouncer march payroll-related liabilities

Assignment Help Accounting Basics
Reference no: EM1357474

During the month of March, Prouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security, $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $700 for state unemployment tax.

a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.

b) Prepare the entry to record the company's payroll tax expense.

Reference no: EM1357474

Questions Cloud

Explain what would happens to the real exchange rate : Suppose that U.S. citizens start saving more. What does this imply about the supply of loanable funds and the equilibrium real interest rate. Explain what would happens to the real exchange rate.
True or false question based on stock valuation : There are Two investors are evaluating General Motors stock for a possible stock buy. They agree on the expected value of and also on the expected future dividend increase rate.
How much work is being done on the box : An alpha particle with kinetic energy 17 MeV makes a head-on collision with a lead nucleus at rest. What is the distance of closest approach of two particles.
Predisposing factors and precipitating stressors : In the book "Just Checking" by Emily Colas, what examples from the book suggested predisposing factors and precipitating stressors that contributed to the development of obsessive compulsive disorder (OCD)?
Journalize prouncer march payroll-related liabilities : Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.
Why champion of the monetarists school of economics : Milton Freedman, the champion of the Monetarists School of Economics, basically proved that it was monetary theory, changes in the money supply, that was the only way to affect the economy. Pump priming was false.
Show sum of products if mobile user transmits-code division : Mobile user A transmits a 1, while Mobile user B transmits a 0. Show sum of the products that results and your calculations.
What is the minimum coefficient of friction : Three capacitors are arranged. C1 has a capacitance of 3 pF, C2 has a capacitance of 6 pF, and C3 has a capacitance of 9 pF. Find out the voltage drop across the entire arrangement if the voltage drop across C2 is 249 V.
Non-drug-related compulsive behavior : Select a non-drug-related compulsive behavior that interests you.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Gaap and health care

Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply

  Result of partnership distribution

Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory

  Finding correct consolidated statements

Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?

  Journal entries to record payment

At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Accounting business taxes-equities-fair value

Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.

  Journal entries-perpetual inventory system

Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)

  Investment trust fund-summarize the collection of interest

Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.

  Description of gaap

What is the purpose of GAAP and management accounting? There is a very important distinction that we need to keep in mind when discussing accounting because... they are not the same

  Steps in accounting cycle for merchandising company

Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.

  Nonmonetary exchanges for garrison construction

During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. the new crane cost Keillor $165,000 t..

  Analysis and evaluation of company liquidity

A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd