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In: Accounting

In the following summary of data for a payroll period, some amounts have been intentionally omitted:...

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 29,160 5. Medicare tax 7,290 6. Income tax withheld 134,000 7. Medical insurance 17,010 8. Union dues ? 9. Total deductions 194,210 10. Net amount paid 291,790 Accounts debited: 11. Factory Wages 260,000 12. Sales Salaries ? 13. Office Salaries 120,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. B. Journalize the entry to record the payroll accrual.* C. Journalize the entry to record the payment of the payroll.* * Refer to the Chart of Accounts for exact wording of account titles.

Solutions

Expert Solution

a
(1) 420000
(3) 486000
(8) 6750
(12) 106000
b
Debit Credit
Factory wages expense 260000
Sales salaries expense 106000
Office Salaries expense 120000
      Social security tax payable 29160
      Medicare tax payable 7290
      Employees income tax payable 134000
     Medical insurance payable 17010
      Union dues payable 6750
      Salaries payable 291790
c
Salaries payable 291790
        Cash 291790
Workings:
Net amount paid 291790
Add: Total deductions 194210
Total earnings 486000
Total earnings 486000
Less: At overtime rate 66000
At regular rate 420000
Total deductions 194210
Less:
Social security tax 29160
Medicare tax 7290
Income tax withheld 134000
Medical insurance 17010
= Union dues 6750
Total earnings 486000
Less:
Factory Wages 260000
Office Salaries 120000
= Sales Salaries 106000

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