70.2K

Verified Solution

Link Copied!

SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions. february 26 The compary paid cash to tyn Nddte for etght days' work at \$15e per day. Morch 25 The company sold merchandise with a $2,500 cost for $3,390 on credit to wildcat services, invoice dated March 25 . Required: 1. Assume that Lyn Addle is an unmarrled employee. Her $1,200 of wages have deductions for FICA Sociai Security taxes, FiCA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $120. Compute her net pay for the eight days' work pald on February 26. 2. Record the joumal entry to reflect the payroll payment to Lyn Addle as computed in part 1. 3. Record the joumal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entres for the merchandise sold on March 25 if a 4% sales tax rate applies. Answer is not complete. Complete this question by entering your answers in the tabs below. Assume that Lyn Addie is an unmarried employee. Her $1,200 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay penod total $120. Compute her net pay for the eight days' work paid on February 26. the eight days work paid on February 26 . Note: Round your answer to 2 decimal places. Do not round intermediate calculations. SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions February 26 The company paid cash to tyn Addie for eight days' work at 3150 per day. March 25 The company sold merchandise with a $2,500 cost for $3,300 on credit to wildcat services, invoice dated March 25 . Required: 1. Assume that Lyn Addie is an unmarred employee. Her \$1,200 of wages have deductions for FICA Social Securtity taves, FiCA Medicare taxes, and federal income taxes. Her federal income taxes for this pay penod total $120. Compute her net pay for the elght days' work paid on February 26. 2. Record the joumal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the joumal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Answer is not complete. Complete this question by entering your answers in the tabs below. Record the joumal entry to reflect the payroll payment to Lyn Addie as computed in part 1. Note: Round your answers to 2 decimal places. Do not round intermediate calculations. SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 Following are some transactions and events of Business Solutions. February 26 The compory paid cast to Lyn Adale for eight days' work at 3150 per day. Narch 25 The company sold merchandise with a $2,500 cost for $3,390 on credit to wildcat services, invoice dated kareh 25 . Required: 1. Assume that Lyn Addle is an unmartied employee. Her $1,200 of wages have deductions for FiCA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $120. Compute her net pay for the eight days' work pald on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addle as computed in part 1 3. Record the joumal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Answer is not complete. Complete this question by entering your answers in the tabs below. Record the journal entry to reflect the (employer) payroll tax expenses for the february 26 payroll payment, Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Note: Round your answers to 2 decimal places. Do not round intermediate calculations. SP 9 Serial Problem Business Solutions (Algo) LO P2, P3, C2 following are some transactions and events of Business Solutions. ebruary 26 the company paid cash to Lyn Addie for eleht days' work at $150 per day. March 25 The company sold merchandise with a $2,500 cost for $3,3e0 on credit to wildcat services, invoice dated Mareh 25 . Requlred: 1. Assume that Lyn Addie is an unmarrled employee. Her $1,200 of wages have deductions for FICA Soclal Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total \$120. Compute her net pay for the eight days' work paid on February 26. 2. Record the joumal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Answer is not complete. Complete this question by entering your answers in the tabs below. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Note: Round your answers to the nearest whole dollar

Answer & Explanation Solved by verified expert

See Answer