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Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a

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Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare a tabular summary for Betsy's employer to record (a) Betsy's pay for the period and (b) the payment of Betsy's wages. Use January 15 for the end of the pay period and the payment date. Assume that the FICA tax rate is 7.65%. Include margin explanations for the changes in revenues and expenses. (Round answers to 2 decimal places, e.g. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Salaries & Wages Pay. + Fed. Inc. Taxes Pay + FICA Taxes Jan. 15 $ 651.19 $ 95 $ Jan. 15 Llabilitles or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Auset, Liability or Equity Item that was reduced.) Stockholders' Egy FICA Taxes Pay + Expense Common Stock Revenue $ 6181 $ 0 Lobilities or Stockholders' Equity, place a negotive sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Retained Earnings Revenue Expense Dividend $ $ 0 Ticket revenue Salaries & wakes up Interest expense Sales revenue e Textbook and Media

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