JOURNAL Janet Jones works for Holzer Medical Center as a nurse. Her gross wages for the month were $2500.00. - Use the date of May 30, 2017, prepare the journal entries for Janet's payroll expense, - Use the date of May 30, 2017, prepare the journal entries for Hoizer's portion of Janet's payroll expense. - Please use the journal paper on the following page to record the entries. 1. Federal Tax in the amount of $500.00 was withheld from Janet's payroll. 2. State Tax in the amount of $100.00 was withheld from Janet's payroll. 3. Janet's payroll is subject to social security taxes at an assumed rate of 6.5% and Medicare/Medicaid at an assumed 1.5% rate. She has not exceeded the annual base for social security taxes. 4. Holzer pays for health care insurance at 90% for the $600 monthly premium. Janet pays 10% of the $600.00 monthly premium. 5. Holzer pays worker's compensation insurance at a 4% rate. Janet pays none of this. 6. Janet participates in a tax sheltered deferred savings plan and she has 7% of her gross pay withheld each month. Holzer provides a 100% matching contribution. 7. Janct gives 35.00 to a Secret Santa charity. 8. Holzer's payroll is subject to federal (0.5%) and state (1.5\%) unemployment taxes on each employee up to $8000 per year. So far this year, Janet has had $6000 of gross earnings in the months prior to this pay. 1. Ranger Boots invested $100,000 in 5 year bonds issued by Big Brick Company. The bonds were purchased at par on Jenuary 1, 2017, and bear interest at a rate of 6% per annum, payable sernlannually. (a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the journal entry that Ranger would record at maturity of the bonds. 2. Fast Computing invested $100,000 face amount of 6 year bonds issued by Little Micro Chip Company on January 1, 2017. The bonds were purchased at 102, and bear interest at a stated rate of 6% per annum payable semiannually. (a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the journal entry that Ranger would record at maturity of the bonds. 3. Well Mart Stores invested $100,000 face amount of 4 year bonds issued by Yummy Food Supply Company on January 1, 2017. The bonds were purchased at 97 , and bear interest at a stated rate of 6% per annum, payable semiannually. a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the joumal entry that Ranger would record at maturity of the bonds. Use the journal paper on the next pages to complete these 3 bond problems. IAIDEA I Discount JOURNAL JOURNAL Janet Jones works for Holzer Medical Center as a nurse. Her gross wages for the month were $2500.00. - Use the date of May 30, 2017, prepare the journal entries for Janet's payroll expense, - Use the date of May 30, 2017, prepare the journal entries for Hoizer's portion of Janet's payroll expense. - Please use the journal paper on the following page to record the entries. 1. Federal Tax in the amount of $500.00 was withheld from Janet's payroll. 2. State Tax in the amount of $100.00 was withheld from Janet's payroll. 3. Janet's payroll is subject to social security taxes at an assumed rate of 6.5% and Medicare/Medicaid at an assumed 1.5% rate. She has not exceeded the annual base for social security taxes. 4. Holzer pays for health care insurance at 90% for the $600 monthly premium. Janet pays 10% of the $600.00 monthly premium. 5. Holzer pays worker's compensation insurance at a 4% rate. Janet pays none of this. 6. Janet participates in a tax sheltered deferred savings plan and she has 7% of her gross pay withheld each month. Holzer provides a 100% matching contribution. 7. Janct gives 35.00 to a Secret Santa charity. 8. Holzer's payroll is subject to federal (0.5%) and state (1.5\%) unemployment taxes on each employee up to $8000 per year. So far this year, Janet has had $6000 of gross earnings in the months prior to this pay. 1. Ranger Boots invested $100,000 in 5 year bonds issued by Big Brick Company. The bonds were purchased at par on Jenuary 1, 2017, and bear interest at a rate of 6% per annum, payable sernlannually. (a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the journal entry that Ranger would record at maturity of the bonds. 2. Fast Computing invested $100,000 face amount of 6 year bonds issued by Little Micro Chip Company on January 1, 2017. The bonds were purchased at 102, and bear interest at a stated rate of 6% per annum payable semiannually. (a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the journal entry that Ranger would record at maturity of the bonds. 3. Well Mart Stores invested $100,000 face amount of 4 year bonds issued by Yummy Food Supply Company on January 1, 2017. The bonds were purchased at 97 , and bear interest at a stated rate of 6% per annum, payable semiannually. a) Prepare the journal entry to record the initial investment on January, 2017. (b) Prepare the journal entry that Ranger would record on each interest date. (c) Prepare the joumal entry that Ranger would record at maturity of the bonds. Use the journal paper on the next pages to complete these 3 bond problems. IAIDEA I Discount JOURNAL
