Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Assume that the social security tax rate is 6 % and the Medicare tax rate is 1 . 5 % . In the following summary

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 $72,800
3. Total earnings ?
Deductions:
4. Social security tax 29,160
5. Medicare tax 7,290
6. Federal income tax withheld 123,800
7. Medical insurance 16,700
8. Union dues ?
9. Total deductions 180,000
10. Net amount paid 306,000
Accounts debited:
11. Factory Wages 257,600
12. Sales Salaries ?
13. Office Salaries 97,200
Question Content Area
a. Determine the amounts omitted in lines (1),(3),(8), and (12).
(1) $fill in the blank cf74a8010ff2fa2_1
(3) $fill in the blank cf74a8010ff2fa2_2
(8) $fill in the blank cf74a8010ff2fa2_3
(12) $fill in the blank cf74a8010ff2fa2_4
Question Content Area
b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank.
blank
Question Content Area
c. Journalize the entry to record the payment of the payroll. If an amount box does not require an entry, leave it blank.
blank

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_2

Step: 3

blur-text-image_3

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

College Accounting A Career Approach

Authors: Cathy J. Scott

13th edition

1337280569, 978-1337607773, 1337607770, 978-1337516525, 133751652X, 978-1337668026, 978-1337280563

More Books

Students explore these related Accounting questions