The following summary data for the payroll period ended on April 10, 2015, are available...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The following summary data for the payroll period ended on April 10, 2015, are available for Brac Construction Ltd.:
Gross pay
$
?
FICA tax withholdings
?
Income tax withholdings
17,409
Medical insurance contributions
1,139
Union dues
940
Total deductions
26,283
Net pay
62,537
a. Calculate the missing amounts and then determine the FICA tax withholding percentage. (Round FICA tax withholding percentage to 2 decimal places.)
Gross pay
FICA tax withholdings
FICA tax withholdings percentage
%
b-1. Use the horizontal model to show the effects of the payroll accrual. (Use amounts with + for increases and amounts with for decreases.)
Balance Sheet
Income Statement
Assets
=
Liabilities
+
Stockholders Equity
Net Income
=
Revenues
Expenses
=
+
=
=
+
=
b-2. Record the journal entry to show the effects of the payroll accrual. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the accrued payroll.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
1
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!