Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. 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 $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. 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 $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. 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 | $64,000 |
3. Total earnings | ? |
Deductions: | |
4. Social security tax | 30,240 |
5. Medicare tax | 7,560 |
6. Federal income tax withheld | 128,000 |
7. Medical insurance | 17,640 |
8. Union dues | ? |
9. Total deductions | 190,190 |
10. Net amount paid | 313,810 |
Accounts debited: | |
11. Factory Wages | 264,000 |
12. Sales Salaries | ? |
13. Office Salaries | 110,000 |
Required:
a. | Determine the amounts omitted in lines (1), (3), (8), and (12). |
b. | On December 19, |
c. | On December 20, journalize the entry to record the payment of the payroll.* |
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MY LAB IT
1. EX.11.02
CengageNOWv2 X
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Chapter 11 Homework
X
International Colleg...
2. EX.11.05.BLANKSHEET.AL...
3. EX.11.08.ALGO
4. EX.11.10.ALGO
Chapter 11 Adap X
8. EX.11.16
5. EX.11.11.BLANKSHEET.ALGO
6. EX.11.12.BLANKSHEET.AL...
10. EX.11.19
7. EX.11.13.BLANKSHEET.AL...
9. EX.11.17.BLANKSHEET.AL...
11. EX.11.20.ALGO
12. EX.11.23.EXCEL.ALGO
13. PR.11.01.BLANKSHEET.A...
New folder
<
eBook
Earnings:
1. At regular rate
2. At overtime rate
3. Total earnings
Cengage Learnin X ACCT Chapter 11 X
Deductions:
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been
intentionally omitted:
4. Social security tax
5. Medicare tax
6. Federal income tax withheld
7. Medical insurance
8. Union dues
9. Total deductions
10. Net amount paid
Accounts debited:
11. Factory Wages
12. Sales Salaries
13. Office Salaries
Required.
1₁
?
$64,000
?
30,240
7,560
128,000
17,640
?
190,190
313,810
264,000
?
110,000
Mind Tap - Cenga x b Home | bartleby x +
Locator=&inprogress=false
M
Asse
Cur Car
Apr 9
* :
LO X
11:49](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F922ae6db-d86b-4b2e-ae87-7995f576859e%2Fa14619e2-760c-466c-9238-5566f40659a2%2Fba6adx_processed.png&w=3840&q=75)
Transcribed Image Text:Students Home
← →
MY LAB IT
1. EX.11.02
CengageNOWv2 X
✰ v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession
Chapter 11 Homework
X
International Colleg...
2. EX.11.05.BLANKSHEET.AL...
3. EX.11.08.ALGO
4. EX.11.10.ALGO
Chapter 11 Adap X
8. EX.11.16
5. EX.11.11.BLANKSHEET.ALGO
6. EX.11.12.BLANKSHEET.AL...
10. EX.11.19
7. EX.11.13.BLANKSHEET.AL...
9. EX.11.17.BLANKSHEET.AL...
11. EX.11.20.ALGO
12. EX.11.23.EXCEL.ALGO
13. PR.11.01.BLANKSHEET.A...
New folder
<
eBook
Earnings:
1. At regular rate
2. At overtime rate
3. Total earnings
Cengage Learnin X ACCT Chapter 11 X
Deductions:
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been
intentionally omitted:
4. Social security tax
5. Medicare tax
6. Federal income tax withheld
7. Medical insurance
8. Union dues
9. Total deductions
10. Net amount paid
Accounts debited:
11. Factory Wages
12. Sales Salaries
13. Office Salaries
Required.
1₁
?
$64,000
?
30,240
7,560
128,000
17,640
?
190,190
313,810
264,000
?
110,000
Mind Tap - Cenga x b Home | bartleby x +
Locator=&inprogress=false
M
Asse
Cur Car
Apr 9
* :
LO X
11:49
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