Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Following are some transactions and events of Business Solutions 100 noints ebook Feb 26 The company paid cash to yn Addie for tight days

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
1 Following are some transactions and events of Business Solutions 100 noints ebook Feb 26 The company paid cash to yn Addie for tight days work at $150 per day. Mar 25 The company told merchandise with a 32,100 cost for $3.100 on credit to wildcat Services, Invoice dated March 25 Required: 1. Assume that lyn Addie is an unmarried employee Her $1,200 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $120. Compute hernet pay for the eight days' work paid on February 26 (Round your answer to 2 decimal places. Do not round Intermediate calculations.) 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1 (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 3. Record the journal entry to reflect the employen payroll tax expenses for the February 26 payroll payment Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 06% and the SUTA rate is 5:4 for the company (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies (Round your answers to the neprest whole dollar) elences Complete this question by entering your answers in the tebs below. Required Required 2 Required Required 4 Assume that Lyn Addie is an unmarried employee: Her $1,200 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxen. Her federal income taxes for this pay period total $120. Computer her net pay for the eight days' work paid on February 26. Natpay itaquired 2 > ME GW NON 1 Required 1 Required 2 Required 3 Required 4 Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 00 ints View transaction list eBook Journal entry worksheet Print References Record the sales revenue of $3,100 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold Note: Enter debits before credito General Journal Date Mar 25 Debit Credit Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cengage Learnings Online General Ledger For Heintz/parrys College Accounting, 2, 2 Terms (12 Months)

Authors: James A. Heintz, Robert W. Parry

22nd Edition

1305669991, 9781305669994

More Books

Students also viewed these Accounting questions