Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 10, Problem 6R
In the space provided below, prepare the
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An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…
Complete the top portion and earnings section of a payroll register for the five employees below. The associated pay period ends on 9/5/2021, with paychecks being printed and distributed six days later.
1. Luisa Williams earns $7.50/hour and worked 44 hours during the most recent week.
2. Jonathan Olsen earns $9.10/hour and worked 47 hours during the most recent week.
3. Nathan Upton earns $11.80/hour and worked 42 hours during the most recent week.
4. Juan Rodriguez earns $14/hour and worked 48 hours during the most recent week.
5. Drew Painter earns $16.60/hour and worked 51 hours during the most recent week.
Notes:
• Enter all employees' names in the format Last Name, First Initial (for example: Rick Smith would be written as Smith, R).
• For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
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Williams, L
Olsen, J
Upton, N…
Chapter 10 Solutions
Excel Applications for Accounting Principles
Ch. 10 - Based on 2011 tax rates provided, use a calculator...Ch. 10 - You have been asked to record the November payroll...Ch. 10 - To make the worksheet reusable each month, the...Ch. 10 - Prob. 4RCh. 10 - Prob. 5RCh. 10 - In the space provided below, prepare the journal...Ch. 10 - In the space provided below, prepare the journal...Ch. 10 - Prob. 8RCh. 10 - Click the Chart sheet tab. On the screen is a...
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- On September 30, Hilltop Companys selected payroll accounts are as follows: Prepare general journal entries to record the following: Oct. 15 Payment of federal tax deposit of FICA taxes and the federal income tax. 31 Payment of state unemployment tax. 31 Payment of federal unemployment tax.arrow_forwardIn the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firms fiscal year. The last quarter begins on April 1, 20--. Refer to the Illustrative Case on pages 6-27 to 6-33 and proceed as follows: a. Analyze and journalize the transactions described in the following narrative. Use the two-column journal paper provided on pages 6-73 to 6-77. Omit the writing of explanations in the journal entries. b. Post the journal entries to the general ledger accounts on pages 6-78 to 6-83. Narrative of Transactions: c. Answer the following questions: 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is................................................................................ ________ 2. The total amount of the liability for state income taxes withheld as of June 30 is................................................................................................................ ________ 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is........................................ ________ 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is.................................................. ________ 5. The total amount due the treasurer of the union is........................................ ________ 6. The total amount of wages and salaries expense since the beginning of the fiscal year is ................................................................................................... ________ 7. The total amount of payroll taxes expense since the beginning of the fiscal year is ............................................................................................................ ________ 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the companys fiscal year. The amount of Brookins Companys vacation accrual for the fiscal year is 15,000.arrow_forwardWallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.arrow_forward
- On September 30, Hilltop Companys selected payroll accounts are as follows: Prepare general journal entries to record the following:arrow_forwardThe totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.arrow_forwardOn September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.arrow_forward
- The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.arrow_forwardThe totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.arrow_forwardYou will complete the necessary payroll entries for the company at the end of the month. Below, you have been given a payroll register. Please journalize and post to the appropriate ledger accounts in excel Payroll register for the end of month on May 31with 4 employees. Daliah had: gross pay $1,000, FICA tax $62, Medicare tax $14.50, Federal Tax of $85, total deductions of $161.50, net pay of $838.50, matching FICA $62, matching Medicare tax $14.50. Micah had: gross pay of $450, FICA tax $27.90, Medicare tax $6.53, Federal income tax $72, total deductions $106.43, net pay $343.58, matching FICA $27.90, matching Medicare $6.53. Jacob had: gross pay $630, FICA tax $39.06, Medicare tax $9.14, Federal Income Tax $55, total deductions $103.20, net pay $526.81, matching FICA $39.06, matching Medicare $9.14. Jonah had: gross pay $580, FICA tax $35.96, Medicare tax $8.41, Federal income tax $44, total deductions $88.37, net pay $491.63, matching FICA $35.96, matching Medicare $8.41, Federal…arrow_forward
- The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Q1 Posted earlier, just provided info) 2. Prepare General Journal entries to record the payroll register information, including the employer’s expenses Record the journal: 1. Record the payroll register for the pay period ending March 23. 2. Record the payroll taxes.arrow_forwardThe payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Image 1)arrow_forwardThe payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2021: Required: 1. Enter the relevant information in the proper columns of a payroll register and complete the register, calculate CPP and El deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate Income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. (Round your intermediate calculations and final answers to 2 decimal places.) Payroll Week Ended March 23, 2021 Employees Ray Loran Kathy Sousa Gary Smith Nicole Parton Diana Wood 1 2 3 4 5 Employment Insurance 0.00 Employee No. View transaction list CPP MTWT 11 8 12 0000 O 0.00 7 13 8 14 8 15 0 Daily Time 00 00 00 00 00000 8 8 6 Income Tax Journal entry worksheet 2 LL 8 7 8 8 8 8 8 6 6 0.00 F S S 4 4 SOO || 0 To 0 4 4 0 0 8 8 Hospital Insurance Total Hours 40.00…arrow_forward
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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License