In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings:
Question:
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).
b. Journalize the entry to record the payroll accrual.
c. Journalize the entry to record the payment of the payroll.
Step by Step Answer:
a Summary 1 460000 3 540000 8 6750 12 135000 Net amount paid 338850 Tot...View the full answer
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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