11-8 The following payroll liability accounts are included in the ledger of Milton's Brewery and...

70.2K

Verified Solution

Question

Accounting

image

11-8 The following payroll liability accounts are included in the ledger of Milton's Brewery and Grille on January 1, 2010: In January, the following transactions occurred: Jan. 10 Sent check for $250.00 to union treasurer for union dues. 12 Deposited check for $1,916.80 in Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $350.00. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows office salaries \$17,600: store wages \$27,400; FICA taxes withheld \$3,600; federal income taxes payable $1.770; state income taxes payable $360; union dues payable $400 United Fund contributions payable $1.800; and net pay $37,070. 31 Prepared payroll checks for the net pay, and distributed checks to employees

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!
Become a Member

Other questions asked by students