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please help I need this assignment completed in excel format preffered by next wednesday CHAPTER 8 HOMEWORK NAME: Part A: Candlelight Corporation, whose fiscal year

please help I need this assignment completed in excel format preffered by next wednesday

image text in transcribed CHAPTER 8 HOMEWORK NAME: Part A: Candlelight Corporation, whose fiscal year ended June 30, 2014, completed the following transactions involving notes payable: REQUIRED 1. Prepare journal entries for the notes payable transactions. Part B: The payroll register for Candlelight Corporation contained the following totals at the end of July: wages, $278,250; federal income taxes withheld, $71,163; state income taxes withheld, $11,727 ; Social Security tax withheld, $17,253; Medicare tax withheld, $4,035; medical insurance deductions, $9,600 ; and wages subject to unemployment taxes, $171,720. REQUIRED 1. Prepare journal entries to record the 1. monthly payroll and 2. employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of .8% , a state unemployment tax of 5.4%, and medical insurance premiums for which the employer pays 80% of the cost. 3. If Candlelight Corp. is planning to hire a new employee for a salary of $2,000 per month, approximately how should the company budget per month for the total cost of this new employee CHAPTER 7 HOMEWORK Part A: Notes Payable General Journal Date Description 2014 May 21 60 days, 14% note given to supplier in settlement of trade account payable June 30 To accrue interest expense at the end of the year July 20 Paid note plus interest Debit Credit CHAPTER 8 HOMEWORK NAME: 1. & 2. Transactions recorded a. 2014 July 31 To record the payroll b. July 31 To record payroll expenses Computations: - = = = = 3. Cost of new employee estimated CANDLELIGHT incurred $ in payroll taxes and benefits on payroll expenses of $ , or percent. Thus, for a new $2,000-per-month position, $ [$ + ($ 0. ) ] should be budgeted. 416

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