Following are some transactions and events of Business Solutions.February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day.March 25 The company sold merchandise with a $2,300 cost for $3,500 on credit to Wildcat Services, invoice datedMarch 25.Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICAMedicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for theeight days' work paid on February 26.2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1.3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addiehas not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company).4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3 Required 4Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1.Note: Round your answers to 2 decimal places. Do not round intermediate calculations.View transaction listJournal entry worksheetRecord the payroll expenses and liabilities for the eight days' work paid onFebruary 26.Note: Enter debits before credits.DateFebruary 26Record entryGeneral JournalAccounts payable--Wildcat servicesAccounts receivable-Wildcat servicesAccrued payroll payableBonus payableClear entryDebitCreditView general Journal

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Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,300 cost for $3,500 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.5% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below.

Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,300 cost for $3,500 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.5% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below.

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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