In the following summary of data for a payroll period, some amounts have been intention-EX 10-10 Summary payroll dataOBJ. 2, 32-01 XB 1.550a lo ally omitted:Earnings:WOM SM1. At regular rate2. At overtime rate3. Total earnings?Toserpret the,00$80,000or declining??brust boerbng Deductions:4. Social security tax32,4005. Medicare taxbooos addortabrord mon bo 6. Income tax withheldg leqioninq 135,000for December 3dWOM SMlad 8,100moarq o (d),0 onul no n7. Medical insurance18,900us Year8. Union dues9. Total deductions10. Net amount paid201,150Ace338,850910Accounts debited:Invemorgnol anl uoda30011. Factory Wages285,0002.30012. Sales Salariesa Compute13. Office Salaries120,000Companydeclininga. Calculate the amounts omitted in lines (1), (3), (8), and (12).b. Journalize the entry to record the payroll accrual.c. Journalize the entry to record the payment of the payroll.

Payroll Accounting - It is accounting which consists of tracking and filing the data regarding…

În the following summary of data for a payroll period, some amounts have been intention- ally omitted: 400 Earnings: 1. At regular rate 2. At overtime rate 2000 Comp WONE WOH M $80,000 3. Total earnings or declining ? n Deductions: 4. Social security tax ysq 0032,400 ad 8,100 5. Medicare tax for December abrori WOM SM 6. Income tax withheld qioninq 135,000 Inue 20 (P) pc baame 7. Medical insurance 18,900 lous Year 8. Union dues 9. Total deductions 10. Net amount paid 201,150 Account 338,850 910 Accounts debited: nver 91-gnol al nos 300 11. Factory Wages 285,000 300 12. Sales Salaries a Com 13. Office Salaries 120,000 qu a. Calculate the amounts omitted in lines (1), (3), (8), and (12). or declining b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

În the following summary of data for a payroll period, some amounts have been intention- ally omitted: 400 Earnings: 1. At regular rate 2. At overtime rate 2000 Comp WONE WOH M $80,000 3. Total earnings or declining ? n Deductions: 4. Social security tax ysq 0032,400 ad 8,100 5. Medicare tax for December abrori WOM SM 6. Income tax withheld qioninq 135,000 Inue 20 (P) pc baame 7. Medical insurance 18,900 lous Year 8. Union dues 9. Total deductions 10. Net amount paid 201,150 Account 338,850 910 Accounts debited: nver 91-gnol al nos 300 11. Factory Wages 285,000 300 12. Sales Salaries a Com 13. Office Salaries 120,000 qu a. Calculate the amounts omitted in lines (1), (3), (8), and (12). or declining b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $77,100 3. Total earnings ? Deductions: 4. Social security tax 30,840 5. Medicare tax 7,710 6. Income tax withheld 131,100 7. Medical insurance 17,700 8. Union dues ? 9. Total deductions 190,000 10. Net amount paid 324,000 Accounts debited: 11. Factory Wages 272,400 12. Sales Salaries ? 13. Office Salaries 102,800 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). (1) $ (3) $ (8) $ (12) $ b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the payment of the payroll.
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax (32,400) 5. Medicare tax (8,100) 6. Income tax withheld (135,000) 7. Medical insurance (18,900) 8. Union dues ? 9. Total deductions (201,150) 10. Net amount paid $338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) $fill in the blank 0d2eaefd3faafeb_1 (3) $fill in the blank 0d2eaefd3faafeb_2 (8) $fill in the blank 0d2eaefd3faafeb_3 (12) $fill in the blank 0d2eaefd3faafeb_4 Feedback b. Journalize the entry to record the payroll accrual. If an amount…
Sümmary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitt Earnings: 1. At regular rate 2. At overtime rate $57,500 3. Total earnings Deductions: 4. Social security tax 23,040 I. 5. Medicare tax 5,760 6. Federal income tax withheld 97,800 7. Medical insurance 13,200 8. Union dues 9. Total deductions 142,000 10. Net amount paid 242,000 Accounts debited: 11. Factory Wages 203,500 12. Sales Salaries 13. Office Salaries 76,800
Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Federal income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $fill in the blank 87b534fc705303d_1 (3) $fill in the blank 87b534fc705303d_2 (8) $fill in the blank 87b534fc705303d_3 (12) $fill in the blank 87b534fc705303d_4 b. Journalize the entry to record the payroll accrual. If an amount box does not require…
he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tax Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 22,000 $1,700 23,700 $128,400 $4 54,000 4,200 68200 128,400 %24
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes…
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $66,000 3. Total earnings ? Deductions: 4. Social security tax 37,560 5. Medicare tax 9,390 6. Income tax withheld 130,000 7. Medical insurance 21,910 8. Union dues ? 9. Total deductions 205,610 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries ? 13. Office Salaries 100,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. On December 19, journalize the entry to record the payroll accrual.* C. On December 20, journalize the entry to record the payment of the payroll.
> So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).