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Following are some transactions and events of Business Solutions. Pebruary 26 The company paid cash to Lyn Addie for eight days work at $140 per
Following are some transactions and events of Business Solutions. Pebruary 26 The company paid cash to Lyn Addie for eight days work at \$140 per day. March 25 The company sold merchandise with a $2,600 cost for $3,500 on credit to wildoat Services, invoice dated Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income toxes. Her federal income taxes for this pay period totai $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 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). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below. Assume that Lyn Addie is an unmarried employee. Her $1,120 of woges have deductions for FicA 50lal Security taxes, FiCA Medicare taxes, and federat income taxes. Her federal income toxes for this pay period total $12. Compute her net pay for the elght days' work paid on February 26. (Round your answer to 2 decimal plactis. Do not round intermediste-aict pay for February 26 The company paid carh to Lyn Addie for eight days work at $140 per day, Mareh 25 The company sold merohandime with a $2,600 cost for $3,500 on credit to wildcat services, invoice date March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 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 $112. Compute her net pay for the days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addi not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. not round intermediate calculations.) Record the journal entry to refiect 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.) Journal entry worksheet Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26. Notes Enter debits belore credith. Record the entries for the merchandisa sold on March 25 if a 4% sales tax rate appliesi. (Round your answers to the nearest whole dollar:) Journal entry worksheet Fecord the sales revenue of $3,500 on account to Wildcat Services tagether with 4% sales tax on every dollar of merchandise sold. zecord the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to the nearest whole lotian) Journal entry worksheet Record the cost of goods sold of $2,600. Niate: Enter debets before credits. SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions. Pebruary 26 The compaby paid canh to tya nddie for eight days' work at $140 per day. Karch 25 The cospany mold merehadilse with a $2,600 cost for 53,500 on credit to Wildeat Servieeal, invoiee dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 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 $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll poyment to Lyn Addie as computed in part 1 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). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers In the tabs below
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