90.2K

Verified Solution

Link Copied!

On January 1, 2022, the ledger of Oriole Company contained these liability accounts. Accounts Payable. Sales Taxes Payable Unearned Service Revenue 5 During January, the following selected transactions occurred. 12 $43,000 14 7,100 Jan. 1 Borrowed $18,000 in cash from Ape Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $5,724, which includes 6% sales taxes. Performed services for customers who had made advance payments of $10,400. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $7,100. Sold 550 units of a new product on credit at $45 per unit, plus 6% sales tax. 20 19,500 -/2 = : During January, the company's employees earned wages of $76,000. Withholdings related to these wages were $5,814 for Social Security (FICA), $5,214 for federal income tax, and $1,564 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

On January 1, 2022, the ledger of Oriole Company contained these liability accounts. During January, the following selected transactions occurred. Jan, 1 Borrowed $18,000 in cash from Aped; Bank on a 4-month, 5\%, $18,000 note: 5 Sold merchandise for cash totaling $5.724, which includes 6% sales taxes: 12 Performed services for customers who had made advance payments of \$10.400. (Credit Service Revenue) 14 Paid state treasurer's department for sales takes collected in December 2021, $7,100. 20 Sold 550 units of a new product on eredit at $45 per init, ples 685 sales tre. During January, the company's employees earned wages of $76,000. Withholdings related to these wages were \$5. a14 for Social Security (FICA), \$S,214 for federal income tax, and \$1, 564 for state income tax. The company owed no monev related to these carning for federat of state unemployment tax. Assume that wases earned dueine January will be baid durint Februarv. No entry hud been recorded for wages or payroll tax expense as of January 31

Answer & Explanation Solved by verified expert

See Answer