Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay. Net pay: It is the remaining amount of gross pay after all deductions. To compute : Compute Mr. S’s gross pay and net pay for the week.

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Answer 1

Question

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

2.

To determine

To Journalize: The accrual of salaries and wages expense.

3.

To determine

To Journalize: The payment of wages.

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Computing and recording gross and net pay Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time- and-a-half for hours in excess of 40 per week. Stanley's payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of S5 for a charitable contribution to United Way, Stanley worked 58 hours during the week. Requirements 1. Compute Stanley's gross pay and net pay for the week. Assume earnings to date are $18,000. 2. Journalize Dairy Houses wages expense accrual for Stanley's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Stanley.

Computing and recording gross and net pay Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time-and-a-half for hours in excess of 40 per week. Stanley’s payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $5 for a charitable contribution to United Way. Stanley worked 58 hours during the week. Requirements Compute Stanley’s gross pay and net pay for the week. Assume earnings to date are $18,000. Journalize Dairy Houses wages expense accrual for Stanley’s work. An explanation is not required. Journalize the subsequent payment of wages to Stanley.

(? Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 940.00 United Way Contributions Payable 220.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Dec. 31 2 3 4. 5 5 6 6. Payroll for week ended December 31

Answer 2

Question

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

2.

To determine

To Journalize: The accrual of salaries and wages expense.

3.

To determine

To Journalize: The payment of wages.

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Answer 3

Question

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

2.

To determine

To Journalize: The accrual of salaries and wages expense.

3.

To determine

To Journalize: The payment of wages.

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Answer 4

Question

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

2.

To determine

To Journalize: The accrual of salaries and wages expense.

3.

To determine

To Journalize: The payment of wages.

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Answer 5

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

2.

To determine

To Journalize: The accrual of salaries and wages expense.

3.

To determine

To Journalize: The payment of wages.

Answer 6

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

Answer 7

Chapter 11, Problem 11.18E

1.

To determine

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay.

Net pay: It is the remaining amount of gross pay after all deductions.

To compute: Compute Mr. S’s gross pay and net pay for the week.

Answer 8

2.

To determine

To Journalize: The accrual of salaries and wages expense.

Answer 9

2.

To determine

To Journalize: The accrual of salaries and wages expense.

Answer 10

3.

To determine

To Journalize: The payment of wages.

Answer 11

3.

To determine

To Journalize: The payment of wages.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 11 - Prob. 1QC Ch. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - Prob. 6QC Ch. 11 - Prob. 7QC Ch. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QC Ch. 11 - Prob. 10QC

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay. Net pay: It is the remaining amount of gross pay after all deductions. To compute : Compute Mr. S’s gross pay and net pay for the week.

Solution Summary: The author calculates Mr. S's gross pay and net pay for the week.

To Journalize: The accrual of salaries and wages expense.

To Journalize: The payment of wages.

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Chapter 11 Solutions

Solution Summary: The author calculates Mr. S's gross pay and net pay for the week.

Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the employer to an employee in each pay period is called as gross pay. Net pay: It is the remaining amount of gross pay after all deductions. To compute: Compute Mr. S’s gross pay and net pay for the week.

To Journalize: The accrual of salaries and wages expense.

To Journalize: The payment of wages.

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Chapter 11 Solutions