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Section: Janna Turner ACC2020 Exercise 3-10 When totals and net pay calculations are correct the cell will change to green. Regular Earnings...
E-10. I have to prepare Journal entries for the following: 1.recording the payroll.2.paying the payroll.3.Distributing the payroll.(assume that overtime premium will be charged to all jobs worked on during this period.)4.The employer's payroll taxes.(assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)P3-10.Giovanni Construction Company uses the job order cost system. In recording payroll transactions, the following accounts are used:cash,wages payable,FICA tax payable,Federal Unemployment Tax Payable,State Unemployment tax Payable,Employees Income Tax Payable,Payroll,Administrative salaries,Misc Administrative expense,Sales salaries,Misc.selling expense, factory overhead and work in process. Factory employees are paid weekly, while all other employees are paid semimonthly on the 15th and the last day of each month.All salaries and wages are subject to all taxes.Following is a narrative of transactions being completed during the month of January:7th recorded total earnings of factory employees,amounting to $68,200,less deductions for employees' income taxes and FICA taxes.7th issued check for payment of the payroll. 14threcorded total earnings of factory employees amounting to $66,300,less deductions for employees' income taxes and FICA taxes.14th issued check for payment of the payroll.15th.recorded administrative salaries,$10,000,and sales salaries,$18,000,less deductions for employees' income taxes and FICA taxes.15th.issued check for payment of salaries.21st.recorded total earnings of factory employees amounting to $72,500,less deductions for employees' income taxes and FICA taxes. 21st issued check for payment of the payroll.28threcorded total earnings of factory employees amounting to $74,200 less deductions for employees' income taxes and FICA taxes. 26th issued check for payment of the payroll. 31strecorded administrative salaries,$10,000, and sales salaries,$18,000, less deductions for employees' income taxes and FICA taxes.31st the following wages and salaries were earned or accrued during January:direct labor $302,500 Indirect labor 22,500, Administrative Salaries 20,000, sales salaries 36,000 and total $381,000. Required"1.Complete the previous form to show the payroll taxes imposed on the employer for the month of January.2.Prepare the journal entries to record the foregoing transactions,including the distribution of payroll costs and payroll taxes, assuming that the payroll taxes imposed on the employer for factory wages are to be charged to factory Overhead, the taxes for administrative salaries are to be charged to misc, administrative expense, and the taxes for sales salaries are to be charged to Misc.selling expense.3.assume that the factory employees worked on January 29,30,31.What was the amount of accrued wages on January 31?P3-11 The factory payroll for the week is $200,000, consisting of $140,000 earned by 100 direct laborers and $60,000 earned by 30 indirect laborers. The total of factory bonuses to be received at year-end is estimated at $400,000.All factory workers receive a two-week paid vacation. required:Prepare the entries to distribute the weekly payroll and the costs and liabilities related to the bonus, holiday pay, assuming that the fringe benefits of the direct laborers are charged to factory overhead.P3-12 In P3-11 above, prepare the entries to distribute the weekly payroll and the costs and liabilities related to the bonus, vacation, and holiday pay, assuming that the fringe benefits of the direct laborers are charged to the individual jobs worked on during the period.I have attached the form that I have to use to solve the problems with. I greatly appreciate it!
