Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Print Item Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At

image text in transcribed
image text in transcribed
eBook Print Item Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2 2. At overtime rate $61,300 3. Total earnings 2 Deductions: 4. Social security tax 24.480 5. Medicare tax 6,120 6. Income tax withheld 104,200 7. Medical Insurance 14,100 8. Union dues 7 9. Total deductions 151,000 $257,000 10. Net amount paid Accounts debited 11. Factory Wages 12. Sales Sales 13. Office Salaries 216,200 2 31,600 a. Calculate the amounts omitted in lines (1), (3), (8), and (12) Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5% (1) (3) (8) (12) b. Journalize the entry to record the payroll accrual If an amount box does not require an entry, leave it blank, Check My Work 2 more Check My Working 10. Net amount paid $257,000 Accounts debited: 216,200 2 11. Factory Wages 12. Sales Salaries 13. Office Salaries 81,600 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5% es (8) (12) b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank C. Joumalize the entry to record the payment of the payroll Check My Work more Check My Works remaining Assignment Score: 12.5% All work saved MacBook Pro

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

Financial Accounting

Authors: W. Steven Albrecht, James D. Stice, Earl Kay Stice, K. Fred Skousen, Albrecht S.E.

8th Edition

0324066708, 978-0324066708

More Books

Students also viewed these Accounting questions

Question

=+1. Who is responsible for CSRfirms or their stakeholders? Why?

Answered: 1 week ago