Classifying Liabilities and Preparing Payroll Entries
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This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.
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This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.
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Fundamental Accounting
Exercise 11-1
1). C Sales taxes payable. 6). C Notes payable (due in 6 to 12 months).
2). C FUTA taxes payable. 7). C Notes payable (due in 120 days).
3). N Accounts receivable. 8). C Current portion of long-term debt.
4). C Accrued payroll payable. 9). L Notes payable (mature in five years).
5). C Wages payable. 10). L Notes payable (due in 13 to 24 months).
Exercise 11-6
Gross Pay Gross
Through Pay for
August September
a. $6,400 $800
Tax Rate Applied To
FICA - Social Security 6.20% First $87,000
FICA - ...
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