Essay
Wade Industries reported the following information in its accounting records on December 31,2015:
The employees were paid $5,680 on December 31,2015,but the withholdings have not yet been remitted nor have the matching employer FICA contributions.
Required:
Part a.Compute the total payroll costs relating to the period from December 29-31.(Assume $560 in total unemployment taxes.)
Part b.Show the accounting equation effects and give the journal entries on December 31 to adjust for salaries and wages relating to December 29-31,2015.
Part c.Show the accounting equation effects and give the journal entries on December 31 to adjust for payroll taxes relating to December 29-31,2105.
Correct Answer:
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Part a
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