College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 8, Problem 2PB
1.
To determine
Complete the Company K’s payroll register.
2.
To determine
Prepare
3.
To determine
Prepare journal entry to record the payroll taxes as of December 14.
4.
To determine
Prepare journal entry to record the payroll as of December 16 by assuming that the company has transferred cash to the cash-payroll bank account.
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Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax.
Assumed tax rates are as follows:
FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee.
State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.
Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.
Required:
1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register.
2. Prepare the general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account.
3. Prepare a general journal entry to record the payroll taxes as of December 7.
4.…
Kay's Agency has the following payroll information for the week ended December 14. State income tax is computed as 20 percent of federal income tax.
NAME
BEGINNINGCUMULATIVEEARNINGS
TOTALEARNINGS
DEDUCTIONS
FEDERALINCOME TAX
STATEINCOME TAX
Arivilo, R.
10,650.00
460.00
22.00
4.40
Baca, T.
38,820.00
970.00
92.00
18.40
Eubanks, E.
115,955.00
2,790.00
474.28
94.86
Ling, D.
6,750.00
385.00
14.00
2.80
Metcalf, S.
31,670.00
694.00
50.00
10.00
Quinn, D.
48,961.00
1,040.00
103.00
20.60
Assumed tax rates are as follows:
FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee.
State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.
Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.
2. Prepare a general journal entry to record the payroll as of December 14. The company's…
Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax.
NAME
BEGINNINGCUMULATIVEEARNINGS
TOTAL EARNINGS
DEDUCTIONS
FEDERALINCOME TAX
STATEINCOME TAX
Denato, T.
6,820.00
480.00
24.00
4.80
Herrera, M.
6,840.00
470.00
23.00
4.60
Joyner, J.
36,320.00
740.00
58.00
11.60
King, L.
26,200.00
540.00
30.00
6.00
Wilson, M.
116,060.00
2,720.00
456.78
91.36
Yee, N.
28,426.00
605.00
37.00
7.40
Assumed tax rates are as follows:
FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee.
State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.
Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.a. Prepare a general journal entry to record the payroll as of December 7. The…
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
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