Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Answer as Formatted Thank You!! Required: 1. Complete a work sheet with the following column headings: Employee 3 columns for Earnings for Week: -

Please Answer as Formatted Thank You!!
image text in transcribed
image text in transcribed
image text in transcribed
Required: 1. Complete a work sheet with the following column headings: Employee 3 columns for Earnings for Week: - Use one for Regular Pay. - Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.) - Use one for Total for Week. Total Earnings through 40th Week FICA Taxable Earnings FICA Income Tax Withheld Net Earnings 2. Prepare journal entries for the following: a. Payroll for the 40 th week. b. Payment of payroll for the week. c. Distribution of the payroll costs, assuming that overtime premium is charged to all jobs worked on during the period. d. Employer's payroll tax liability. 3. The company carries a disability insurance policy for the employees at a cost of $15 per week for each employee. Journalize the employer's cost of insurance premiums for the week. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Employeo } & \multicolumn{3}{|c|}{ Earnings per Weok } & \multirow{2}{*}{TotalEarningsThrough40thWook} & \multirow{2}{*}{FICATaxabloEarnings} & \multirow[b]{2}{*}{ FICA } & \multirow{2}{*}{IncomeTaxWithheld} & \multirow[b]{2}{*}{NetEamings} \\ \hline & Regular & OvertimePromium & Total & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{AllonDevine}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Fiorelli } \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{OClockOReilly}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Panlukiewicz } \\ \hline \multicolumn{9}{|l|}{ Surdick } \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{TrebblWebb}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \end{tabular} 2. GENERAL JOURNAL \begin{tabular}{|c|c|c|c|} \hline & Account Title & Debit & Credit \\ \hline \multirow[t]{4}{*}{ a. } & Payroll & & \\ \hline & FICA Tax Payable & & \\ \hline & Emplorees income Tax Parable & & \\ \hline & Wages Payable & & \\ \hline \multirow[t]{3}{*}{ b. } & Wages Payabie & & \\ \hline & Cash & & \\ \hline & & & \\ \hline \multirow[t]{4}{*}{ c. } & Work in Procoss & & \\ \hline & Factory Overhead & & \\ \hline & Administrative Salaries & & \\ \hline & Payroll & & \\ \hline \multirow[t]{6}{*}{ d. } & Factory Oyerhead & & \\ \hline & Payroll Taxes Expenso - Administrative Salaries & & \\ \hline & FICA Tax Payable & & \\ \hline & SUTA Tax Payable & & \\ \hline & FUTA Tax Payable & & \\ \hline & & & \\ \hline \end{tabular} 3. \begin{tabular}{|l|l|l|l|} \hline & Factory Overhoad & & \\ \hline & Disability Insurance Expense-Admin Salaries & & \\ \hline & Disability insurance Payade & & \\ \hline & & & \\ \hline \end{tabular} RATES FICA FUTA SUTA 0.08 0.01 0.04 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7 , the 40 th week in the year, show the following

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_2

Step: 3

blur-text-image_3

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

Auditing A Quality System For The Defense Industry

Authors: Charles B. Robinson

1st Edition

0873890787, 978-0873890786

More Books

Students also viewed these Accounting questions