Question

In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Earnings:
1. At regular rate ........... ?
2. At overtime rate ........... $ 44,200
3. Total earnings ........... ?
Deductions:
4. Social security tax .......... 15,730
5. Medicare tax ............ 4,035
6. Income tax withheld ......... 47,915
7. Medical insurance .......... 7,860
8. Union dues ............ ?
9. Total deductions .......... 80,000
10. Net amount paid ........... 189,000
Accounts debited:
11. Factory Wages ........... 135,400
12. Sales Salaries ........... ?
13. Office Salaries ........... 57,800
a. Calculate the amounts omitted in lines (1), (3), (8), and (12).
b. Journalize the entry to record the payroll accrual.
c. Journalize the entry to record the payment of the payroll.
d. From the data given in this exercise and your answer to (a), would you conclude that this payroll was paid sometime during the first few weeks of the calendar year? Explain.



$1.99
Sales1
Views369
Comments0
  • CreatedNovember 08, 2012
  • Files Included
Post your question
5000