Journal entry worksheet < 1 2 3 4 5 6 As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.
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- Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 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 $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 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). Round amounts to the nearest cent. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate…Zeta Company has 12 workers who each earn $15 per hour and generally work a 40-hour workweek, although at times overtime work is required, for which workers are paid 1.5 times their regular hourly wage. Zeta pays wages in cash on Friday of each week for work performed that week. Zeta's Wages Expense ledger account for May is shown below. Account: Wages Expense Account Number 65 Balance Date Item Post. Ref. Dr. Cr. Dr. Cr. May 5 32 7,200 7,200 May 12 33 9,360 16,560 May 19 35 7,200 23,760 May 26 37 8,010 31,770 May 31 Adjusting 38 4,320 36,090 May 31 Closing 38 36,090 - - During the period May 27 through June 2, Zeta's workers worked a regular 40-hour week. 1. If Zeta Company uses reversing entries, journalize the entry made when payroll is paid in cash on June 2, assuming that appropriate reversing entry(ies) have been made at the beginning of June. You may omit posting references. If an amount box does not require…Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1,050 per week, her employment agreement provides for overtime pay at an extra half-rate for hours worked over 40. This week she worked 48 hours. Compute the following amounts. c. If this was a BELO plan with a pay rate of $22.00 per hour and a maximum of 53 hours, how much would Overwood be paid for 48 hours?
- No 1 Required Information [The following information applies to the questions displayed below.] d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (Round your answers to 2 decimal places.) 2 The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2…Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1,044 per week, her employment agreement provides for overtime pay at an extra half-rate for hours worked over 40. This week she worked 48 hours. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The overtime earnings: $87.04 1044/48= 21.75 21.75 x 0.5= 10.88 8x 10.88= 87.04 b. The total earnings: $1,131.04 1044+ 87.04= 1,131.04 c. If this was a BELO plan with a pay rate of $23.45 per hour and a maximum of 48 hours, how much would Overwood be paid for 42 hours? $ NOTE: I already figure out letter A & B. I just need help with letter C please.During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…
- Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…Computing Overtime Rate of Pay and Gross Weekly Pay Rebecca Huang receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Huang's overtime rate of pay. %$4 overtime pay per hour b. Calculate Huang's total gross weekly pay if she works 45 hours during the week.Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 8-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 6:05 8 1½ W 7:59 12:05 12:35 4:30 T 8:00 12:01 12:30 5:01 1/2 F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 11/2 Complete the following for the week: regular hours x $15 per hour overtime hours x $22.50 per hour a. b. C. Total gross wages 000
- Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25Computing Weekly Gross Pay Ryan Lawrence’s regular hourly rate is $14. He receives 1½ times the regular rate for any hours worked over 40 a week and double the rate for work on Sunday. During the past week, Lawrence worked 8 hours each day Monday through Thursday, 9 hours on Friday, and 6 hours on Sunday. Compute Lawrence’s gross pay for the past week.Computing Weekly Gross Pay Guy Fauchet's regular hourly rate is $12. He receives 1½ times the regular rate for hours worked in excess of 40 hours a week and double the rate for work on Sunday. During the past week, Fauchet worked 8 hours each day Monday through Thursday, 11 hours on Friday, and 7 hours on Sunday. Compute Fauchet's gross pay for the past week.