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 $66,000 3. Total earnings ? Deductions: 4. Social security tax 37,560 5. Medicare tax 9,390 6. Income tax withheld 130,000 7. Medical insurance 21,910 8. Union dues ? 9. Total deductions 205,610 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries ? 13. Office Salaries 100,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. On December 19, journalize the entry to record the payroll accrual.* C. On December 20, journalize the entry to record the payment of the payroll.
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 $66,000 3. Total earnings ? Deductions: 4. Social security tax 37,560 5. Medicare tax 9,390 6. Income tax withheld 130,000 7. Medical insurance 21,910 8. Union dues ? 9. Total deductions 205,610 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries ? 13. Office Salaries 100,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. On December 19, journalize the entry to record the payroll accrual.* C. On December 20, journalize the entry to record the payment of the payroll.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...
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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 | $66,000 |
3. Total earnings | ? |
Deductions: | |
4. Social security tax | 37,560 |
5. Medicare tax | 9,390 |
6. Income tax withheld | 130,000 |
7. Medical insurance | 21,910 |
8. Union dues | ? |
9. Total deductions | 205,610 |
10. Net amount paid | 420,390 |
Accounts debited: | |
11. Factory Wages | 267,000 |
12. Sales Salaries | ? |
13. Office Salaries | 100,000 |
Required: | |||
A. | Calculate the amounts omitted in lines (1), (3), (8), and (12). | ||
B. | On December 19, |
||
C. | On December 20, journalize the entry to record the payment of the payroll.
|
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