Summary Payroll Data In the following summary of data for a payroll period, some amounts...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Summary Payroll Data 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 $80,000 3. Total earnings ? Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld (32,400) (8,100) (135,000) (18,900) ? 7. Medical insurance 8. Union dues 9. Total deductions (201,150) $338,850 10. Net amount paid Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 60% and the Medicare a few 1.3 (1) (3) (8) b. Journalize the entry to record the payroll accrual. If an amount box does not require an entraven
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
