The information for Titan Company, shown in the following chart,

The information for Titan Company, shown in the following chart, is available from Titan€™s time records and the employees€™ individual earnings records for the pay period ended December 22.

The information for Titan Company, shown in the following chart,

Taxable earnings for Social Security are based on the first $ 106,800. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $ 7,000. The company does not pay for overtime hours.

Required
1. Complete the payroll register using a Social Security tax rate of 4.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914.
2. Prepare the general journal entry to record the payroll. The firm€™s general ledger contains a Salary Expense account and a Salaries Payable account.
3. Prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash€” Payroll Bank Account and that this entry has beenmade.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

Members

  • Access to 2 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION

OR

Non-Members

Get help from Accounting Tutors
Ask questions directly from Qualified Online Accounting Tutors .
Best for online homework assistance.