[The folowng information applies to the questions displayed below The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. Grass 2 YICA t vithheldings Inene tithalding Greup hespitaliati on insme Enploye contrilutine to gensin pl Total debitions Sat pay 3, 000 16. 20 L.0 29. 149 Additionel Information: . For employees, FICA tax rates for 2018 were 765% on the first St18.500 of each employee's annual earmings However, no employees had accumulated earnings for the year in excess of the $118.500 imit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 54%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earmings Only $15,400 of ine gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual imit. quired: . Assuming that Cayman Coating Co's payrol for the last week of the year is to be paid on January 3, 2019, use the horzontai pdel to record the effects of the December 27, 2018, entries for Accrued payron Indicate the financial statement effect (Enter creases with a minus sign to Indicate a negetive finencial statement effect.) Balance Sheet Liabilites Stockholders'Equity Net ncome Assets
[The folowng information applies to the questions displayed below The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. Grass 2 YICA t vithheldings Inene tithalding Greup hespitaliati on insme Enploye contrilutine to gensin pl Total debitions Sat pay 3, 000 16. 20 L.0 29. 149 Additionel Information: . For employees, FICA tax rates for 2018 were 765% on the first St18.500 of each employee's annual earmings However, no employees had accumulated earnings for the year in excess of the $118.500 imit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 54%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earmings Only $15,400 of ine gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual imit. quired: . Assuming that Cayman Coating Co's payrol for the last week of the year is to be paid on January 3, 2019, use the horzontai pdel to record the effects of the December 27, 2018, entries for Accrued payron Indicate the financial statement effect (Enter creases with a minus sign to Indicate a negetive finencial statement effect.) Balance Sheet Liabilites Stockholders'Equity Net ncome Assets
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section: Chapter Questions
Problem 2AP
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Please Solve In 15mins I will Thumbs-up promise
Transcribed Image Text:Required Information
(The folilowing mformation apples to the questions displayed below)
The foilowing summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co
Gross pay
YICA t itl1dings
Ineone ta withhaldingn
Greup hespitaliration insr nce
Enployes contributions te pensi vn plan
Tstal dedarti ons
Set p
93. 000
16. 260
1. 150
29. 749
Additional Information:
• For employees, FICA tax rates for 2018 were 765% on the first S118,500 of each employee's annual eamings However,
no employees had accumulated earnings for the year in excess of the $18.500 limit.
• For employers, FICA tax rates for 2018 were also 765% on the first $118.500 of each employee's annual earnings
• The federal and state unempioyment compensation tax rates are 0.6% and 5.4%, respectively These rates are levied
against the employer for the first $7,000 of each employee's annual eanings. Only S15.400 of the gross pay amount for
the December 27, 2018, pay period was owed to employees who were still under the annual imit.
Required:
a-1. Assuming that Cayman Coating Co's payroll for the last week of the year is to be paid on January 3, 2019, use the horzontai
model to record the effects or the December 27, 2018, entries for Accrued payroll Indicate the financial statement effect (Enter
decreases with a minus sign to Indicate a negative finencial statement effect.)
come tent
Balance Sheet
Stockholders'Equity
Net ncome
Revemes
Liebilites
Assets
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