COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
Question
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Chapter 10, Problem 4PA

1.

To determine

Prepare a schedule related to payroll for Company N from the information given.

2.

To determine

Journalize the entry to record the payroll on October 31, 2019.

3.

To determine

Journalize the entry to record the payment to employees on October 31, 2019.

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For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $50,000. 1. & 2. Prepare the journal entries at December 31 to record the bonus due and later on January 19 to record payment of the bonus to employees.
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare Gross Pay Net Pay Income taxes 15% FICA Social Total deductions Security 6.2% 1.45% $2,000 The company matches FICA deductions. Required: a. Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $14,563. 1. Prepare the journal entry at December 31 to record the bonus due the employees. 2. Prepare the later journal entry at January 19 to record payment of the bonus to employees.

Chapter 10 Solutions

COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

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