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The payroll summary for EVB Inc. for the period August 3-10 is as follows: Gross Earnings Withholding and deductions: FICA Income taxes Union dues Total Net earnings Factory Employees $80,000 6,400 10,600 4.00 17.400 $62,600 Sales and Admin. Employees These wages were paid on August 15. The entry to record the payment of earnings to the employees would include: $25,000 I 2,000 5,000 2.000 $18,000 Total $105,000 8,400 15,600 400 24.400 $80,600

The payroll summary for EVB Inc. for the period August 3-10 is as follows: Gross Earnings Withholding and deductions: FICA Income taxes Union dues Total Net earnings Factory Employees $80,000 6,400 10,600 4.00 17.400 $62,600 Sales and Admin. Employees These wages were paid on August 15. The entry to record the payment of earnings to the employees would include: $25,000 I 2,000 5,000 2.000 $18,000 Total $105,000 8,400 15,600 400 24.400 $80,600

FINANCIAL ACCOUNTING
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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The payroll summary for EVB Inc. for the period August 3-10 is as follows: Gross Earnings Withholding and deductions: FICA Income taxes Union dues Total Net earnings Factory Employees $80,000 6,400 10,600 400 17.400 $62,600 Sales and Admin. Employees These wages were paid on August 15. The entry to record the payment of earnings to the employees would include: $25,000 I 2,000 5,000 7.000 $18,000 Total $105,000 8,400 15,600 400 24.400 $80,600
Transcribed Image Text:The payroll summary for EVB Inc. for the period August 3-10 is as follows: Gross Earnings Withholding and deductions: FICA Income taxes Union dues Total Net earnings Factory Employees $80,000 6,400 10,600 400 17.400 $62,600 Sales and Admin. Employees These wages were paid on August 15. The entry to record the payment of earnings to the employees would include: $25,000 I 2,000 5,000 7.000 $18,000 Total $105,000 8,400 15,600 400 24.400 $80,600
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