Grande Company has the following balances in its general

ledger
Grande Company has the following balances in its general ledger

Grande Company has the following balances in its general ledger as of March 1 of this year:
a. FICA Taxes Payable (liability for February), $9,180.00 (total for employee and employer). The
FICA Social Security Tax Payable is $7,440.00, and the FICA Medicare Tax Payable is
$1,740.00.
b. Employees' Federal Income Tax Payable (liability for February), $9,000.00.
c. State Unemployment Tax Payable (liability for January and February), $3,442.50.
d. Federal Unemployment Tax Payable (liability for January and February), $510.00.
The company completed the following transactions involving the payroll during March and April:
Mar. 12 Issued check for $18,180.00, payable to Coast Bank, for the monthly deposit of
February FICA taxes and employees' federal income tax withheld.
31 Recorded the payroll entry in the general journal from the payroll register for March. The
payroll register had the following column totals:

31 Recorded payroll taxes. FICA Social Security rates are 6.2 percent (employee) and 6.2
percent (employer). The employer matches the employee's FICA Medicare rate of 1.45 percent.
State unemployment tax is 5.4 percent. Federal unemployment tax is 0.6 percent. At this time,
all employees' earnings are taxable for FICA and $1,000 of the earnings are taxable for
unemployment taxes.
31 Issued check for $46,128.45 from Cash-Payroll Bank Account to pay salaries for the month.
Apr. 14 Issued check for $18,069.70, payable to Coast Bank, for the monthly deposit of March
FICA taxes (employee and employer) and employees' federal income tax withheld.
30 Issued check for $3,496.50, payable to State Department of Revenue, for state
unemployment tax for January, February, and March. The check was accompanied by the
quarterly tax return.
30 Issued check for $516.00, payable to Coast Bank, for the deposit of federal unemployment
tax for the months of January, February, and March.

Grande Company has the following balances in its general ledger

SOLUTION-- http://solutiondone.online/downloads/grande-company-has-the-following-balances-
in-its-general-ledger/

Unlock answers here solutiondone.online