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(Solved by Expert Tutors) ?The controller for P & P Products neglected to have her staff accrue th


December 2012. The following data should have been considered and accounted for in the P & P Products books.

- Total Payroll = $1,350, 000

- Income taxes to be withheld = $ 150,000

- FICA taxes applicable to the payroll accrual = $28,000

- FUTA taxes on accrued payroll = $4,000

- Total compensated absences related to the payroll = $75,000 vacation time and $85,000 sick time.

- Employees who do not take vacation will receive compensation in lieu of time taken off. Sick time does not vest and if the employee does not used their sick time it is forfeited back to the company. Union dues that should have been withheld from employees? payroll = $12, 000.

Required:?Journalized all entries that are necessary to accrue the above payroll.

 


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Apr 19, 2020

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