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SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions. Februery 26 The conpany paid
SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions. Februery 26 The conpany paid cash to Lyn Addite for eight days' work at 5120 per day, Karch 25 the company sold merchandise with a $2,180 cost for $3, 5ee on credit to Wildcat services, invoice dated karch 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FiCA Social Security toxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total \$96. Compute her net pay for the eight days' work paid on February 26 2. Record the journal entry to reflect the payroll poyment to Lyn Addie as computed in part 1 3. Record the joumal entry to reflect the (employen 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 54% 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. Required: 1. Assume that Lyn Addie is an unmarried employee, Her 5960 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 $96. 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 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). 4. Record the entries for the merchancise 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 $960 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 596 . Compute her net pay for the eight days' work paid on. February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.) Jrnal enury vorksnete Record the payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Journal entry worksheet Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Journal entry worksheet Record the sales revenue of $3,500 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debits bofore credits. Journal entry worksheet Record the cost of goods sold of $2,100. Note: Enter debits before creditn
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