Ice Cold Storage has the following payroll information for the week ended November 20. State income tax is computed as 20 percent of federal income tax. Use page 77 for general journal.
Assumed tax rates are as follows:
Instructions:
1.Complete the payroll register. Payroll checks begin with Ck. No. 6307 in the payroll register.
2.Prepare a general journal entry to record the payroll as of November 20. The company's general ledger contains a Salary Expense account and a Salaries Payable account.
3.Prepare a general journal entry to record the payroll taxes as of November 20.
4.Journalize the entry to pay the payroll on November 22. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)

Question

Ice Cold Storage has the following payroll information for the week ended November 20. State income tax is computed as 20 percent of federal income tax. Use page 77 for general journal.
  Assumed tax rates are as follows:
  Instructions:
1.Complete the payroll register. Payroll checks begin with Ck. No. 6307 in the payroll register.
2.Prepare a general journal entry to record the payroll as of November 20. The company's general ledger contains a Salary Expense account and a Salaries Payable account.
3.Prepare a general journal entry to record the payroll taxes as of November 20.
4.Journalize the entry to pay the payroll on November 22. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)

Quizplus · Accepted Answer

The Answer of Ice Cold Storage has the following payroll information for the week ended November 20. State income tax is computed as 20 percent of federal income tax. Use page 77 for general journal.
  Assumed tax rates are as follows:
  Instructions:
1.Complete the payroll register. Payroll checks begin with Ck. No. 6307 in the payroll register.
2.Prepare a general journal entry to record the payroll as of November 20. The company's general ledger contains a Salary Expense account and a Salaries Payable account.
3.Prepare a general journal entry to record the payroll taxes as of November 20.
4.Journalize the entry to pay the payroll on November 22. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)

Ice Cold Storage Has the Following Payroll Information for the Week