s regi Complete the journal entry for the sales. sales. sales taX at a 107o rate. Account Debit Credit 11. AB Company owes wages in the amount of $40,000. withholdings for these wages were $3060 for FICA, $4000 for federal income tax and $2000 for state income tax. Unemployment tax costs were $140 for federal unemployment and $80 for state unemployment. Prepare the journal entries for salaries and wages and the employer tax expense Account Debit Credit
s regi Complete the journal entry for the sales. sales. sales taX at a 107o rate. Account Debit Credit 11. AB Company owes wages in the amount of $40,000. withholdings for these wages were $3060 for FICA, $4000 for federal income tax and $2000 for state income tax. Unemployment tax costs were $140 for federal unemployment and $80 for state unemployment. Prepare the journal entries for salaries and wages and the employer tax expense Account Debit Credit
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:10. AB Company's register tape shows $4800 in sales. This includes sales tax collected at a 10% rate.
Complete the journal entry for the sales.
Account
Debit
Credit
11. AB Company owes wages in the amount of $40,000. Withholdings for these wages were
$3060 for FICA, $4000 for federal income tax and $2000 for state income tax. Unemployment tax costs
were $140 for federal unemployment and $80 for state unemployment. Prepare the journal entries
for salaries and wages and the employer tax expense
Account
Debit
Credit
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