User Account

All Pages

What is the general journal entry to liquidate

Assignment Help Accounting Basics
Reference no: EM132058911

Question - Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes.

a. What is the general journal entry to record the employer's payroll liability?

b. What is the general journal entry to record the employer's payroll-tax liability?

c. What is the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22?

Reference no: EM132058911

Questions Cloud

What are the acme supply company general journal entries : What are the Acme Supply Company's general journal entries for the following transactions? Jan. 31 Prepared accrual adjusting entry for any interest revenue
Deduction can company take on these bonds in first year : Using the IRS amortization rule, what interest deduction can the company take on these bonds in the first year?
What is expected value : If the four numbers come up in the order you picked, then you win $2,500. What is your expected value?
Tenancy towards conservatism : In statistical thinking there is a tenancy towards conservatism. The investigators, enthusiastic to obtain positive results
What is the general journal entry to liquidate : All is subject to FICA Social Security (6.2%), What is the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22
Describe the importance for maintaining an ethical culture : The CEO has assigned you the responsibility of educating the leaders within the organization of the importance of maintaining an ethical culture.
Write review about the article : You should always think of the consequences of your actions prior to making any major decision. We can learn from Eve in the garden of Eden
Contract to dig holes for government installation : Dig Co has a big contract to dig holes for a government installation.
Violate the principles of free trade : However, countries like US also give subsidy to companies and farmers, are their economies really 'free'? How should we view subsidy in economy after all?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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