Question

In: Accounting

he payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries...

he payroll register for Gamble Company for the week ended April 29 indicated the following:

Salaries $1,440,000
Social security tax withheld 86,400
Medicare tax withheld 21,600
Federal income tax withheld 288,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.

Required:
A. Journalize the entry to record the payroll for the week of April 29.*
B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
* Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Gamble Company
General Ledger
ASSETS
110 Cash
111 Accounts Receivable
112 Interest Receivable
113 Notes Receivable
115 Merchandise Inventory
116 Supplies
118 Prepaid Insurance
120 Land
123 Building
124 Accumulated Depreciation-Building
125 Office Equipment
126 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
213 Interest Payable
214 Notes Payable
215 Salaries Payable
216 Social Security Tax Payable
217 Medicare Tax Payable
218 Employees Federal Income Tax Payable
219 Employees State Income Tax Payable
221 Retirement Savings Deductions Payable
224 Federal Unemployment Tax Payable
225 State Unemployment Tax Payable
226 Vacation Pay Payable
227 Unfunded Pension Liability
228 Product Warranty Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
520 Salaries Expense
524 Depreciation Expense-Building
525 Delivery Expense
526 Repairs Expense
529 Selling Expenses
531 Rent Expense
532 Depreciation Expense-Office Equipment
533 Insurance Expense
534 Supplies Expense
535 Payroll Tax Expense
536 Vacation Pay Expense
537 Pension Expense
538 Cash Short and Over
539 Product Warranty Expense
540 Miscellaneous Expense
710 Interest Expense

Solutions

Expert Solution

A Salaries and wages expense 1440000
          Social security tax payable 86400
           Medicare tax payable 21600
           Federal income tax payable 288000
           Salaries and wages payable 1044000
B Payroll tax expense 122640
          Social security tax payable 86400
           Medicare tax payable 21600
            State unemployment taxes payable 13176 =244000*5.4%
            Federal unemployment taxes payable 1464 =244000*0.6%

Related Solutions

The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries...
The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries. Required: a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the...
The payroll reaister for Gamble Company for the week ended April 29 indicated the following  ...
The payroll reaister for Gamble Company for the week ended April 29 indicated the following    In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $225,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of April 29. B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* Refer to the Chart of Accounts for exact wording of account...
The payroll register for D. Salah Company for the week ended May 18 indicated the following:...
The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $544,000 Federal income tax withheld 108,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $10,336 of salaries. Required: a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to...
Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated...
Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $615,000 Federal income tax withheld 165,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $45,000 of salaries. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll...
A company showed the following information in its payroll register for the week ended March 16,...
A company showed the following information in its payroll register for the week ended March 16, 2015: EI Premium Income Taxes Medical Insurance CPP Union Dues Total Deductions Net Pay Sales Salaries Expense Office Salaries Expense Shop Salaries Expense 32.90     373.84    35.00       83.29     78.75     603.79     1,146.21 1,750     36.66     497.14    47.50       93.19     90.00     764.50     1,185.50 1,950     42.30     602.48    52.50       108.04     105.00     910.32...
A company showed the following information in its payroll register for the week ended March 16,...
A company showed the following information in its payroll register for the week ended March 16, 2015: EI Premium Income Taxes Medical Insurance CPP Union Dues Total Deductions Net Pay Sales Salaries Expense Office Salaries Expense Shop Salaries Expense 26.70     303.35    47.50       66.96     90.00     534.50     885.50 1,420     30.08     388.39    52.50       75.87     105.00     651.84     948.16 1,600     35.72     494.34    25.00       90.72     127.50     773.28...
A company showed the following information in its payroll register for the week ended March 16,...
A company showed the following information in its payroll register for the week ended March 16, 2015 Prepare General Journal entries to accrue employee fringe benefit costs for the week. Assume that the company matches the employees’ payments for medical insurance and contributes an amount equal to 8% of each employee’s gross pay to a retirement program. Also, each employee accrues vacation pay at the rate of 6% of the wages and salaries earned. The company estimates that all employees...
Payroll Register The following data for Throwback Industries, Inc. relate to the payroll for the week...
Payroll Register The following data for Throwback Industries, Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 46 $30 $338.10 $75 Cobb 41 42 374.75 40 Clemente 43 26 219.83 100 DiMaggio 36 40 302.4 90 Griffey, Jr. 48 38 414.96 50 Mantle $2,280 547.20 65 Robinson 35 34 178.50 40 Williams 2,550 561.00 65 Vaughn 44 46 423.20 40 Employees Mantle and Williams...
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week...
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 45 $46 $502.55 $105 Cobb 42 32 295.84 45 Clemente 41 24 189.24 90 DiMaggio 37 34 264.18 85 Griffey, Jr. 44 42 405.72 40 Mantle $2,280 547.20 75 Robinson 35 36 189.00 35 Williams 2,550 561.00 80 Vaughn 48 28 291.20 35 Employees Mantle and Williams...
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week...
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 43 $26 $266.11 $40 Cobb 48 44 491.92 40 Clemente 45 34 306.85 50 DiMaggio 35 28 205.8 55 Griffey, Jr. 41 42 366.03 90 Mantle $2,040 489.60 70 Robinson 36 30 162.00 110 Williams 2,280 501.60 70 Vaughn 44 40 368.00 95 Employees Mantle and Williams...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT