Sid’s Grocery Store has 100 employees who earn a wage of $18…
Sid’s Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid’s employees has worked a total of 160 hours over the month of July. At the time of recording July’s monthly payroll, the following amounts have been withheld: Federal income tax $30,000 State income tax 8,000 Social Security 18,600 Medicare 4,350 Also, the unemployment tax rate is 2% and applies to all but $30,000 of the gross payroll. The journal entry to record the gross pay earned by employees would include a:
Read DetailsOn August 1, 2019, Ace Corporation repurchases 1,000 shares…
On August 1, 2019, Ace Corporation repurchases 1,000 shares of its outstanding common stock for $15 per share. The stock has a par value of $10 per share. On October 1, 2019, Ace sells 500 shares of treasury stock for $18 per share, and on December 15, 2019, Ace sells 400 shares of treasury stock for $11 per share. The journal entry to record the transaction on October 1 would include:
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