Question

Summary Payroll Data In the following summary of data for a payroll period, some amounts have been Earnings: 1. At regular rate ? 2. At overtime rate $79,600 3. Total earnings ? 31,860 Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7,965 135,300 7. Medical insurance 18,300 8. Union dues ? 9. Total deductions 197,000 10. Net amount paid 334,000 Accounts debited: 11. Factory Wages 281,400 12. Sales Salaries ? 13. Office Salaries 106,200

Answer 1

Required A :

1) $ 451,400

3) $ 531,000

8) 3,575

12) $ 143,400

Explanation :
3)
Particular	Amount($)
Net Amount Paid	$ 334,000
Add: Total Deductions	$ 197,000
Total Earnings	$ 531,000
1)
Particular	Amount($)
Total Earnings	$ 531,000
Less: Overtime	($79,600)
Regular	$ 451,400
8)
Particular	Amount($)	Amount($)
Total Deductions		$ 197,000
Less:
Social Security Tax	$ 31,860
Medicare Tax	$ 7,965
Income Tax Withhold	$ 135,300
Medical Insurance	$ 18,300	($193,425)
Union Dues		$ 3,575
12)
Particular	Amount($)	Amount($)
Total Earnings		$ 531,000
Less:
Factory Wages	$ 281,400
Office Salaries	$ 106,200	($387,600)
Sales Salaries		$ 143,400

Required B :
Transaction	General Journal	Debit	Credit
B)	Factory Wages Expense	$ 281,400
	Sales Salaries Expense	$ 143,400
	Office Salaries Expense	$ 106,200
	Social Security Tax Payable		$ 31,860
	Medicare Tax Payable		$ 7,965
	Employees Income Tax Payable		$ 135,300
	Medical Insurance Payable		$ 18,300
	Union Dues Payable		$ 3,575
	Salaries Payable (Balance in Figure )		$ 334,000
	(To record Payroll Accrual )
Transaction	General Journal	Debit	Credit
C)	Salaries Payable	$ 334,000
	Cash		$ 334,000
	(To record Payment of the Payroll )