Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I don't know where I am going wrong M M MJ LU2 , 3, 2 Following are some transactions and events of Business Solutions. Feb.

image text in transcribed
image text in transcribed
image text in transcribed
I don't know where I am going wrong
M M MJ LU2 , 3, 2 Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,800 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,040 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 $104. 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 Addle 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 dollor.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. ere to search O em OOO Answer is complete but not entirely correct. 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. No Credit Date Mar 25 Debit 3,099 General Journal Accounts receivable-Wildcat services Sales taxes payable Eamed services revenue 124 3.100 Mar 25 2800 Cost of goods sold 2.800 Merchandise inventory Required 3

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

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions