Question Details

Answered: - E10-6 According to the accountant of Ulner Inc., its payro


E10-6

According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:$198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for stateunemployment taxes.

Instructions: Journalize the entry to record the accrual of the payroll taxes.

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E10-8

Jim Thome has prepared the following list of statements about bonds.

1. Bonds are a form of interest-bearing notes payable.

2. When seeking long-term financing, an advantage of issuing bonds over issuing commonstock is that stockholder control is not affected.

3. When seeking long-term financing, an advantage of issuing common stock over issuingbonds is that tax savings result.

4. Secured bonds have specific assets of the issuer pledged as collateral for the bonds.

5. Secured bonds are also known as debenture bonds.
Answer

 

E 10-6

 

Description

 

Payroll Taxes Expense

 

FICA Tax Payable

 

Federal Unemployment Tax Payable

 

State Unemployment Tax Payable

 

(To record accrual of payroll taxes)

 

E 10-8

 


 

Credit

 

$

 

$

 

$

 


 

1. Bonds...

 


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