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The Following Payroll Liability Accounts Are Included in The Ledger

The document lists the payroll liability accounts in Marcus Company's ledger as of January 1, 2017, including amounts for FICA taxes payable, federal and state income taxes payable, and federal and state unemployment taxes payable. It then describes transactions in January involving payments of union dues, payroll taxes, unemployment taxes, and income taxes, as well as the purchase of savings bonds. Finally, it lists accrued adjustments that need to be made at January 31 for employer payroll taxes.

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302 views1 page

The Following Payroll Liability Accounts Are Included in The Ledger

The document lists the payroll liability accounts in Marcus Company's ledger as of January 1, 2017, including amounts for FICA taxes payable, federal and state income taxes payable, and federal and state unemployment taxes payable. It then describes transactions in January involving payments of union dues, payroll taxes, unemployment taxes, and income taxes, as well as the purchase of savings bonds. Finally, it lists accrued adjustments that need to be made at January 31 for employer payroll taxes.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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The following payroll liability accounts are included in the

ledger
The following payroll liability accounts are included in the ledger

The following payroll liability accounts are included in the ledger of Marcus Company on
January 1, 2017.
FICA Taxes Payable...................................$ 760.00
Federal Income Taxes Payable........................1,204.60
State Income Taxes Payable.............................108.95
Federal Unemployment Taxes Payable................288.95
State Unemployment Taxes Payable.................1,954.40
Union Dues Payable......................................740.00
U.S. Savings Bonds Payable............................360.00
In January, the following transactions occurred.
Jan. 10 Sent check for $740.00 to union treasurer for union dues.
12 Deposited check for $1,964.60 in Federal Reserve bank for FICA taxes and federal income
taxes withheld.
15 Purchased U.S. Savings Bonds for employees by writing check for $360.00.
17 Paid state income taxes withheld from employees.
20 Paid federal and state unemployment taxes.
31 Completed monthly payroll register, which shows salaries and wages $50,600, FICA taxes
withheld $3,871, federal income taxes payable $1,958, state income taxes payable $414, union
dues payable $400, United Fund contributions payable $1,888, and net pay $42,069.
31 Prepared payroll checks for the net pay and distributed checks to employees.
At January 31, the company also makes the following accrued adjustment for employer payroll
taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes
5.4%.
Instructions
(a) Journalize the January transactions.
(b) Journalize the adjustments pertaining to employee compensation at January 31.

The following payroll liability accounts are included in the ledger


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