Question
Following are some transactions and events of Business Solutions Feb. 26 The company paid cash to Lyn Addie for eight days' work at $145 per
Following are some transactions and events of Business Solutions |
Feb. 26 | The company paid cash to Lyn Addie for eight days' work at $145 per day. |
Mar. 25 | The company sold merchandise with a $2,082 cost for $2,860 on credit to Wildcat Services, invoice dated March 25. |
Required: |
1. | Assume that Lyn Addie is an unmarried employee. Her $1,160 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $116. 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.) Record the payroll expenses and liabilities for the eight days work paid on February 26.
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