Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help find discrepancy and solve. Park Company had the following partially completed payroll register: (Click the icon to view the partial payroll register.) (Click
please help find discrepancy and solve.
Park Company had the following partially completed payroll register: (Click the icon to view the partial payroll register.) (Click the icon to view payroll tax rate information.) Read the requirements. More Info - X Requirement 1. Complete the payroll register. Round to two decimals. (Round all amounts to the nearest cent. Abbreviations used: Beg. = Begin With. = Withholdings; Chk = Check.) Earnings Withholdings For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Salaries Employee: and Chk Wages Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. No. Exp. Beg. Current Ending Cum. Period Cum. Earn. Earn. Earn. OASDI $ 79,000 $ 4,100 83,100||| 254.20 111,600 7,100 118,700 440.20| 42,000 3,300 45,300| 204.60 65,000 3,100 68,100| 192.20 0 5,000 5,000|| 310.00 $ 297,600 $ 22,600 | 320,200||| 1401.20|| Income Health United Total Net Med. Tax Ins. Way With. Pay 59.45 $ 410 $ 82 $ 40 8 45.65||| 3,254.35 102.95 1,775 142 5 2,465.15 || 4,634.85 47.85 3 30 66 0 648.45 2,651.55 44.95 7 75 62 15 1089.15 | 2,010.85 72.50 1,250 100 0 1,732.50|| 3,267.50 327.70 $ 4,540 $ 452 $ 606,470.9 | 15,819.06 Print Done 801 802 803 804 805 4,100) 7,100 3,300 ,100 5,000 22,600 3 nd all amounts to the nearest cent. Record debits first, then credits. Select the explanation on the last line of the journal entry Requirement 2. Journalize Park Company's salaries and wages expense accrual for the current pay peric table.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started