Larry Walsh is general manager of Moonwalk Salons. During 2024, Walsh worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Walsh's federal income tax withheld during 2024 was $1,632 per month, plus $5,222 on his bonus check. State income tax withheld came to $110 per month, plus $60 on the bonus. FICA tax was withheld on the annual earnings. Walsh authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $15 per month.. Requirement 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Walsh's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done ... - X Moonwalk incurred payroll tax expense on Walsh for FICA tax. The company also paid state unemployment tax and federal unemployment tax. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirements 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute Moonwalk's total 2024 payroll tax expense for Walsh. 3. Make the journal entry to record Moonwalk's expense for Walsh's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Walsh's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done - X The following transactions of Lexington Pharmacies occurred during 2023 and 2024: i (Click the icon to view the transactions.) Journalize the transactions in Lexington's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2023: Purchased computer equipment at a cost of $13,000, signing a six-month, 7% note payable for that amount. Accounts Debit Credit Date Jan. 9 (...) More info Jan. 9, 2023 Jan. 29, 2023 Feb. 5, 2023 Jul. 9, 2023 Aug. 31, 2023 Dec. 31, 2023 Dec. 31, 2023 Feb. 28, 2024 Purchased computer equipment at a cost of $13,000, signing a six-month, 7% note payable for that amount.. Recorded the week's sales of $68,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Sent the last week's sales tax to the state. Paid the six-month, 7% note, plus interest, at maturity. Purchased merchandise inventory for $3,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 3% of sales of $607,000. Accrued interest on all outstanding notes payable. Paid the six-month 10% note, plus interest, at maturity. Print Done X The following transactions of Brooks Garrett occurred during 2024: i (Click the icon to view the transactions.) Requirements 1. Journalize required transactions, if any, in Garret's general journal. Explanations are not required. 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0? Requirement 1. Journalize required transactions, if any, in Garret's general journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. For transactions that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Apr. 30: Garret is party to a patent infringement lawsuit of $160,000. Garret's attorney is certain it is remote that Garret will lose this lawsuit. Date Accounts Debit Credit Apr. 30 More info Apr. 30 Jun. 30 Jul. 28 Sep. 30 Dec. 31 Garret is party to a patent infringement lawsuit of $160,000. Garret's attorney is certain it is remote that Garret will lose this lawsuit. Estimated warranty expense at 3% of sales of $390,000. Warranty claims paid in the amount of $6,100. Garret is party to a lawsuit for copyright violation of $90,000. Garret's attorney advises that it is probable Garret will lose this lawsuit. The attorney estimates the loss at $90,000. Garret estimated warranty expense on sales for the second half of the year of $480,000 at 3%. Print - X Done Larry Walsh is general manager of Moonwalk Salons. During 2024, Walsh worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Walsh's federal income tax withheld during 2024 was $1,632 per month, plus $5,222 on his bonus check. State income tax withheld came to $110 per month, plus $60 on the bonus. FICA tax was withheld on the annual earnings. Walsh authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $15 per month.. Requirement 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Walsh's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done ... - X Moonwalk incurred payroll tax expense on Walsh for FICA tax. The company also paid state unemployment tax and federal unemployment tax. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirements 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute Moonwalk's total 2024 payroll tax expense for Walsh. 3. Make the journal entry to record Moonwalk's expense for Walsh's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Walsh's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done - X The following transactions of Lexington Pharmacies occurred during 2023 and 2024: i (Click the icon to view the transactions.) Journalize the transactions in Lexington's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2023: Purchased computer equipment at a cost of $13,000, signing a six-month, 7% note payable for that amount. Accounts Debit Credit Date Jan. 9 (...) More info Jan. 9, 2023 Jan. 29, 2023 Feb. 5, 2023 Jul. 9, 2023 Aug. 31, 2023 Dec. 31, 2023 Dec. 31, 2023 Feb. 28, 2024 Purchased computer equipment at a cost of $13,000, signing a six-month, 7% note payable for that amount.. Recorded the week's sales of $68,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Sent the last week's sales tax to the state. Paid the six-month, 7% note, plus interest, at maturity. Purchased merchandise inventory for $3,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 3% of sales of $607,000. Accrued interest on all outstanding notes payable. Paid the six-month 10% note, plus interest, at maturity. Print Done X The following transactions of Brooks Garrett occurred during 2024: i (Click the icon to view the transactions.) Requirements 1. Journalize required transactions, if any, in Garret's general journal. Explanations are not required. 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0? Requirement 1. Journalize required transactions, if any, in Garret's general journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. For transactions that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Apr. 30: Garret is party to a patent infringement lawsuit of $160,000. Garret's attorney is certain it is remote that Garret will lose this lawsuit. Date Accounts Debit Credit Apr. 30 More info Apr. 30 Jun. 30 Jul. 28 Sep. 30 Dec. 31 Garret is party to a patent infringement lawsuit of $160,000. Garret's attorney is certain it is remote that Garret will lose this lawsuit. Estimated warranty expense at 3% of sales of $390,000. Warranty claims paid in the amount of $6,100. Garret is party to a lawsuit for copyright violation of $90,000. Garret's attorney advises that it is probable Garret will lose this lawsuit. The attorney estimates the loss at $90,000. Garret estimated warranty expense on sales for the second half of the year of $480,000 at 3%. Print - X Done