please help and explain... thank you
Homework Answers
Answer -
a. Answer -
| Amount | ||
| (1) | Total earnings | $403000 |
| (3) | Earnings at regular rate | $342500 |
| (8) | Union dues | $1975 |
| (12) | Sales salaries | $108800 |
Calculation:
(3) Total earnings:
= Net amount paid + Total deductions
= $254000 + $149000
= $403000
(1) Earnings at regular rate:
= Total earnings - Earnings at overtime rate
= $403000 - $60500
= $342500
(8) Union dues:
= Total deductions - (Social security tax + Medicare tax + Income tax withheld + Medical insurance)
= $149000 - ($24180 + $6045 + $102900 + $13900)
= $149000 - $147025
= $1975
(12) Sales salaries:
= Total earnings - (Factory wages + Office salaries)
= $403000 - ($213600 + $80600)
= $403000 - $294200
= $108800
b. Answer -
| Description | Debit | Credit |
| Factory wages expense | $213600 | |
| Sales salaries expense | $108800 | |
| Office salaries expense | $80600 | |
| Social security tax payable | $24180 | |
| Medicare tax payable | $6045 | |
| Employees income tax payable | $102900 | |
| Medical insurance payable | $13900 | |
| Union dues payable | $1975 | |
| Salaries payable | $254000 |
c. Answer -
| Description | Debit | Credit |
| Salaries payable | $254000 | |
| Cash | $254000 |
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please help and explain... thank you
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Summary Payroll Data co int your cian in the following summary of data for a payroll period, some amounts have been intentionally omitted: nya sura ng Earnings: 1. At regular rate 2. At overtime rate $80,000 3. Total earnings Deductions: 4. Social security tax (32,400) 5. Medicare tax (8,100) 6. Income tax withheld (135,000) 7. Medical insurance (18,900) 8. Union dues 9. Total deductions (201,150) 10. Net amount paid $338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries 13....
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Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally o...
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: $67,500 Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 27,060 6,765 114,800 6. Income tax withheld 15,500 ? 167,000 284,000 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries 239,000 90,200 eBook Calculator Print...
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 $71,200 3. Total earnings Deductions: 4. Social security tax 28,500 7,125 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 121,000 16,400 9. Total deductions 176,000 299,000 10. Net amount paid Accounts debited: 251,800 11. Factory Wages 12. Sales Salaries 13. Office Salaries 95,000 a. Calculate the amounts...
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 3. Total earnings $66,800 Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid 26,760 6,690 113,600 15,400 165,000 281,000 Accounts debited 236,400 11. Factory Wages 12. Sales Salaries 13. Office Salaries 89,200 a. Calculate the amounts...
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Summary Payroll Data co int your cian in the following summary of data for a payroll period, some amounts have been intentionally omitted: nya sura ng Earnings: 1. At regular rate 2. At overtime rate $80,000 3. Total earnings Deductions: 4. Social security tax (32,400) 5. Medicare tax (8,100) 6. Income tax withheld (135,000) 7. Medical insurance (18,900) 8. Union dues 9. Total deductions (201,150) 10. Net amount paid $338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries 13....
Print Item Calculator ellook 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 $69,400 3. Total earnings Deductions: 4. Social security tax 27,720 5. Medicare tax 6,930 6. Income tax withheld 118,000 7. Medical insurance 16,000 8. Union dues 9. Total deductions 171,000 10. Net amount paid 291,000 Accounts debited: 11. Factory Wages 244,900 12. Sales Salaries 13. Office Salaries 92,400...
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