question 8

SP 9 Serial Problem Business Solutions (Static) LO P2, P3, C2 Following are some transactions and events of Business Solutions. Tebruary 26 the cospany paid cash to Lyn Addie for elght days' work at $125 per day. March 25 the coopany nold merchandies with a $2,002 cost for $2,800 on credit to wildeat services, involce dated March 25 . Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FiCA Social Security taxes, FiCA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total \$159. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tox expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FiCA Medicate taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight deys' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.) Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1 . (Round your answers to 2 decimal places not round intermediate calculations.) Journal entry worksheet Record the payrolhexpenses and liabilities for the eight days' work paid on February 26. Record the joumal 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 0.6% and the SUTA rate is 5.4% for the company). (Round your answers to 2 decimal places. Do not round intemediate calculations.) Journal entry worksheet Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26 . Note: Ener debits before credits. Journal entry worksheet Record the sales revenue of $2,800 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debils before oredits