Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question No.02: Tarek's regular hourly wage is $10 an hour. She receives overtime pay at the rate of time and a half. Tarek is paid

image text in transcribed
Question No.02: Tarek's regular hourly wage is $10 an hour. She receives overtime pay at the rate of time and a half. Tarek is paid every two weeks. For the first pay period in January, Tarek worked 90 hours of which 10 were overtime hours. Tarek's income tax withholding is 10% and his pension contribution is $100. Tarek has authorized that $50 saving be withheld from his check each pay period for savings bonds. Instructions: Compute Tarek's gross earnings and net pay for the pay period showing each payroll deduction in arriving at net pay. Question No.03: Indiana Company had the following selected transactions. Feb: Signs a $50,000, 6-month, 9%-interest-bearing note payable to Citi Bank and receives $50,000 in cash. 1 10 Cash register sales total $32,400, which includes an 8% sales tax. Wood Company retired $600,000 face value, 9% bonds on Feb 28, 2019, at 95. The 28 carrying value of the bonds at the redemption date was $610,000, Instructions: Journalize the February transactions

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

Executive Roadmap To Fraud Prevention And Internal Control Creating A Culture Of Compliance

Authors: Joel T. Bartow, Martin T. Biegelman

2nd Edition

1118004582, 9781118004586

More Books

Students also viewed these Accounting questions

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago