Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the general journal entries please use these terms: Cash Delivery Wages Employee income tax paable Interest expense Interest paable Medicare tax payable Notes payable

image text in transcribed

image text in transcribed

For the general journal entries please use these terms:

Cash Delivery Wages Employee income tax paable Interest expense Interest paable Medicare tax payable Notes payable Office wages Petty cash Prepaid expenses Rent expense Sales salaries Salaries expense Sales tax payable Soical security tax payable Utilities expense Wages payable

image text in transcribed

PLEASE USE THESE TERMS FOR THE JOURNAL ENTRY.

Cash Delivery Wages Employee income tax paable Interest expense Interest paable Medicare tax payable Notes payable Office wages Petty cash Prepaid expenses Rent expense Sales salaries Salaries expense Sales tax payable Soical security tax payable Utilities expense Wages payable

image text in transcribed

image text in transcribed

Please make sure all 3 parts are answered. Thank you. I will upvote and give a good review. :)

Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below. Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 15-21 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate Hours Regular Marital Withholding Cumulative Worked Hourly Rate Status Allowances Earnings $32,860 57,300 53,972 26,620 Employee Gloria Bahamon Alex Garcia Ron Price Sara Russell 16.70 28.50 26.90 13.70 4 43 49 40 Required 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $122,700 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Eigure 10.2b to determine the withholding for Russell. Withholdings are $112.00 for Bahamon, $323.00 for Garcia, and $258 for Price. Enter the figures in the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll register 7. Total and prove the payroll register. Bahamon and Russell are office workers. Garcia and Price are delivery workers 8. Prepare a general journal entry to record the payroll for the week ended December 21, 2019 9. Prepare a general journal entry on December 23 to summarize payment of wages for the week. Analyze What percentage of total taxable wages was delivery wages? Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below. Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 15-21 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate Hours Regular Marital Withholding Cumulative Worked Hourly Rate Status Allowances Earnings $32,860 57,300 53,972 26,620 Employee Gloria Bahamon Alex Garcia Ron Price Sara Russell 16.70 28.50 26.90 13.70 4 43 49 40 Required 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $122,700 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Eigure 10.2b to determine the withholding for Russell. Withholdings are $112.00 for Bahamon, $323.00 for Garcia, and $258 for Price. Enter the figures in the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll register 7. Total and prove the payroll register. Bahamon and Russell are office workers. Garcia and Price are delivery workers 8. Prepare a general journal entry to record the payroll for the week ended December 21, 2019 9. Prepare a general journal entry on December 23 to summarize payment of wages for the week. Analyze What percentage of total taxable wages was delivery wages

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

ISE Fundamentals Of Cost Accounting

Authors: William N. Lanen, Shannon Anderson, Michael W. Maher

7th Edition

1265117705, 9781265117702

More Books

Students also viewed these Accounting questions

Question

In Problems 91114, solve each equation. log 8 x = 6

Answered: 1 week ago

Question

What lifestyle traits does your key public have?

Answered: 1 week ago