ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8

ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8

ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8
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ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8
During the fiscal year ended September 30, 2011, the following transactions (summarized) occurred:
1. Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.
2. Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.
3. Utility bills received from the Town of Fredericksburg’s Utility Fund during the year amounted to $23,500.
4. Office expenses paid in cash during the year amounted to $10,500.
5. Service supplies purchased on account during the year totaled $157,500.
6. Parts and supplies used during the year totaled $152,300 (at cost).
7. Charges to departments during the fiscal year were as follows:
ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8
To purchase this tutorial visit here:
http://mindsblow.us/question_des/ACCT567WEEK4PROBLEMS7-3AND7-8/2759
contact us at:
help@mindblows.us
ACCT 567 WEEK 4 PROBLEMS 7-3 AND 7-8
During the fiscal year ended September 30, 2011, the following transactions (summarized) occurred:
1. Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.
2. Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.
3. Utility bills received from the Town of Fredericksburg’s Utility Fund during the year amounted to $23,500.
4. Office expenses paid in cash during the year amounted to $10,500.
5. Service supplies purchased on account during the year totaled $157,500.
6. Parts and supplies used during the year...

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