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Ch 3 PR 3-8 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7 , the
Ch 3 PR 3-8 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7 , the 40 th week in the year, show the following: Required: 1. Complete a work sheet with the following column headings: Employee 3 columns for Earnings for Week: - Use one for Regular Pay. - Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.) - Use one for Total for Week. Total Earnings through 40th Week FICA Taxable Earnings FICA Income Tax Withheld Net Earnings 2. Prepare journal entries for the following: a. Payroll for the 40th week. b. Payment of payroll for the week. c. Distribution of the payroll costs, assuming that overtime premium is charged to all jobs worked on during the period. d. Employer's payroll tax liability. 3. The company carries a disability insurance policy for the employees at a cost of $15 per week for each employee. Journalize the employer's cost of insurance premiums for the week. Problem 3-8
Ch 3 PR 3-8
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Solution Part 1 Payroll Worksheet The worksheet includes columns for Regular Pay Overtime Premium Pa...Get Instant Access to Expert-Tailored Solutions
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