Accounting Questions

Joumalize Payroll Tax The payroll register of Castllla Heritage Co Indicates $1,200 of social security withheld and $300.00 of Medicare tax withheld on total salaries of $20,000 for the period. Earnings of $5,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. v UidU ' Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours In excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $557. a. Determine the gross pay for the week. If applicable, round your nal answer to two decimal places. b. Determine the net pay for the week. D Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $346,000 for January. On February 7, a customer received warranty repairs requiring $260 of parts and $70 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.Entries for notes payable Bennett Enterprises issues a $804,000, 45-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollanlf an amount box does not require an entry, |eave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. v v 4 i Wm UJ b. Joumalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1' v V