Some apps curreuse arepreventing automatic updates.LatWileyPLUSWeygandt, Accounting Principles, 13eFINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201,HomeRead, Study & PracticeAssignmentGradebookORIONDownloadable eTextbookAssignment > Open AssignmentCALCULATORFULL SCREENPRINTER VERSION4 ВАСKNEL. Helton889103$12$34$10R. Kenseth88882143725D. Tavaras91088.9155825Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemploymtaxes and 0,8% federal unemployment taxes on the first $7,000 of gross earnings.v (a)Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)RAMIREZ COMPANYPayroll RegisterFor the Week Ending January 31EarningsDeductionsEmployee Total HoursRegularOvertimeGross PayFICA TaxesFederal Income Taxes Health InsuranceTotalNet PayL. Helton%2424%24R. KensethD. TavarasTotals%24$1%$4Attempts: 0 of 15 usedSAVE FOR LATERSUBMIT ANSWERLicense Agreement I Privacy Policy © 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.Version 4.24 FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202)HomeRead, Study & PracticeAssignmentGradebookORIONDownloadable eTextbookAssignment > Open AssignmentCALCULATORFULL SCREENPRINTER VERSION(BACKNEXTExercise 11-11 a-b (Part Level Submission)Ramirez Company has the following data for the weekly payroll ending January 31.HoursHourlyRateFederal IncomeHealthInsuranceEmployeeMT.FTax WithholdingL. Helton88.103$12$34$10R. Kenseth88.88821437258 9D. Tavaras108.155825Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemploymenttaxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.v (a)Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)RAMIREZ COMPANYPayroll RegisterFor the Week Ending January 31EarningsDeductionsRegularOvertimeGross PayFICA TaxesFederal Income Taxes Health InsuranceTotalNet PayEmployee Total HoursL Helton$424%$4$1R. KensethD. TavarasVersion 4.24.21.1License Agreement I Privacy Policy © 2000-2021John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Incentive basis payroll is better than the time or piece rate system of payroll as this affects the…

CALCULATOR FULL SC 8. 6. 8. 10 3. $12 $34 $10 8. 8. 8. 8. 8. 14 37 25 9. 10 8. 8. 9. 15 58 25 s are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Compa 0.8% federal unemployment taxes on the first $7,000 of gross earnings. he payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions e Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay th 8.

CALCULATOR FULL SC 8. 6. 8. 10 3. $12 $34 $10 8. 8. 8. 8. 8. 14 37 25 9. 10 8. 8. 9. 15 58 25 s are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Compa 0.8% federal unemployment taxes on the first $7,000 of gross earnings. he payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions e Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay th 8.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1OYO

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In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firms fiscal year. The last quarter begins on April 1, 20--. Refer to the Illustrative Case on pages 6-27 to 6-33 and proceed as follows: a. Analyze and journalize the transactions described in the following narrative. Use the two-column journal paper provided on pages 6-73 to 6-77. Omit the writing of explanations in the journal entries. b. Post the journal entries to the general ledger accounts on pages 6-78 to 6-83. Narrative of Transactions: c. Answer the following questions: 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is................................................................................ ________ 2. The total amount of the liability for state income taxes withheld as of June 30 is................................................................................................................ ________ 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is........................................ ________ 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is.................................................. ________ 5. The total amount due the treasurer of the union is........................................ ________ 6. The total amount of wages and salaries expense since the beginning of the fiscal year is ................................................................................................... ________ 7. The total amount of payroll taxes expense since the beginning of the fiscal year is ............................................................................................................ ________ 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the companys fiscal year. The amount of Brookins Companys vacation accrual for the fiscal year is 15,000.
Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect un (he accounts and financial statements of recording the liability for the October 4 employer payroll taxes.
You are auditing payroll for the Morehead Technologiescompany for the year ended October 31, 2013. Included next are amounts from the client’strial balance, along with comparative audited information for the prior year.Audited Balance Preliminary Balance10/31/2012 10/31/2013Sales $ 51,316,234 $ 57,474,182Executive salaries 546,940 615,970Factory hourly payroll 10,038,877 11,476,319Factory supervisors’ salaries 785,825 810,588Office salaries 1,990,296 2,055,302Sales commissions 2,018,149 2,367,962You have obtained the following information to help you perform preliminary analyticalprocedures for the payroll account balances.1. There has been a significant increase in the demand for Morehead’s products. Theincrease in sales was due to both an increase in the average selling price of 4 percentand an increase in units sold that resulted from the increased demand and an increasedmarketing effort.2. Even though sales volume increased there was no addition of executives, factorysupervisors,…
The information for Perseus Company, shown in the following chart, is available from Perseus’s time records and the employees’ individual earnings records for the pay period that ended on December 22. Name HoursWorked Earnings at Endof Previous Week TotalEarnings Class FederalIncome Tax OtherDeductions Beals, C. 44 62,240.00 1,650.00 Sales 193.37 UW 25 Hines, V. 40 120,540.00 2,841.00 Sales 445.03 AR 95 Gore, L. 40 72,000.00 1,872.00 Sales 182.90 UW 25 Moreland, J. 46 34,090.00 1,040.00 Office 46.00 UW 35 Lindel, K. 43 43,450.00 2,010.00 Office 58.00 AR 75 Nordello, Y. 42 46,000.00 2,200.00 Office 67.00 UW 25 Regan, W. 43 52,640.00 1,120.00 Office 65.00 AR 25 Troutman, D. 40 64,000.00 1,310.00 Sales 90.00 UW 20 Additional Information: Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the…
The information for Perseus Company, shown in the following chart, is available from Perseus’s time records and the employees’ individual earnings records for the pay period that ended on December 22. Name HoursWorked Earnings at Endof Previous Week TotalEarnings Class FederalIncome Tax OtherDeductions Beals, C. 44 62,240.00 1,650.00 Sales 193.37 UW 25 Hines, V. 40 120,540.00 2,841.00 Sales 445.03 AR 95 Gore, L. 40 72,000.00 1,872.00 Sales 182.90 UW 25 Moreland, J. 46 34,090.00 1,040.00 Office 46.00 UW 35 Lindel, K. 43 43,450.00 2,010.00 Office 58.00 AR 75 Nordello, Y. 42 46,000.00 2,200.00 Office 67.00 UW 25 Regan, W. 43 52,640.00 1,120.00 Office 65.00 AR 25 Troutman, D. 40 64,000.00 1,310.00 Sales 90.00 UW 20 Additional Information: Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the…
Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…
Concerning payroll accounting - What is the order of calculation on Quarter-hour method & Hundreth-hour method? For example: IN 8:08 OUT 11:57 IN 12:59 OUT 4:57 IN 9:04 OUT 12:17 IN 1:28 OUT 5:18 IN 7:45 OUT 11:45 IN 12:43 OUT 4:01 IN 7:57 OUT 12:04 IN 1:03 OUT 5:06 Thank you for your assistance. Jewelee Marple
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…
Given the following data from the payroll register of Johnson Construction, prepare the journal entry to record payroll for the week ending May 20. Hours worked 41.5 Regular pay $400.00 Overtime pay 22.50 Gross pay 422.50 FICA taxes 32.32 Federal income tax 3.00 State income tax 4.00 United Fund 16.00 Insurance 6.00 Total deductions 61.32 Net pay ? Prepare the journal entry to pay payroll on May 28. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…
The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown: PAYROLL REGISTER FOR THE PERIOD ENDED March 31, 20-- EARNINGS TAXABLE EARNINGS DEDUCTIONS NAME EMPLOYEE NUMBER ALLOWANCES MARIT. STATUS REGULAR OVERTIME TOTAL CUM. TOTAL UNEMPL. COMP. SOC. SEC. FED. INC. TAX SOC. SEC. TAX MEDICARE TAX HEALTH INSUR. LIFE INSUR. OTHER TOTAL NET PAY CK. NO. 21 Totals 5,400.00 100.00 5,500.00 71,500.00 5,000.00 5,500.00 500.00 341.00 79.75 165.00 200.00 1,285.75 4,214.25 21 Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. Required: 1a. Prepare the journal entry for payment of this payroll on March 31, 20--. 1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:…
Given the following data from the payroll register of Johnson Construction, prepare the journal entry to record payroll for the week ending May 20. Hours worked 44.5 Regular pay $400.00 Overtime pay 67.50 Gross pay 467.50 FICA taxes 35.76 Federal income tax 2.00 State income tax 4.00 United Fund 18.00 Insurance 6.00 Total deductions 65.76 Net pay ? Prepare the journal entry to pay payroll on May 28. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…