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Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Summary Payroll Data In the following
Summary Payroll Data
In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $65,200 3. Total earnings ? Deductions: 4. Social security tax 26,100 5. Medicare tax 6,525 6. Income tax withheld 110,800 7. Medical insurance 15,000 8. Union dues ? 9. Total deductions 161,000 10. Net amount pald $274,000 Accounts debited: 11. Factory Wages 230,600 12. Sales Salaries ? 13. Office Salaries 87,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3) $ (8) $ (12) $ b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the payment of the payroll. oStep by Step Solution
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