Financial Accounting-w/cd-package
3rd Edition
ISBN: 9780131060876
Author: REIMERS
Publisher: PEARSON
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Chapter B, Problem 2YT
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Using March 31, 2003 as the journal entry date, enter the following items in the General Journal. Bank charges and interest $275.00 bank interest was automatically deducted from XY Consumer Products’ bank account this month. Employer’s Payroll Deductions Record XY Consumer Products’ share of CPP and EI deductions based on the payroll in Step 7. (Calculate for only the one week of salary.) Calculation Note: EI deductions are multiplied by 1.4 Payment on Bank Loan $2,500.00 from outstanding bank loans was automatically deducted from XY Consumer Products’ bank account this month.
Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November
30, 2020.
Employee
T. King
T. Binion
N.Cole
C. Hennesey
Hours Worked
Date
44
46
Nov. 30
40
Show Transcribed Text
Nov. 30
42
Your answer is partially correct.
Hourly Pay Rate
$69
Salaries and Wages Expense
FICA Taxes Payable
Account Titles and Explanation
Federal Income Taxes Payable
Union Dues Payable
Salaries and Wages Payable
(To record weekly payroll)
Payroll Tax Expense
34
FICA Taxes Payable
39
Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax
rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays
unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
44
State Income Taxes Payable
Federal Income Taxes Payable
Federal Income Tax
Prepare…
According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal
unemployment taxes, and $92.40 for state unemployment taxes.
Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually)
Account Titles and Explanation
Debit
Credit
Chapter B Solutions
Financial Accounting-w/cd-package
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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- Karen Law firm has paid $52,400.00 in salaries for the first quarter. Ms. Karen has computed the payroll taxes that must be paid as follows: FICA $4,008.60, FUTA $314.40, and SUTA $2,829.60.Prepare the journal entry to record these payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Creditarrow_forwardThe following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Deductions: $402,000 Sales salaries Income tax withheld $135,975 Social security tax withheld 46,620 Warehouse salaries 210,000 Office salaries Medicare tax withheld 165,000 11,655 Retirement savings $777,000 17,094 Group insurance 13,986 $225,330 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%arrow_forwardIn January, the payroll supervisor determines that gross earnings for Concord Company are $84,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.60% federal unemployment taxes. (b) Record the employer's payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 125.) Account Titles and Explanation Debit Credit [arrow_forward
- As of Dec. 31, 2016, accrued salaries are $4,000 and accrued labor wages are $9,000. Don't forget added employer paid tax for FICA and Medicare and as 10% income tax withholding. Rather than creating new accrual accounts, you may use the usual payroll and tax payable accounts. This will not create a problem since this entry will be reversed on January 1, 2017. Remember to round up payroll taxes to the nearest dollar. what is the adjusting entryarrow_forwardCurrent Attempt in Progress According to the accountant of Wildhorse Inc., its payroll taxes for the week were as follows: $162.00 for FICA taxes, $16.20 for federal unemployment taxes, and $113.40 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Creditarrow_forwardThe following information relates to Fanning’s Electronics on December 31, 2011. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively). The company’s weekly payroll is $8,750, paid each Friday for a five-day workweek. Assume December 31, 2011, fall on a Monday, but the employees will not be paid their wages until Friday, January 4, 2012. Eighteen months earlier, on July 1, 2010, the company purchased equipment that cost $20,000. Its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value). On October 1, 2011, the company agreed to work on a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm system in 24 new homes. That amount was credit to the Unearned Services Revenue account. Between October 1 and December 31, work on 20…arrow_forward
- Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%arrow_forwardIn the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings: 1. At regular rate $fill in the blank 1 2. At overtime rate 81,600 3. Total earnings $fill in the blank 2 Deductions: 4. FICA tax $32,700 5. Income tax withheld 138,700 6. Medical insurance 18,800 7. Union dues fill in the blank 3 8. Total deductions $202,000 9. Net amount paid $343,000 Accounts debited: 10. Wages $288,900 11. Sales Salaries $fill in the blank 4 12. Office Salaries $109,000arrow_forwardOn December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.arrow_forward
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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License