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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
P3-8 Payroll work sheet and
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F252e3e8e-8c50-43c1-abcd-0540197b828a%2Faa02807e-8129-46eb-a2bc-610d70869fd6%2Ff8lowgf_processed.png&w=3840&q=75)
Transcribed Image Text: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
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