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Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $120 per
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $120 per day. Mar. 25 The company sold merchandise with a $2,100 cost for $3,300 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.) 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.) 3. Record the journal entry to reflect the employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company. (Round your answers to 2 decimal places. Do not round intermediate calculations.) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. Net pay Required 1 Required 2 Required 3 Required 4 Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. View transaction list Journal entry worksheet Record the payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Date General Journal Debit Credit Feb 26 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Record the journal entry to reflect the employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company. View transaction list Journal entry worksheet 1 > Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Date General Journal Debit Credit Feb. 26 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. View transaction list Journal entry worksheet Record the sales revenue of $3,300 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debits before credits. General Journal Debit Credit Date Mar 25 Record entry Clear entry View general journal
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