the cumulative earnings of the five employees of suds n’ pizza time, inc are presented below. these sums do not include the current pay period, which is shown in a separate column. all data reflect gr

Project Description:

the cumulative earnings of the five employees of suds n’ pizza time, inc are presented below. these sums do not include the current pay period, which is shown in a separate column. all data reflect gross pay. using this information you are to prepare, with explanations, the general journal entries to record the payroll and the payroll taxes for the current period.

assume the total federal income tax is withheld from each employee’s current pay period is $ 810 : fica and medicare taxes imposed at the rate of 7.65% on the first $132,000 of earnings ; the federal unemployment tax rate is 0.6% on the first $ 7,000 of earned income ; state income taxes withheld from each employee, for the current pay period is $ 320; the state unemployment tax rate is 4% on the first $7,000 of earned income ; and state disability insurance tax rate is 2.2 % of the first $ 93,500 of earnings. other deductions made from the employee’s pay include : for joan parlussi the voluntary withholding of medical insurance of $ 1,100; and, for jimmi slicker, $ 300 for court ordered child support payments; and for jo e. nutmeg the an irs levy for back taxes of $ 750

employee gross earnings prior to current pay period current gross pay period
jon barkerman $ 47,200 $ 4,550
jimmi slicker $44,700 $2,230
joann parlussi $26, 200 $1,870
jane fondu $ 2,500 $ 250
jo e. nutmeg $ 6, 900 $ 190

required
prepare in good general journal form the journal entry (entries) to record the above payroll
explain fully what answer you would give to an employee who claims they are entitled to unemployment insurance?


problem #2
depreciation methods
auto park, inc. purchased packaging equipment on january 1, 2011, for $90,000. the equipment was expected to have a useful life of three years, or 21,000 operating hours and a residual (salvage) value of $6,000. the equipment was used for $8,000 hours during 2011, 7,500 hours in 2012, and 5,500 hours in 2013.
required: determine the amount of depreciation expense for the years 2011, 2012, and 2013 by the following methods:
1. straight line method.
2. the units of production method.
3. the double declining balance method.
4. determine the total accumulated depreciation at december 31, 2013 under each method.
5. compute the book value at december 31, 2013 under each method.
6. which method would you recommend in the current economic situation?
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