Answered You can buy a ready-made answer or pick a professional tutor to order an original one.

QUESTION

Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed

Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed.

Earnings to Weekly Vacation Pay to Be

Employee July 31 Pay Received in August

Mark Hamill $4,200 $200 —

Karen Robbins 3,500 150 $300

Brent Kirk 2,700 110 220

Alec Guinness 7,400 250 —

Ken Sprouse 8,000 330 660

Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $113,700 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee’s wages in excess of $113,700.

Instructions

Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company’s liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.

Show more
  • @
  • 164 orders completed
ANSWER

Tutor has posted answer for $50.00. See answer's preview

$50.00

******************* Company **** its office ******** ******* ****** ***** is * ******* **** ** ********* and their ******* data *** ****** ******* ****** is their ******** ****** ******** *** is **** listedEarnings to ****** ******** Pay ** ********** July 31 *** Received ** AugustMark ****** ***** $200 ******** ******* **** *** ********* **** **** *** ******* Guinness **** *** ****** Sprouse 8000 330 660Assume that *** ******* ****** *** ******** ** 10% ** ***** Union dues ******** *** ** ** wages ********* *** ***** *** ****** *** ***** weeks ** ****** ** Robbins **** *** ******* *** ***** ************ *** rate ** *** *** *** ******* is *** both ** * $7000 ******* The **** **** ** **** on ******** *** employer ** * ******* ** ******* *** ******** In ******** * 145% rate ** ******* **** ******** and ******** *** an employee’s wages ** excess ** *********************** the ******* ******* ********* *** each of the **** August payrolls The ******* *** *** ******* and *** *** *********** ********* *** made ********** Also **** *** entry ** ****** *** ******* ******* of ******* ******* liabilitiesAnswer:Entries *** ******* 1Salaries *** ***** **************** Withholding Taxes ******* **** * $1040)* 10400 **** Taxes ******* ***** X ************ Union **** ******* *** * ************ ********************** * **** * **** * **** * **** * ********************** *** ************* FICA ***** ******* ***** * $1040) 7956 **** ***** *********** [08% * ***** * **** * *********** **** Taxes ******* **** * $460) 1150 Entries *** Payroll 2 *** 3Salaries *** Wages ******* (Vacation)59000* Salaries *** ***** ************** *********** Taxes ******* **** * ************* **** Taxes Payable (765% * ************ Union **** ******* *** X $1040) 2080 *********************** * **** + $660) ÷2     Payroll Tax ************* **** ***** Payable ***** X ************ **** Taxes Payable **** * ********** SUTA ***** ******* **** * ******************** for ******* ********* and ***** *************** *********** ***** ******* **** * ************* FICA ***** ******* ***** X ************ ***** Dues ******* *** * $1040) 2080 ****************************** *** ************* **** ***** ******* (765% * ************ **** Taxes ******* (08% X ********** SUTA Taxes Payable **** * $460) 1150 Monthly ******* of Payroll ********************** ***** ******* ******* * 4)41600 FICA ***** ******* ****** * ************** **** Payable ****** * 4)8320 FUTA ***** ******* ***** * ************ Taxes ******* ****** X 4)4600  ********************

Click here to download attached files: (3).docx
or Buy custom answer
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question