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Piedmont Company's gross salaries and wages are $32,000, and it withholds $4,800 for income taxes and $2,448 for FICA taxes, the journal entry to record the employees' pay should include a:
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Piedmont Company's gross salaries and wages are $32,000, and it withholds $4,800 for income taxes and $2,448 for FICA taxes, the journal entry to record the employees' pay should include a:

User David Ginanni
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1 Answer

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Answer: d. credit to Salaries and Wages Payable for $24,752.

Step-by-step explanation:

Salaries and Wages payable are calculated by deducting taxes from the gross salaries and wages.

= 32,000 - 4,800 - 2,448

= $24,752

Salaries and Wages Payable will be credited $24,752 to reflect that this amount is owed to employees.

User Simpleuser
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