Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help!!!! can't figure this out Spechupu entry to record the payment of wages. half for hours ards and LO 1, 2, 3, 4, 5 .

help!!!! can't figure this out

image text in transcribed

Spechupu entry to record the payment of wages. half for hours ards and LO 1, 2, 3, 4, 5 . 21 is shown Williams Company pays its employees time-and-a-half PROBLEM 7-3B Williams Company pays railable from time records worked in excess of 40 per week. The informatio period ended September 21 is she employees' individual earnings records for the pay per in the following chart: Daily Time Income Tax Allowances or Amount Name Bolt. D. $252.30 Earnings at End of Previous Week 6,745.00 136,240.00 32,730.00 117,560.00 35,154.00 29,938.00 6,795.00 27,252.00 Dore, C. Gavle, A. Hale, R. Jilly, B. Karn, S. Ober, N. Wong, . $195.50 $291.25 Pay Rate 25.00 49.50 24.50 40.00 49.50 80 20.50 8 21.00 108 8 0 20.00 80 8 8 8 8 8 8 8 Check Figure mount, 8,869.10 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3 (pages 293-294). The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. 1, 3, 4, 5 ..... PROBLEM 7-4B The information for Best Sports Company, shown in the chart on the next page, is available from Best Sports' time records and employees' individual earnings records for the pay period ended December 29

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

Case Studies In Forensic Accounting And Fraud Auditing

Authors: Professor D. Larry Crumbley, Wilson LaGraize, Christopher E. Peters

2nd Edition

0808041932, 978-0808041931

More Books

Students also viewed these Accounting questions

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago

Question

b. Did you suppress any of your anger? Explain.

Answered: 1 week ago