Instruction An employee receives an hourly rate of $15, with time and a half for all...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Instruction An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Required: Journalize the entries for the payroll and the employer's payroll tax expense. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize the entries for the payroll and the employer's payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. 1 2 3 4 DATE DESCRIPTION JOURNAL PAGE 1 ACCOUNTING EQUATION LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS X Instruction An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Required: Journalize the entries for the payroll and the employer's payroll tax expense. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize the entries for the payroll and the employer's payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. 1 2 3 4 DATE DESCRIPTION JOURNAL PAGE 1 ACCOUNTING EQUATION LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS X
Expert Answer:
Answer rating: 100% (QA)
Here are the journal entries for the payroll and payroll tax expenses General J... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Please use excel spreadsheet. please Provide excel formulas used. If you don't use excel the problem will be wrong. please use excel. Fama's Llamas has a WACC of 9.4 percent. The company's cost of...
-
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal...
-
Please give me your views on this post. Please refrain from using the writer/author of this post. No first person. Downsizing results in force reduction, which can lead to a multitude of emotions for...
-
Willingham Company Ltd. has the following comparative statements of financial position data. WILLINGHAM COMPANY LTD. Statements of Financial Position December 31 Additional information for 2017: 1....
-
If a horizontal hyperbola and a vertical hyperbola have the same asymptotes, show that their eccentricities e and E satisfy e-2 + E-2 = 1.
-
On December 1 , 2 0 2 0 , Lili company add the following account balances debit cash 1 7 , 7 0 0 N . receivable 2 0 0 0 accounts receivable 7 4 0 0 inventory 1 6 , 6 0 0 prepaid insurance 1 6 0 0...
-
8. YOU BE THE JUDGE WRITING PROBLEM Cellwave was a limited partnership that applied to the Federal Communications Commission (FCC) for a license to operate cellular telephone systems. After the FCC...
-
Amanda M is a regional manufacturer and wholesaler of high-quality chocolate candies. The companys sales and collection process is as follows. Amanda M makes use of an enterprise-wide information...
-
Balcom Enterprises is planning to introduce a new product that will sell for $150 a unit. Manufacturing cost estimates for 25,500 units for the first year of production are: Direct materials $1,530...
-
Problem 9 (50 Points) An air-cooled aluminum heat sink is used to keep electronics cool (see image and diagram). The cooling requirements are being significantly increased. To increase the rate of...
-
As a consultant to a pension fund, you are asked whether the fund should continue to hire portfolio managers to manage its portfolios, or simply invest the proceeds in some specified indexes that are...
-
What is meant by the "work factor" associated with a cipher system? Explain the relationship between the work factor and the size of the cryptographic key.
-
Briefly explain the difference between conditional and unconditional action privileges. Give two examples of fields in an accounts receivable file where conditional action privileges might be...
-
Briefly explain the difference between a strong-algorithm cryptosystem and a long-key cryptosystem. Why did the U.S. National Bureau of Standards choose a strong-algorithm cryptosystem for the data...
-
How does the architecture of a cryptographic facility affect the method used to install cryptographic keys?
-
What is an information systems quality assurance project plan? Who should prepare the plan?
-
By multiplication, show that (x + y) is not equal to x3 + y3. How should (x+y) be multiplied?
-
Using the theoretical sampling strategy, how many samples of size 4 (n = 4) can be drawn from a population of size: (a) N = 5? (b) N = 8? (c) N = 16? (d) N = 50?
-
Information about Boarders is presented in E6-4. Additional data regarding Boarders sales of Xpert snowboards are provided below. Assume that Boarders uses a perpetual inventory system. Instructions...
-
Classify each of the following items as owners drawing (D), revenue (R), or expense (E). _______(a) Advertising expense _______(e) Bergman, Drawing _______(b) Commission revenue _______(f) Rent...
-
The cost of the trading securities of Cepeda Company at December 31, 2010, is $62,000. At December 31, 2010, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
-
On January 1, 2020, Frozen Yogart Inc. signed a 10 -year lease for its retail outlet. The lease payments, paid semiannually, are based upon semiannual sales and will equal \(5 \%\) of sales with a...
-
On January 1, 2020, Lessee Inc. leased equipment at an annual payment of \(\$ 85,099\) payable at the beginning of each year for 4 years. The equipment had a fair value of \(\$ 400,000\), a book...
-
Renewable Co. uses leasing as a secondary means of selling its products. The company contracted with Green Corporation to lease a machine with an economic life of 12 years to be used by Green...
Study smarter with the SolutionInn App