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 $2,500 cost for $3,100 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.siness Solutions (Algo) LOComplete this question by entering your answers in the tabs below.Required 1Required 2Net payRequired 3 Required 4Assume 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 forthe eight days work paid on February 26.Note: Round your answer to 2 decimal places. Do not round intermediate calculations.Required 2>Show less A

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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 $2,500 cost for $3,100 on credit to Wildcat Services March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Se- Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute 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. has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the com 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 $2,500 cost for $3,100 on credit to Wildcat Services March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Se- Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute 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. has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the com 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.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7E

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Question

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 $2,500 cost for $3,100 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 0.6% 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.
siness Solutions (Algo) LO
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Net pay
Required 3 Required 4
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.
Note: Round your answer to 2 decimal places. Do not round intermediate calculations.
Required 2
>
Show less A

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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 $120 per day. March 25 The company sold merchandise with a $2,100 cost for $3,300 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $960 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 $96. 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 0.6% 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.…
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 0.6% 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.…
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