Devry ACCT567 Week 4 Problems 7-3 and 7-8

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