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Et Erin Berge's regular hourly wage rate is S 18, and she receives a wage of 1% times the regular hourly rate for work in
Et Erin Berge's regular hourly wage rate is S 18, and she receives a wage of 1% times the regular hourly rate for work in excess 40 hours. During a March weekly pay period, Erin worked 42 hours. Her gross earnings prior to the current week were $6,000.Er is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $20 p week. Assume federal income tax withheld is $76. Instructions a. Compute the following amounts for Erin's wages for the current week 2-FICA taxes (based on a 7.65% rate). 3, State income taxes withheld (based on a 3% rate). 4. Net pay. b. Record Erin's pay Journal Entry. E-2 Charlene Tilson and Jade Petricka decide to organize the Petson partnership. Tilson invests $15,000 cash, and Petri contributes $12.000 cash and two assets from her sole proprietorship (accounts receivable $9,000 less allowance for doub accounts $I,000, and land having a book value of $7,000). Instructions Prepare the entry to record the investment in the partnership, assuming the net realizable value of the receivables is $7.500 and land has a fair value of $10,000. E-3 Matt & Daveson Co. reports net income of $51,000. Interest allowances are Matt $8,000 and Daveson $10,000, sal allowances are Matt $30,000 and Daveson $20,000, and the remainder is shared equally. Show the division of net income. E-4 The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The ince ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for LR Company Compan Cisneros, Gunselman, ltem Cash + Assets-Liabilities+CapitalCapital 2 Balances before liquidation 15,000 $0,00040,00020,000 32,000 13,000 Sale of noncash asets New balances New belances 4 t Final balances
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