Homework Answers
Answer 2
(CR) 1. Stockholders invested cash in the business.
(G) 2. Purchased store supplies on account.
(S) 3. Sold merchandise to customer on account.
(CP)4. Purchased a 2-year fire insurance policy for cash.
(CR) 5. received a check from a customer as payment on account
(CP) 6. Paid for store supplies purchased in transaction 2.
(P) 7. Purchased merchandise on account.
(G) 8. Issued a credi tmemorandum to a customer who returned defective merchandise previously sold on account.
(CP) 9. Purchased office equipment for cash.
(G) 10. Made an adjusting entry for store supplies used during the period
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Principles of Accounting Quiz 8 Appendix H, I Revievw 15 points 1. Gardner, Inc.'s gross payroll...
The Cheryll Com company's payroll for the weekendine August 22, 2019 totale Famnings. None of We of the crne have S...
The Cheryll Com company's payroll for the weekendine August 22, 2019 totale Famnings. None of We of the crne have State payroll taxes and withholdings or employer's Payroll Taxes. withheld from the employees salaries: u st 27, 2019 totated S100,000 or Cross um caming specified for Federal or ayroll Takes. The following deductions were Federal Income Taxes Social Security Taxes Medicare Taxes $41,700 11.780 2,733 - . - FICA Taxes The Federal Unemployment Tax (FUTA) Onemployment Tax (SUTA) totaled $3.200....
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is...
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. a. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box...
3) Bob's Auction House's payroll for April includes the following data: Gross earnings $3,800 Salaries subject...
3) Bob's Auction House's payroll for April includes the following data: Gross earnings $3,800 Salaries subject to FICA: 6.2% OASDI 2,060 1.45% Medicare 3,800 Salaries subject to unemployment: 0.8% FUTA 2,000 2.0% SUTA 2,000 Other deductions include: Federal income tax 400 State income tax 300 What is the employer's portion of the taxes? (Round intermediary calculations to the nearest cent and final answers to the whole dollar.) A) $183 B) $184 C) $239 D) $700
Check the work and need help with the rest of it. Exercise 11-8 Recording payroll LO...
Check the work and need help with the rest of it.
Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical...
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
I have answered majority of the questions (please correct me if I am wrong) but I...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages...
Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under...
I need help with these three journal entries. Exercise 9-8 Recording payroll LO P2, P3 The...
I need help with these three journal entries.
Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $540,000; Office salaries, $108,000; Federal income taxes withheld, $162,000; State income taxes withheld, $36,000; Social security taxes withheld, $40,176; Medicare taxes withheld, $9,396; Medical insurance premiums, $13,000; Life insurance premiums, $10,000; Union dues deducted, $7,000; and Salaries subject to unemployment taxes, $62,000. The employee pays 40% of medical and life insurance...
Blossom Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
The Cheryll Com company's payroll for the weekendine August 22, 2019 totale Famnings. None of We of the crne have State payroll taxes and withholdings or employer's Payroll Taxes. withheld from the employees salaries: u st 27, 2019 totated S100,000 or Cross um caming specified for Federal or ayroll Takes. The following deductions were Federal Income Taxes Social Security Taxes Medicare Taxes $41,700 11.780 2,733 - . - FICA Taxes The Federal Unemployment Tax (FUTA) Onemployment Tax (SUTA) totaled $3.200....
Check the work and need help with the rest of it.
Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
I need help with these three journal entries.
Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $540,000; Office salaries, $108,000; Federal income taxes withheld, $162,000; State income taxes withheld, $36,000; Social security taxes withheld, $40,176; Medicare taxes withheld, $9,396; Medical insurance premiums, $13,000; Life insurance premiums, $10,000; Union dues deducted, $7,000; and Salaries subject to unemployment taxes, $62,000. The employee pays 40% of medical and life insurance...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
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