Question
PLEASE ANSWER QUESTIONS FROM CHAPTER 9. COMPLETE QUESTION IS IN FILE ATTACHED. Feb. 26 The company paid cash to Lyn Addie for eight days? work
PLEASE ANSWER QUESTIONS FROM CHAPTER 9. COMPLETE QUESTION IS IN FILE ATTACHED. Feb. 26 The company paid cash to Lyn Addie for eight days? work at $125 per day. Mar. 25 The company sold merchandise with a $2,062 cost for $2,860 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $100. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare. Compute her net pay for the eight days? work paid on February 26. (Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Net pay $ 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Debit Credit Feb. 26 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA?the FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Debit Credit Feb. 26 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Debit Credit Mar. 25
Following are the some transactions and events of Business Solutions. Feb. 26 Mar. 25 The company paid cash to Lyn Addie for eight days' work at $125 per day. The company sold merchandise with a $2,062 cost for $2,860 on credit to Wildcat Services, invoice dated March 25. Required: 1 Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $100. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare. Compute her net pay for the eight days' work paid on February 26. (Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Net pay $ Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) 2 Date Feb. 26 General Journal Credit Debit Credit Debit Credit Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTAthe FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) 3 Date Feb. 26 General Journal (Click to select) Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) 4 Date Mar. 25 Debit (Click to select) General Journal (Click to select) (Click to select) (Click to select)Step by Step Solution
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