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CP10 3 Recording and Reporting Current Liabilities [LO 10-2] The following information applies to the questions displayed below Riverside Company completed the following two trensactions. The annual accounting period ends De 31. a. On December 31, calculeted the payroll, which indicates gross earnings for wages ($255,000), payroll deductions for Income tax ($25,500), payroll deductions for FICA ($35,000), payroll deductions for Untted Way ($7,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,800), Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded b. Collected rent revenue of $6,600 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Rent Revenue

Solution

Dec-31 Wages expense 255000             FICA taxes payable 35000             Income tax payable 25500             United way payable 7000             Wages payable 187500 Dec-31 Payroll tax expense 38800             FICA taxes payable 35000             State and federal unemployment payable 3800 10-Dec Cash 6600           Unearned revenue 6600 Dec-31 Unearned revenue 4620 (6600*21/30)            Rent revenue 4620 Balance sheet Liabilities Unearned revenue 1980 FICA taxes payable 70000 State and federal unemployment payable 3800 Income tax payable 25500 Wages payable 187500 United way payable 7000