FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Prepare a payroll check using the information from the payroll register for Bill Brown for the pay period ending on August 31. Fill out the check stub using information from the payroll register. Prepare the check. Sign your name. Use name Yaira Hundley. Completed payroll register is attached.arrow_forwardGross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be withheld From Gross Pay (Employee-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 80.00 Taxes to be General Journal >arrow_forwardAssume 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…arrow_forward
- Do not give image format Record the transactions for July 10 and 31.arrow_forwardThe Faber Company had two employees for the week ended June 24. On the basis of the following information, prepare a general journal entry to record the employee benefits expense for that payroll. Employee Brett Pox Casey Flicks Salary 800 1,100 Date June 24 IT 162 195 Accounts Deductions CPP 36 51 Prepare the journal entry below. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest cent.) ΕΙ 14 20 PR Net Pay 588 834 Debit Creditarrow_forwardHaresharrow_forward
- Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.arrow_forwardshow the balance shet presentation of the receivable accounts at july 31.arrow_forwardEmployee advances Amounts owed by customers for the sale of services (due in 30 days) Refundable income taxes Interest receivable Accepted a formal instrument of credit for services (due in 18 months) A loan to company president Dishonored a note for principal and interest which will eventually be collected $1,580 3,050 1,120 950 2,220 8,000 1,380 Based on this information, what amount should appear in the "Other Receivables" category? a. $18,300 b. $11,650 C. $13,030 d. $15,250arrow_forward
- Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?arrow_forwardPlease complete the payrolll register. Note: this payroll register is partially done please complete the missing boxes with the right answers.arrow_forward
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