Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 10, Problem 10.10EX
A.
To determine
Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.
Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.
To calculate: Omitted amounts
B.
To determine
To Journalize: The entry to record payroll accrual.
C.
To determine
To Journalize: The entry to record the payment of payroll.
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Summary Payroll Data
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
$70,400
3. Total earnings
?
Deductions:
4. Social security tax
28,200
5. Medicare tax
7,050
6. Income tax withheld
119,700
7. Medical insurance
16,200
8. Union dues
?
9. Total deductions
174,000
10. Net amount paid
296,000
Accounts debited:
11. Factory Wages
249,100
12. Sales Salaries
?
13. Office Salaries
94,000
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.
Sümmary Payroll Data
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitt
Earnings:
1. At regular rate
2. At overtime rate
$57,500
3. Total earnings
Deductions:
4. Social security tax
23,040
I.
5. Medicare tax
5,760
6. Federal income tax withheld
97,800
7. Medical insurance
13,200
8. Union dues
9. Total deductions
142,000
10. Net amount paid
242,000
Accounts debited:
11. Factory Wages
203,500
12. Sales Salaries
13. Office Salaries
76,800
Chapter 10 Solutions
Financial & Managerial Accounting
Ch. 10 - Does a discounted note payable provide credit...Ch. 10 - Employees are subject to taxes withheld from their...Ch. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - To match revenues and expenses properly, should...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - When should the liability associated with a...Ch. 10 - Prob. 10DQ
Ch. 10 - Proceeds from notes payable On January 26, Nyree...Ch. 10 - Prob. 10.2BECh. 10 - Prob. 10.3BECh. 10 - Journalize payroll tax The payroll register of...Ch. 10 - Prob. 10.5BECh. 10 - Journalizing installment notes On the first day of...Ch. 10 - Prob. 10.7BECh. 10 - Prob. 10.1EXCh. 10 - Entries for notes payable Bennett Enterprises...Ch. 10 - Evaluating alternative notes A borrower has two...Ch. 10 - Entries for notes payable A business issued a...Ch. 10 - Entries for discounted note payable A business...Ch. 10 - Prob. 10.6EXCh. 10 - Prob. 10.7EXCh. 10 - Calculate payroll An employee earns 44 per hour...Ch. 10 - Prob. 10.9EXCh. 10 - Prob. 10.10EXCh. 10 - Payroll tax entries According to a summary of the...Ch. 10 - Payroll entries The payroll register for D. Salah...Ch. 10 - Prob. 10.13EXCh. 10 - Prob. 10.14EXCh. 10 - Prob. 10.15EXCh. 10 - Accrued vacation pay A business provides its...Ch. 10 - Pension plan entries Yuri Co. operates a chain of...Ch. 10 - Prob. 10.18EXCh. 10 - Entries for installment note transactions On the...Ch. 10 - Entries for installment note transactions On...Ch. 10 - Prob. 10.21EXCh. 10 - Prob. 10.22EXCh. 10 - Prob. 10.23EXCh. 10 - Prob. 10.24EXCh. 10 - Liability transactions The following items were...Ch. 10 - Entries for payroll and payroll taxes The...Ch. 10 - Wage and tax statement data on employer FICA tax...Ch. 10 - Prob. 10.4APRCh. 10 - Payroll accounts and year-end entries The...Ch. 10 - Prob. 10.1BPRCh. 10 - Entries for payroll and payroll taxes The...Ch. 10 - Prob. 10.3BPRCh. 10 - Prob. 10.4BPRCh. 10 - Payroll accounts and year-end entries The...Ch. 10 - Prob. 3CPPCh. 10 - Continuing Company Analysis-Amazon: Short-term...Ch. 10 - Prob. 2ADMCh. 10 - Prob. 3ADMCh. 10 - Prob. 4ADMCh. 10 - Prob. 10.1TIFCh. 10 - Prob. 10.3TIF
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