Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Question 2 Requlred Information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities.

Question 1image text in transcribedQuestion 2image text in transcribedimage text in transcribedimage text in transcribed

Requlred Information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,6 of merchandise on credit from Locust, terms n/3. May 19 Replaced the April 2 account payable to Locust with a 90day,9%, $35, 0e note payable along with paying $4,0 in cash. July 8 Borrowed $6,60 cash from NBR Bank by signing a 120-day, 10\%, $60, 000 note payable. -? Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $36, ee cash from Fargo Bank by signing a 60-day, 6\%, $36, ee note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _? Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2 Note: Do not round Intermedlate colculatlons and round your flnal answers to nearest whole doller. Use 360 deys a year. On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places. On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Requlred Information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,6 of merchandise on credit from Locust, terms n/3. May 19 Replaced the April 2 account payable to Locust with a 90day,9%, $35, 0e note payable along with paying $4,0 in cash. July 8 Borrowed $6,60 cash from NBR Bank by signing a 120-day, 10\%, $60, 000 note payable. -? Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $36, ee cash from Fargo Bank by signing a 60-day, 6\%, $36, ee note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _? Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2 Note: Do not round Intermedlate colculatlons and round your flnal answers to nearest whole doller. Use 360 deys a year. On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places. On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,060 of federal income taxes, $1,370 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Requlred: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits

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

Step: 3

blur-text-image

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

Accounting Information Systems

Authors: George H. Bodnar, William S. Hopwood

8th Edition

0130861774, 9780130861771

More Books

Students also viewed these Accounting questions

Question

Why does a metal usually become thinner in the region of a bend?

Answered: 1 week ago