Use this information to answer the following question. Panadora Company has the following information for the pay period of January 1-15, 2014. Payment occurs on January 20. Gross payroll $32,000 Federal income taxes withheld $3,600 Social security and Medicare rate 7.65% Federal unemployment tax rate 0.8% State unemployment tax rate 5.4% The entry to record the payroll would include a
A) debit to Salaries Payable for the net amount.
B) credit to State Unemployment Tax Payable.
C) debit to Salaries Expense for the amount paid to the employees.
D) debit to Salaries Expense for the gross payroll.
D
Business
You might also like to view...
Which of the following types of short-term financing is usually only available to large firms with high credit ratings?
a. Trade credit b. Unsecured bank loan c. Commercial paper d. Promissory note e. Factoring
Business
A contract for the purchase of a commercial building on the condition that the buyer find satisfactory leases is:
a. illusory b. an enforceable contract c. and unenforceable contract d. both a bilateral and a unilateral contract
Business