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ACCT 567 Week 4 Problems 7-3 and 7-8

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During the fiscal year ended September 30, 2011, the following transactions (summarized) occurred:

1. Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.

2. Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.

3. Utility bills received from the Town of Fredericksburg’s Utility Fund during the year amounted to $23,500.

4. Office expenses paid in cash during the year amounted to $10,500.

5. Service supplies purchased on account during the year totaled $157,500.

6. Parts and supplies used during the year totaled $152,300 (at cost).

7. Charges to departments during the fiscal year were as follows:

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$10.00

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