Homework Help is Here – Start Your Trial Now!
Business
Accounting
EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Obj. 2 Earnings: 1. At regular rate $ ? 2. At overtime rate 80,000 3. Total earnings $ ? Deductions: 4. Social security tax 5. Medicare tax $ (32,400) (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. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll. Obj. 2

EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Obj. 2 Earnings: 1. At regular rate $ ? 2. At overtime rate 80,000 3. Total earnings $ ? Deductions: 4. Social security tax 5. Medicare tax $ (32,400) (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. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll. Obj. 2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Only Ex 10-10
RETURN BY THE ON YOUR RECE 12- 524 Chapter 10 Liabilities: Current, Installment Notes, and Contingencies For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. SAOW ME HOW Determine the gross pay and the net pay for each of the three employees for the current pau period. EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Obj. 2 Va. (3) Total earnings, $540,000 Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings 80,000 EXCEL TEMPLATE Deductions: $ (32,400) 4. Social security tax 5. Medicare tax (8,100) 6. Income tax withheld 7. Medical insurance (135,000) (18,900) 8. Union dues 9. Total deductions 10. Net amount paid $(201,150) $ 338,850 Accounts debited: 11. Factory Wages $ 285,000 12. Sales Salaries 13. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll. Obj. 2
Transcribed Image Text:RETURN BY THE ON YOUR RECE 12- 524 Chapter 10 Liabilities: Current, Installment Notes, and Contingencies For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. SAOW ME HOW Determine the gross pay and the net pay for each of the three employees for the current pau period. EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Obj. 2 Va. (3) Total earnings, $540,000 Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings 80,000 EXCEL TEMPLATE Deductions: $ (32,400) 4. Social security tax 5. Medicare tax (8,100) 6. Income tax withheld 7. Medical insurance (135,000) (18,900) 8. Union dues 9. Total deductions 10. Net amount paid $(201,150) $ 338,850 Accounts debited: 11. Factory Wages $ 285,000 12. Sales Salaries 13. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll. Obj. 2
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS