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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No point added just for practice. I want to see want I did wrong
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