Question
Payroll summary The following data for Flexco Inc. relate to the payroll for the week ended December 9: Employee Hours Worked Hourly Rate Weekly Salary
Payroll summary
The following data for Flexco Inc. relate to the payroll for the week ended December 9:
| Employee | Hours Worked | Hourly Rate | Weekly Salary | Federal Income Tax | U.S. Savings Bonds |
|---|---|---|---|---|---|
| Carlton | 52 | $50.00 | $667.00 | $60 | |
| Grove | $4,000 | 860.00 | 100 | ||
| Johnson | 36 | 52.00 | 355.68 | 0 | |
| Koufax | 45 | 58.00 | 578.55 | 44 | |
| Maddux | 37 | 45.00 | 349.65 | 62 | |
| Seaver | 3,200 | 768.00 | 120 | ||
| Spahn | 46 | 52.00 | 382.20 | 0 | |
| Winn | 48 | 50.00 | 572.00 | 75 | |
| Young | 43 | 54.00 | 480.60 | 80 |
Employees Grove and Seaver are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0% of each employees annual earnings, and Medicare tax is 1.5% of each employees annual earnings. The next payroll check to be used is No. 328.
Required:
Question Content Area
1. Prepare a payroll summary for Flexco Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round intermediate calculations and final answers to two decimal places.
| Employee | Total Hours | EARNINGS Regular | EARNINGS Overtime | EARNINGS Total | DEDUCTIONS Social Security Tax | DEDUCTIONS Medicare Tax | DEDUCTIONS Federal Income Tax | DEDUCTIONS U.S. Savings Bonds | Total | PAID Net Pay | PAID Ck. No. | ACCOUNTS DEBITED Sales Salaries Expense | ACCOUNTS DEBITED Office Salaries Expense |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carlton | 52 | $667.00 | $60.00 | 328 | |||||||||
| Grove | 860.00 | 100.00 | 329 | ||||||||||
| Johnson | 36 | 355.68 | 330 | ||||||||||
| Koufax | 45 | 578.55 | 44.00 | 331 | |||||||||
| Maddux | 37 | 349.65 | 62.00 | 332 | |||||||||
| Seaver | 768.00 | 120.00 | 333 | ||||||||||
| Spahn | 46 | 382.20 | 334 | ||||||||||
| Winn | 48 | 572.00 | 75.00 | 335 | |||||||||
| Young | 43 | 480.60 | 80.00 | 336 | |||||||||
| Totals |
Question Content Area
2. Journalize the entry to record the payroll for the week. If an amount box does not require an entry, leave it blank. When required, round your answers to two decimal places.
| blank | Account | Debit | Credit |
|---|---|---|---|
| blank | Medicare Tax ExpenseSalaries PayableSales Salaries ExpenseSocial Security Tax PayableU.S. Savings Bond Deductions Payable | ||
| Medicare Tax ExpenseOffice Salaries ExpenseSalaries PayableSocial Security Tax PayableU.S. Savings Bond Deductions Payable | |||
| CashOffice Salaries ExpenseSales Salaries ExpenseSocial Security Tax ExpenseSocial Security Tax Payable | |||
| CashMedicare Tax ExpenseMedicare Tax PayableOffice Salaries ExpenseSales Salaries Expense | |||
| CashEmployees Federal Income Tax ExpenseEmployees Federal Income Tax PayableOffice Salaries ExpenseSales Salaries Expense | |||
| CashOffice Salaries ExpenseSales Salaries ExpenseU.S. Savings Bond Deductions ExpenseU.S. Savings Bond Deductions Payable | |||
| Accounts ReceivableCashOffice Salaries ExpenseSalaries PayableSales Salaries Expense |
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