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. 7,776.00 8 8 8 8 8 44.65 226.78 Bills, D. 2,012.00 8 8 8 8 8 12.10 26.00 Carney, W. 2,056.00 8 8 8 8 8 13.25 27.00 Dorn, J. 757.00 8 8 22.40 11.00 Edgar, L. 2,663.00 8 8 8 8 8 14.95 37.00 Fitzwilson, G. 4,109.00 8 8 8 8 8 8 22.65 125.00 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. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount is zero, enter "0". HIGHRIDGE HOMES PAYROLL REGISTER FOR WEEK ENDED February 21, 20-- NAME TOTALHOURS BEGINNINGCUMULATIVEEARNINGS EARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS DEDUCTIONS PAYMENTS REGULAR OVERTIME TOTAL UNEMPLOYMENT SOCIALSECURITY MEDICARE FEDERALINCOMETAX SOCIALSECURITYTAX MEDICARETAX TOTAL NETAMOUNT CK.NO. Arthur, P. $ $ $ $ $ $ $ $ $ $ $ $ $ Bills, D. $ $ $ $ $ $ $ $ $ $ $ $ $ Carney, W. $ $ $ $ $ $ $ $ $ $ $ $ $ Dorn, J. $ $ $ $ $ $ $ $ $ $ $ $ $ Edgar, L. $ $ $ $ $ $ $ $ $ $ $ $ $ Fitzwilson, G. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2. 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 transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Feb. 21 Payroll register for week ended February 21. Feb. 21 Paid wages for week ended February 21.

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. 7,776.00 8 8 8 8 8 44.65 226.78 Bills, D. 2,012.00 8 8 8 8 8 12.10 26.00 Carney, W. 2,056.00 8 8 8 8 8 13.25 27.00 Dorn, J. 757.00 8 8 22.40 11.00 Edgar, L. 2,663.00 8 8 8 8 8 14.95 37.00 Fitzwilson, G. 4,109.00 8 8 8 8 8 8 22.65 125.00 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. Required: 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount is zero, enter "0". HIGHRIDGE HOMES PAYROLL REGISTER FOR WEEK ENDED February 21, 20-- NAME TOTALHOURS BEGINNINGCUMULATIVEEARNINGS EARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS DEDUCTIONS PAYMENTS REGULAR OVERTIME TOTAL UNEMPLOYMENT SOCIALSECURITY MEDICARE FEDERALINCOMETAX SOCIALSECURITYTAX MEDICARETAX TOTAL NETAMOUNT CK.NO. Arthur, P. $ $ $ $ $ $ $ $ $ $ $ $ $ Bills, D. $ $ $ $ $ $ $ $ $ $ $ $ $ Carney, W. $ $ $ $ $ $ $ $ $ $ $ $ $ Dorn, J. $ $ $ $ $ $ $ $ $ $ $ $ $ Edgar, L. $ $ $ $ $ $ $ $ $ $ $ $ $ Fitzwilson, G. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2. 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 transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Feb. 21 Payroll register for week ended February 21. Feb. 21 Paid wages for week ended February 21.

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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Question

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.	7,776.00	8	8	8	8	8			44.65	226.78
Bills, D.	2,012.00			8	8	8	8	8	12.10	26.00
Carney, W.	2,056.00	8	8	8			8	8	13.25	27.00
Dorn, J.	757.00				8	8			22.40	11.00
Edgar, L.	2,663.00	8	8	8			8	8	14.95	37.00
Fitzwilson, G.	4,109.00	8	8		8	8	8	8	22.65	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.

Required:

1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount is zero, enter "0".

HIGHRIDGE HOMES

PAYROLL REGISTER FOR WEEK ENDED February 21, 20--

NAME

TOTAL
HOURS

BEGINNING
CUMULATIVE
EARNINGS

EARNINGS

ENDING
CUMULATIVE
EARNINGS

TAXABLE EARNINGS

DEDUCTIONS

PAYMENTS

REGULAR

OVERTIME

TOTAL

UNEMPLOYMENT

SOCIAL
SECURITY

MEDICARE

FEDERAL
INCOME
TAX

SOCIAL
SECURITY
TAX

MEDICARE
TAX

TOTAL

NET
AMOUNT

CK.
NO.

Arthur, P.

Bills, D.

Carney, W.

Dorn, J.

Edgar, L.

Fitzwilson, G.

2. 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 transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank.

GENERAL JOURNAL	PAGE
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20--
Feb. 21




	Payroll register for week ended February 21.

Feb. 21

	Paid wages for week ended February 21.

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