CP10-3 Recording and Reporting Current Liabilities [LO 10-2] [The following information applies to the questions...
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CP10-3 Recording and Reporting Current Liabilities [LO 10-2] [The following information applies to the questions displayed below. Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($205,000), payroll deductions for income tax ($20,500), payroll deductions for FICA ($25,000), payroll deductions for United Way ($5,000), employer contributions for FICA (matching), and state and federal unemployment taxes and employer taxes have not yet been recorded. business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to b. Collected rent revenue of $5,400 on December 10 for office space that Riverside rented to another Unearned Rent Revenue
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