Reference no: EM13986402
Time cards are being entered into the accounting system for four employees. The costs for Employee 1 are to be billed to job cost code 302.01.01100L. Ten hours of Employee 2 time is to be billed to job cost code 302.01.06110L and the remaining 30 hours are to be billed to job cost code 302.01.06210L.
Employee 3 took vacation this entire week and Employee 4 works in the main office. The employee costs and deductions withheld from the employee's check are shown below. Using the chart of accounts in Figure 2- 1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of entering the employees' time into the accounting system:
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1
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2
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3
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4
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TOTAL
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Employer's Costs
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|
|
|
|
|
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Wages
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600.00
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400.00
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350.00
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500.00
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1,850.00
|
|
Social Security
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37.20
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24.80
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21.70
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31.00
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114.70
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Medicare
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8.70
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5.80
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5.08
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7.25
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26.83
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SUTA
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18.00
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12.00
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10.50
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15.00
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55.50
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FUTA
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4.80
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3.20
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2.80
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4.00
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14.80
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Liability Insurance
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12.00
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8.00
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7.00
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10.00
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37.00
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Workers' Comp.
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54.00
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36.00
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31.50
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15.00
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136.50
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Health Insurance
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40.00
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40.00
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40.00
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40.00
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160.00
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Vacation
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38.92
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29.79
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27.51
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33.20
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129.42
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Total
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813.62
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559.59
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496.09
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655.45
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2,524.75
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Employee Deductions
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|
|
|
|
|
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Social Security
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37.20
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24.80
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21.70
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31.00
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114.70
|
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Medicare
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8.70
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5.80
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5.08
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7.25
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26.83
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Federal Withholdings
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59.85
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29.85
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22.35
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44.85
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156.90
|
|
State Withholdings
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36.00
|
24.00
|
21.00
|
30.00
|
111.00
|
|
Health Insurance
|
60.00
|
60.00
|
60.00
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60.00
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240.00
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Total
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201.75
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144.45
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130.13
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173.10
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649.43
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Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of paying a $5,000 invoice for concrete charged to job cost code
302.01.02620M, $2,273.80 for federal employment taxes, and $1,732 for health insurance. The invoices were previously entered into the accounting system.
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