EX 10-13 Payroll entries Chapter 10 Liabilities: Current, Installment Notes, and Contingencies525EX 10-13 Payroll entriesObj. 2Widmer Company had gross wages of $320,000 during the week ended June 17. The amount ofwages subject to social security tax was $320,000, while the amount of wages subject to federaland state unemployment taxes was $48,000. Tax rates are as follows:SHOW ME HOWSocial security6.0%Medicare1.5%State unemploymentFederal unemploymentThe total amount withheld from employee wages for federal taxes was $64,000.5.4%0.8%a. Journalize the entry to record the payroll for the week of June 17.b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.dEX 10-14 Payroll internal control proceduresBig Howie's Hot Dog Stand is a fast-food restaurant specializing in hot dogs and hamburgers. Thestore employs 8 full-time and 12 part-time workers. The store's weekly payroll averages $5,600 forObj. 2all 20 workers.Big Howie's uses a personal computer to assist in preparing paychecks. Each week, the store'saccountant collects employee time cards and enters the hours worked into the payroll program.The payroll program calculates each employee's pay and prints a paycheck. The accountant usesa check-signing machine to sign the paychecks. Next, the restaurant's owner/manager authorizesthe transfer of funds from the restaurant's regular bank account to the payroll account.For the week of May 12, the accountant accidentally recorded 100 hours worked instead of40 hours for one of the full-time employees.Does Big Howie's Hot Dog Stand have internal controls in place to catch this error? If so

Date Account title and explanation Debit Credit June. 17 Wages expense 320,000…

EX 10-13 Payroll entries Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows: Obj. 2 Social security Medicare 6.0% 1.5% 5.4% State unemployment Federal unemployment The total amount withheld from employee wages for federal taxes was $64,000. a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. 0.8%

EX 10-13 Payroll entries Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows: Obj. 2 Social security Medicare 6.0% 1.5% 5.4% State unemployment Federal unemployment The total amount withheld from employee wages for federal taxes was $64,000. a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. 0.8%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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eBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00 8 8 8 8 8 45.00 226.78 Bills, D. 2,060.00 8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00 8 8 8 8 8 12.95 27.00 Dorn, J. 748.00 8 8 22.00 11.00 Edgar, L. 2,687.00 8 8 8 8 8 15.00 37.00 Fitzwilson, G. 4,150.00 8 8 8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…
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Exercise Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entry
QS 11-11 (Algo) Accounting for bonuses LO P4 Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $30,000 bonus owed (but not yet paid) to its workers at calendar year-end.
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
P11-3B The partial monthly records of KSell Products show the following figures: Computing and reporting payroll amounts Employee Earnings Regular earnings Overtime pay Total employee earnings $ 1,556 (c) (a) Dental and drug insurance $13,994 Total deductions (b) Net pay 140,810 Deductions and Net Pay Accounts Debited Withheld income tax $31,704 Salaries Expense 66,468 Canada Pension Plan 9,200 (d) Wages Expense Sales Commission Expense Employment Insurance 3,492 59,356 Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry on October 31 to record KSell Products' payrol for the month. Credit Payroll Payable for net pay. No explanation is required. P11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2018 she worked for the company all year at a $6,500 monthly sal- ary. She also earned a year-end bonus equal to 20 percent of her salary. Jones's monthly income tax withholding for 2018 was $1,762.28.…
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QS 11-8 (Algo) Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,100 of federal income taxes, $459 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. No 1 Date January 15 X Answer is complete but not entirely correct. General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable Salaries payable Federal unemployment taxes payable × Debit 28,000 Credit 1,736 406 678 X 190 X 21,190 X 3,800 X
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
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