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ALPHA CO

Accounting

ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity

Problem 9-23A Accounting for payroll and payroll taxes LO 9-5

Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1:

 
Administrative salaries $ 72,000  
Sales salaries   59,000  
Office salaries   42,000  
 


Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted to $8,000 and is included in the $72,000. No one else will reach the $110,000 amount for the year. None of the employee salaries are subject to unemployment tax in December.

Other amounts withheld from salaries in December were as follows:

 
Federal income tax $ 15,000  
State income tax   4,800  
Employee savings plan   2,100  
 

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