Answer the accounting problem Dev Corporation's wages registershows gross salary $50,000, incometax deducted $5,000, and insurancepremium $2,000. Calculate the netsalary payable.

Hello student! NET Salary Payable represents the unpaid amount of wages after deductions such as…

Answered: Dev Corporation's wages register shows…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 4CE

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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company reports net income of $121,980 before the calculation of the bonus. The journal entry to record the accrued bonus includes OA. a debit to Employee Bonus Payable, $7,980. OB. a credit to Cash, $8,539. OC. a credit to Employee Bonus Payable, $7,980. OD. a debit to Employee Bonus Expense, $8,539.
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,580.00 Social security and Medicare taxes withheld 1,093.50 Income taxes withheld 330.00 Retirement savings 496.00 The entry to record the payment of net pay would include a a.debit to Salaries Payable for $14,580.00. b.credit to Salaries Expense for $12,660.50. c.credit to Salaries Payable for $12,660.50. d.debit to Salaries Payable for $12,660.50.
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare taxes withheld 1,050 Income taxes withheld 2,600 Retirement savings 1,000 The entry to record the payment of net pay would include a a. credit to salaries expense for $9,350 b. debit to salaries payable for $9,350 c. debit to salaries payable for $14,000 d. credit to salaries payable for $9,350
The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense Social security and Medicare taxes withheld Income taxes withheld Medical insurance deductions Life insurance deductions Salaries subject to federal and state unemployment taxes of 6.2 percent The entry to record the net payroll on November 30 would include a a. credit to Salaries Payable for $15,000 b. credit to Salaries Expense for $11,352 Oc. debit to Salaries Payable for $15,000 d. credit to Salaries Payable for $11,352 $15,000 1,148 1,800 400 300 900
At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Base Rate Tax Social security Medicare FUTA SUTA Total % % % % Amount
D1. Account
The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $90,000 FICA taxes withheld 6,885 Income taxes withheld 19,800 Medical insurance deductions 3,600 Federal unemployment taxes 720 State unemployment taxes 4,500 The entry to record the payment of net payroll would include a: a) debit to Salaries and Wages Payable for $54,495. b) debit to Salaries and Wages Payable for $59,715 c) debit to Salaries and Wages Payable for $55,21 d) credit to Cash for $55,215
Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…
The following totals for the month of April were taken from the payroll records of Noll Company. Salaries $120,000 FICA taxes withheld 9,180 Income taxes withheld 25,000 Medical insurance deductions 4,500 Federal unemployment taxes 320 State unemployment taxes 2,160 The entry to record the payment of net payroll would include a Group of answer choices debit to Salaries and Wages Payable for $79,160 debit to Salaries and Wages Payable for $81,320. debit to Salaries and Wages Payable for $72,140 credit to Cash for $90,500
Sandler Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($260,000),payroll deductions for income tax ($28,000), payroll deductions for FICA ($20,000), payrolldeductions for United Way ($4,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($2,000). Employees were paid in cash, but payments for thecorresponding payroll deductions have not been made and employer taxes have not yet beenrecorded.b. Collected rent revenue of $1,500 on December 10 for office space that Sandler rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the entries required on December 31 to record payroll.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3. Show how any…

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Dev Corporation's wages register shows gross salary $50,000, income tax deducted $5,000, and insurance premium $2,000. Calculate the net salary payable.