Question

1. 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	$63,700
   	3. Total earnings	?
   Deductions:
   	4. Social security tax	25,500
   	5. Medicare tax	6,375
   	6. Income tax withheld	108,300
   	7. Medical insurance	14,700
   	8. Union dues	?
   	9. Total deductions	157,000
   	10. Net amount paid	268,000
   Accounts debited:
   	11. Factory Wages	225,300
   	12. Sales Salaries	?
   	13. Office Salaries	85,000

   a. Calculate the amounts omitted in lines (1), (3), (8), and (12).

   (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.

   c. Journalize the entry to record the payment of the payroll.

Check My Work2 more Check My Work uses remaining.

Answer 1

Part A

Net amount paid		268000
Total deductions		157000
Total earnings (3)		425000
Overtime		63700
Regular (1)		361300
Total deductions		157000
Social security tax	25500
Medicare tax	6375
Income tax withheld	108300
Medical insurance	14700	(154875)
Union dues (8)		2125
Total earnings		425000
Factory wages	225300
Office salaries	85000	(310300)
Sales salaries (12)		$114700

Part B

Factory wages expense	225300
Sales salaries expense	114700
Office salaries expense	85000
Social security tax payable		25500
Medicare tax payable		6375
Income tax withheld payable		108300
Medical insurance payable		14700
Union dues payable		2125
Salaries payable		268000

Part C

Salaries payable	268000
Cash		268000