6. [Para. 4-a-6] General Fund payrolls for the year totaled $4,460,212. Of that amount, $936,701 was withheld for employees' federal income taxes; $535,258 for federal payroll taxes; $133,815 for employees' state income taxes; $267,629 for retirement funds administered by the state government; and the remaining $2,586,809 was paid to employees in cash. The City of Smithville does not record encumbrances for payrolls. The payrolls were chargeable against the following functions' appropriations: General Government $ 956,254 Public Safety 1,771,480 Public Works 656,690 Health and Welfare 572,370 Culture and Recreation 503,418 Total $4,460,212 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general journals for the year.

6. [Para. 4-a-6] General Fund payrolls for the year totaled $4,460,212. Of that amount, $936,701 was withheld for employees' federal income taxes; $535,258 for federal payroll taxes; $133,815 for employees' state income taxes; $267,629 for retirement funds administered by the state government; and the remaining $2,586,809 was paid to employees in cash. The City of Smithville does not record encumbrances for payrolls. The payrolls were chargeable against the following functions' appropriations: General Government $ 956,254 Public Safety 1,771,480 Public Works 656,690 Health and Welfare 572,370 Culture and Recreation 503,418 Total $4,460,212 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general journals for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

[Para. 4a-16] The balances in the current taxes receivable and related estimated uncollectibles accounts were reclassified as delinquent. Interest and penalties of $56,580 were also recorded on the delinquent taxes, of which $10,500 was estimated to be uncollectible. Required: Record this transaction and reclassification in the General Fund and governmental activities journals. Property tax revenues should be reduced and Deferred Inflows of Resources should be recorded in the General Fund, since these revenues are considered “unavailable” under the modified accrual basis of accounting used in governmental funds. Interest and penalties should be recorded as Deferred Inflows of Resources, rather than interest and penalties revenue, in the General Fund. At the government-wide level, the property taxes continue to be included in current year revenue, and interest and penalties are also recorded as current year revenue at the government-wide level.)
Question The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue…
The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue 50928…
A9 Given that entitlements account for 51% of the federal budget, do you think that they are worth the expenditure? Substantial your rationale with at least 3 pieces of evidence.
4. The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of Medicare tax withheld on total salaries of $189,000 for the period. Earnings of $19,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
1. Culver City recognizes as revenues/expenditures those amounts collected/paid during the year or within 60 days of fiscal year-end. The City offers a pension benefit to its employees who meet certain age and years of employment criteria. The City participates in the State Pension Plan. The City s actuarially determined contribution requirement to the State Pension Plan for the fiscal year ended 6/30/07 is $4 million. Due to cash inflow shortages the City, which budgeted $4 million for pension payments, paid only $3 million in the fiscal year ended 6/30/07. The City paid the remaining amount on September 30, 2007. Assuming the City maintains its books and records in a manner that facilitates the preparation of its fund financial statements, what is the appropriate entry to record the pension payments and recognize any associated liability? a. Debit Expenditures $4 million; Credit Cash $3 million and Pension Payable $1 million. b. Debit Expenses $4 million; Credit Cash $3 million and…
Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…
8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?
(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria. Deferred Tax Revenues (January 1) .......................... $ 800,000 Deferred Tax Revenues (December 31) ....................... 1,300,000 Tax Revenues (20X6) ...................................... 8,000,000 Compute the governmental activities tax revenues to be reported in Bell County’s government-wide Statement of Activities for 20X6.
N1. [Para. 4-a-12] Services received by the General Government function of the General Fund from the Solid Waste Disposal Fund amounted to $28,500 during the year. Of this amount, $25,400 was paid in cash and $3,100 remained unpaid at year-end. Required: Record the receipt of these services, amounts paid during the year, and remaining liability in the General Fund and governmental activities journals. At the government-wide level the liability should be credited to Internal Payables in Business-type Activities. Do not record these items in the Solid Waste Disposal Fund until instructed to do so in Chapter 7 of this case.
Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.
L 20 A payment is received for an audit in progress. State tax liability is $20,187.50 and county tax liability is $11,687.50. What percentage of the payment will be allocated to state and county tax due?