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Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 11E
Textbook Problem
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Summary payroll data

In the following summary of data for a payroll period, some amounts have been intentionally omitted:

Chapter 11, Problem 11E, Summary payroll data In the following summary of data for a payroll period, some amounts have been

  1. a. Calculate the amounts omitted in lines (1), (3), (8), and (12).
  2. b. Journalize the entry to record the payroll accrual.
  3. c. Journalize the entry to record the payment of the payroll.

a.

To determine

Calculate omitted amounts

Explanation of Solution

Calculate the omitted amounts in line (1), (3), (8), and (12).

  • Calculate the amount of total earnings (3).

  Total earnings(3)=Netamountpaid+Totaldeductions=$338,850 + $201,150 =$540,000

  • Calculate the amount of regular (1).

  Regular(1)=Total earningsOvertime=$540,000$80,000 =$460,000

  • Calculate the amount of union dues (8).

  Union dues (8)=Total deductions(Socialsecuritytax+Medicaretax

b.

To determine

Journalize the entry to record payroll accrual.

c.

To determine

Journalize the entry to record the payment of payroll.

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Chapter 11 Solutions

Financial Accounting
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