The following data for Throwback Industries Inc. relate to the payroll for the week ended December 7,
Question:
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 7, 2014:
Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901.
Instructions
1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 7, 2014. Use the following columns for the payroll register: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense.
2. Journalize the entry to record the payroll for theweek.
Hours Worked Hourly Weekly Federal US. Savings Rate Salary Income Tax Clemente DiMaggio Griffey, Jr $1,800 Robinson ams 2,000
Step by Step Answer:
1 PAYROLL FOR WEEK ENDING December 7 2014 EARNINGS DEDUCTIONS PAID ACCOUNTS DEBITED Social Federal U...View the full answer
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Students also viewed these Accounting questions
-
Find the irreducible components of the following algebraic sets inside A and A: (a) A = V(x + xy - y = xy = x+yx - y) (b) B= V(x - y-1, x-2-1) (c) C = V(x-yz, y-25). How many irreducible components...
-
Williams Corporation accountants have assembled the following data for the year ended June 30, 2016: Prepare the operating activities section of Williams' statement of cash flows for the year ended...
-
Williams Corporation accountants have assembled the following data for the year ended June 30, 2016: Net...
-
Write a static method max3() that takes three int arguments and returns the value of the largest one. Add an overloaded function that does the same thing with three double values.
-
A 1.42-g sample of helium and an unknown mass of O2 are mixed in a flask at room temperature. The partial pressure of the helium is 42.5 torr, and that of the oxygen is 158 torr. What is the mass of...
-
Below are four independent client scenarios: 1. Colburn Pharmacy, Inc., has 77 stores located in the New England area. Approximately 60 percent of the inventory recorded on the balance sheet for the...
-
What is the System Operations, Maintenance, and Support (OM&S) Phase, when does it start, and when does it end?
-
Delta Aluminums management is considering eliminating product B, which has been showing a loss for several years. The companys annual income statement, in $000s, is as follows: Required a. Restate...
-
Whirly Corporation's contribution format income statement for the most recent month is shown below: Sales (8,100 units) Total $ 275,400 Per Unit Variable expenses 162,000 Contribution margin 113,400...
-
Griffin Companys inventory records for its retail division show the following at December 31: At December 31, 11 of these units are on hand. Journalize the following for Griffin Company under the...
-
Ehrlich Co. began business on January 2, 2013. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the...
-
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and...
-
In Problems 2528, use the graph of the function f shown to estimate the indicated limits and function values. 5 f(x) 5 -5 Figure for 25-28 LA X
-
The following data are for four independent process-costing departments. Inputs are added continuously. A B C D Beginning inventory 5,000 4,000 44,000 Percent completion 35% 75% 65% Units...
-
Swifty Corporation purchased 3,700 shares of its $10 par value common stock for $240,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,220...
-
Entrepreneur David Tran cooked up his first batch of hot-pepper sauce in 1975, when he was still living in his native Vietnam. He packaged the sauce in recycled baby-food jars, and family members...
-
On January 1, 2024, Pete's Pizza borrows $17,000 to purchase a delivery truck by agreeing to a 6%, five-year loan with the bank. Payments of $328.66 are due at the end of each month, with the first...
-
Perdue Company purchased equipment on April 1 for $45,630. The equipment was expected to have a useful life of three years, or 6,300 operating hours, and a residual value of $1,530. The equipment was...
-
The common acid anhydrides of nitrogen are N 2 O, N 2 O 3 , and N 2 O 5 . Write the formulas of their corresponding acids and chemical equations for the formation of the acids by the reaction (in one...
-
A random sample of 10 houses heated with natural gas in a particular area, is selected, and the amount of gas (in therms) used during the month of January is determined for each house. The resulting...
-
Your friend Georgia is planning to open an automobile parts shop and has come to you for advice about whether to use a perpetual or a periodic inventory system. Required: Before you advise her, list...
-
The transactions completed by AM Express Company during March 2014, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on...
-
The following revenue transactions occurred during November: Nov. 7. Issued Invoice No. 121 to Drew Co. for services provided on account, $290. 17. Issued Invoice No. 122 to Triple A Inc. for...
-
The debits and credits from two transactions are presented in the following supplier's (creditor's) account: Describe each transaction and the source of each posting. NAME Matin Computer Services...
-
Skydiving terminal velocity. When determining the terminalvelocity of items in free fall, the friction factor f is typicallycalled the drag coefficient and is represented by the symbol CD.They are...
-
A steel alloy has a melting temperature = 1450C, its density = 7.87 g/cm2, specific heat=0.46 /gC, and heat of fusion - 270 1/8 Assume specific heat has the same value for solid and molten metal. The...
-
Research: What is a sovereign nation, how many sovereign nations are recognized as members by the United Nations and how many sovereign nations are recognized by the US State Department. Compare the...
Study smarter with the SolutionInn App