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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

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


Compute the amounts omitted in lines (I). (3). (7). and (II),

To determine

Concept Introduction:

Payroll means that amount of money that employer pays to the employees against the services provided by the employees to the employers. The payroll includes salaries and wages of the employees.

To compute:

The omitted amounts of the payroll data.

Explanation

The computations of omitted amounts are as follows:

Firstly, the total earnings are to be computed i.e. (3) :

  Total Earnings=Total deductions+Net amount paid=$315,000+$525,000=$840,000

Now, the amount of earnings at regular rate is to be computed i.e. (1) :

  Earnings at Regular Rate=Total earningsEarnings at overtime rate=$840,000$120,000=$720,000

Now, the amount of union dues is to be calculated i.e. (7) :

  Union Dues=Total deductions(FICA tax+Income tax withheld+

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