Midwest Shipping pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January.
Federal and state income taxes withheld 160,000
Federal unemployment tax rate 0.80%
State unemployment tax rate (after FUTA deduction) 3.00%
Social Security (FICA) tax rate 7.65%
Record salaries expense and payroll tax expense for the January pay period.
126. On July 8, Compusoft receives $250,000 from a customer toward a cash sale of $1 million for customized computer equipment to be completed on August 1. The remaining $750,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $700,000. What journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the perpetual inventory system.
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