Tableau DA 3-2: Exercise, Preparing adjusting entries LO P1, P2, P3, P4Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including itsyear-end adjustments. The Tableau dashboard is provided to assist in the work.Selected December-January TransactionsStarted Work for TeloFinished Work for TeloDec. 31 Year-EndPurchased InsuranceDec 1Dec 13Jan 12Dec 7(Dec 24)Jan 5December 24Received $4,000 cash in advance to perform work for ABX over the next four weeks.Purchased SuppliesWages PaidReceived Cash in AdvanceLan 12Dec 24)Jan 5January 5Paid wages of $800 cash to workers Wages Earned By Workers but not yet Paid atYear-EndWages Earned By Workers but not yet Paid at Year-End: $5001Record the cash payment of wages assuming no reversing entries arerecordedNote: Enter debits before credits.DateGeneral JournalDebitCreditWages expenseWages payableJan 05

Recording the transactions of a business in books of company on daily basis is called journal entry.…

Answered: Tableau DA 3-2: Exercise, Preparing…

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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-prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week
Payroll Journal Entry 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,665 Overtime earnings 820 Deductions: Federal income tax 610 Social Security tax 402.07 Medicare tax 94.03 Pension plan 90 Health insurance premiums 280 United Way contributions 120
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
eBook Chart of Accounts Payroll Register General Journal Instructions NO. OI Mallal TOLAI HOUIS TOlal Eamings Name Allowances Status Worked Feb. 9-15 Rate Jan. 1-Feb. 8 Barone, William 40 $14.00 $3,360.00 Hastings, Gene 4 M 45 15.00 3,870.00 Nitobe, Isako 3) 46 12.00 3,168.00 Smith, Judy M. 42 13.00 3,276.00 2. Tarshis, Dolores S. 39 14.50 3,480.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%, Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Hastings and Smith have $35 withheld and Nitobe and Tarshis have $15 withheld for health insurance. Nitobe and Tarshis have $25 withheld to be invested in the bakers' credit union. Hastings has $18.75 withheld and Smith has $43.75 withheld under a savings bond purchase plan. Karen's Cupcakes' payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with No. 365. Required: 1. Prepare a…
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
Payroll Journal Entry 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,985 Overtime earnings 890 Deductions: Federal income tax 615 Social Security tax 426.25 Medicare tax 99.69 Pension plan 70 Health insurance premiums 250 United Way contributions 90 General Journal 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Apr. 15 fill in the blank ae6550f64073076_2 fill in the blank ae6550f64073076_3 1 2 fill in the blank ae6550f64073076_5 fill in the blank…
Please complete the payrolll register. Note: this payroll register is partially done please complete the missing boxes with the right answers.
Payroll: Record Employer Payroll Tax Journal Entry
АCTIVITY 1.Some companies use the overtime premium method to determine gross earnings. Use this method to complete the following payroll ledger. Overtime is paid at the time-and-a-half rate for all hours over 40? O.T. Hours Worked Gross Earnings Total Reg. 0.T. Premium S Hours Rate Hours Rate Employee S M W TH F 0.T. Total 16. Averell, B. 10 9 8 5 12 7 51 $11.40 11 $5.70 $581.40 $62.70 $644.10 - 17. Brownlee, K. 7.75 10 5 9.75 8 10 $9.50 18. Carter, M. 12 11 8 8.25 11 $8.60 - |- 19. Parks, K. 8.5 5.5 10 12 10.5 7 $12.50 - 20. Parr, J. 10 9.75 9 11.5 10 $10.20
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