Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Corbins regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a

image text in transcribedCrane Corbins regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Crane works 45 hours. Cranes federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Cranes pay for the period and (b) the payment of Cranes wages. Use January 15 for the end of the pay period and the payment date.

Brief Exercise 11-08 Crane Corbin's regular hourly wage rate is $14, and she receives an hourly rate of s21 for work in excess of 40 hours. During a January pay period, Crane works 45 hours. Crane's federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Crane's pay for the period and (b) the payment of Crane's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 15 FICA Taxes Payable (b) Jan. 15

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

Guide To Audit Data Analytics

Authors: AICPA

1st Edition

1945498641, 978-1945498640

More Books

Students also viewed these Accounting questions