Sun Ridge,Inc The Employees Were Paid $10,224 on December 31,2018,but the Withholdings

question 71

Essay

Sun Ridge,Inc.reported the following information in its accounting records on December 31,2018:
$\begin{array}{lr}\text { Gross salaries earned by employees (December 29-31) } & \$ 12,960 \\\text { Income taxes withheld from employees (December 29-31) } & 1,980 \\\text { FICA taxes withheld from employees (December 29-31) } & \underline{756} \\\text { Net payment to employees (made on December 31) } & \$ 10,224\end{array}$
The employees were paid $10,224 on December 31,2018,but the withholdings have not yet been remitted nor have the matching employer FICA contributions.
Required:
Part a.Compute the total payroll costs relating to the period from December 29-31.(Assume $1,008 in total unemployment taxes. )
Part b.Provide the journal entries on December 31 to adjust for salaries and wages relating to December 29-31,2018.
Part c.Provide the journal entries on December 31 to adjust for payroll taxes relating to December 29-31,2018.

Identify and apply key elements of service recovery in case studies.

Analyze the phases of order management and their interrelations.

Understand the implications of product substitutability on stockout costs.

Recognize the role of customer service in the marketing and logistics interface.

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Definitions:

Excess Burden

The economic loss to society due to market inefficiencies, often associated with taxes or other government policies that distort market behavior beyond the revenue raised or spending undertaken.

Net Worth

The difference between the total assets and total liabilities of an individual, company, or entity.

Liabilities

Financial obligations or debts that a business or individual owes to others.

Assets

Resources owned by a business or individual that have economic value and can provide future benefits.