The following monthly data are taken from Ramirez Company at July 31: Sales salaries $320,000; Office salaries $64.000;

Question

The following monthly data are taken from Ramirez Company at July 31: Sales salaries $320,000; Office salaries $64.000; Federal income taxes withheld, $96,000. State income taxes withheld, $21.500; Social security taxes withheld, $23.808 Medicare taxes withheld, 55,568: Medical insurance premiums $7,500; Life Insurance premiums, $4,500: Union dues deducted, 91500; and Salaties subject to unemployment taxes. $51,000. The employee pays 10% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1&2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer paid expenses and the cash payment of all liabilities for July assume that FICA taxes are identical to those on

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2. General Journal Debit Credit Sales salaries expense 320000 Office salaries expense 64000 Employee fed. inc. taxes payable 96000 Employee state income taxes payable 21500 FICA-Social sec. taxes payable 23808 FICA-Medicare taxes payable 5568 Employee Medical Insurance Payable 3000 Employee Life Insurance Payable 1800 Employee Union dues payable 1500 Salaries payable 230824 (To record accrued payroll) Salaries payable 230824 Cash 230824 (To record cash payment of net payroll) 4. General Journal Debit Credit Payroll taxes expense 32436 FICA-Social sec. taxes payable 23808 FICA-Medicare taxes payable 5568 State Unemployment Taxes Payable (5.4% x $51000) 2754 Federal Unemployment Taxes Payable (0.6% x $51000) 306 (To record accrued payroll taxes) Employee Benefits expense 7200 Employee Medical Insurance Payable 4500 Employee Life Insurance Payable 2700 (To record accrued employee benefits expense) FICA-Social sec. taxes payable 47616 FICA-Medicare taxes payable 11136 Employee fed. inc. taxes payable 96000 Employee state income taxes payable 21500 Employee Medical Insurance Payable 7500 Employee Life Insurance Payable 4500 Employee Union dues payable 1500 Federal Unemployment Taxes Payable 306 State Unemployment Taxes Payable 2754 Cash 192812 (To record cash payment of all payroll liabilities)

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The following monthly data are taken from Ramirez Company at July 31: Sales salaries $320,000; Office salaries $64

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General Journal	Debit	Credit
Sales salaries expense	320000
Office salaries expense	64000
Employee fed. inc. taxes payable		96000
Employee state income taxes payable		21500
FICA-Social sec. taxes payable		23808
FICA-Medicare taxes payable		5568
Employee Medical Insurance Payable		3000
Employee Life Insurance Payable		1800
Employee Union dues payable		1500
Salaries payable		230824
(To record accrued payroll)
Salaries payable	230824
Cash		230824
(To record cash payment of net payroll)