Vacation Pay and Pensian Benefits Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of s40,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 was contributed to the pension plan administrator (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank, r Creck My Wort (b) Frovide the journal entry for the pension benefit. if an amount box does not require an entry, leave it blank. Proceeds from Notes Payable On January 26, Nyree Co, borrowed cash from Conrad Bank by issuing a 45 -day note with a face amount of $225,000. Assume a 360 -day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%. The payroli reglster of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withtield on total salaries of $70,000 for the period. Federal withholding for the period totaled $15,350. Retirement savings withheld from employee paychecks were $2,B00 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank: Journalizing Instaliment Notes On the first day of the fiscal year, a company issues 545,000,8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principal repayment. a. Joumalize the entry to record the issuance of the instaliment notes. If an amount box does not require an entry, leave it blank. Fenthack creck Uy wor b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blanki Calculate Payroli K. Mello Company has three employees-a consultant, a computer programmer, and an administrator, The following payroll informatian is available for each employee: For hourly emplayees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours, Assume that the soclal security tax rate was 6.0%, and the Medicare tax rate was 1,5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places. Fixed Asset Purchases with Note On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. If an amount box does not require an entry, leave it blank: a. Intirnalize the entrv to record the transaction on June 30 . Findosck + Creck My Wan b. Joumalize the entry to record the payment of the first instaliment on December 31 . Check My Work c. Journalize the entry to record the payment of the second instaliment the following June 30 . Entries for payroll and payroll taxes Instructions The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, joumalize the following entries (refer to the Chart of Accounts for exact wording of account tities): a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payroll to be paid on December 31 . Of the total payroll for the last week of the Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, joumalize the following entries (tofor fo the Chast of Accounts for exact wording of account titles): a. December 30, fo record the payroll. b. December 30 , to record the employer's payroll taxes on the payroll to be paid on December 31 . Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (rofor to the Chart of Accounte for exact wording of account tieles): a. On page 11 of the joumal: December 30 , to record the payroll. b. On page 12 of the joumal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5 . Since it is a new fiscal year, all $780,000 in salanies is subject to unemployment compensation taxos. CHART OF ACCOUNTS Boltz Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 520 Sales Salaries Expense 118 Prepaid Insurance 521 Warehouse Salaries Expense 120 Land 522 Office Salaries Expense 123 Bullding 524 Depreciation Expense-Building 124 Accumulated Depreciation-Building 525 Delivery Expense 125 Office Equipment 526 Repairs Expense 126 Accumulated Depreciation-Office Equipment 529 Selling Expenses 531 Rent Expense Entries for payroll and payroll taxes In Chart of Accounts 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees income Tax Payable 220 Group Insurance Payable 221 U.S. Saving Bond Deductions Payable 222 Union Dues Payable 223 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 540 Miscellaneous Expents 710 Interest Expense Scroll down to access additionat pinges of the joumat, 1. Assuming that the payroll for the last woek of the yoar is to be paid on Decomber 31, joumalize the following ontries frefer to the Chant of Accounts for exict wording of account tites): a. December 30, to record the payrov. b. December 30, to record the employer's payreV taxes on the payreil to be paid on December.31. Or the fotal payroll for the tast week of the year, $45,000 is subject to unemployment compensadion Axes. 2. Assuming that the payroil for the last week of the year is fo be paid on January 5 of the following fiscal yoar. journalize the following entries. (rofer to the Chart of Accotants for axact wording of account bides): a. On page 11 of the journal: December 30 , fo record the payrolt b. On page 12 of the joumal: Lanuary 5 , to record the employer's payroli faxes on the payrov to be paid on danuary 5 . Since it is a new fiscal year, all 5760,000 in salaries is subject to unempioyment compensation taxes. In. C Joumal TH 4 3 7 4 9