P3-8 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7, the 40th week in the year, show the following: In the picture Required:Complete a work sheet with the following column headings: Employee3 columns for Earnings for Week:Use one for Regular Pay.Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.)Use one for Total for Week.Total Earnings through 40th WeekFICA Taxable EarningsFICAIncome TaxWithheld Net EarningsPrepare journal entries for the following:Payroll for the 40th week.Payment of payroll for the week. EmployeeClassificationSalary or Wage Hours Worked IncomeTax Grossper 40-Hour WeekWithheldEarningsthrough39th WeekAllenPresident$2,48940$488$123,560DevineVice President-Administration2,23840402119,500FiorelliSupervisor-Production7004018027,300O'ClockFactory-Direct5004815019,820O'ReillyFactory-Direct4004616017,200Pawlukiewicz Factory-Direct4004411016,600SurdickFactory-Direct3804212015,200TrebbiFactory-Indirect30042807,800WebbFactory-Indirect30042606,600

Journal entries are defined as reporting of the transactions of the company or entity into the books…

Answered: Payroll work sheet and journal entries…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

P3-8 Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week ending October 7, the 40th week in the year, show the following: In the picture

Required:

Complete a work sheet with the following column headings: Employee

3 columns for Earnings for Week:

Use one for Regular Pay.
Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.)
Use one for Total for Week.

Total Earnings through 40th Week

FICA Taxable Earnings

FICA

Income Tax

Withheld Net Earnings

Prepare journal entries for the following:
Payroll for the 40th week.
Payment of payroll for the week.

Employee
Classification
Salary or Wage Hours Worked Income
Tax Gross
per 40-Hour Week
Withheld
Earnings
through
39th Week
Allen
President
$2,489
40
$488
$123,560
Devine
Vice President-
Administration
2,238
40
402
119,500
Fiorelli
Supervisor-
Production
700
40
180
27,300
O'Clock
Factory-Direct
500
48
150
19,820
O'Reilly
Factory-Direct
400
46
160
17,200
Pawlukiewicz Factory-Direct
400
44
110
16,600
Surdick
Factory-Direct
380
42
120
15,200
Trebbi
Factory-Indirect
300
42
80
7,800
Webb
Factory-Indirect
300
42
60
6,600

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions