Make the journal entries necessary for each of the four

Assignment Help Accounting Basics

Reference no: EM13483969

Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed.

Employee	Earnings to July 31	Weekly Pay	Vacation Pay to Be Received in August
Mark Hamill	$4,200	$200	-
Karen Robbins	3,500	150	$300
Brent Kirk	2,700	110	220
Alec Guinness	7,400	250	-
Ken Sprouse	8,000	330	660

Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $110,100 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee's wages in excess of $110,100.

Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company's liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.

Reference no: EM13483969

Questions Cloud

The contract offer called for an immediate signing bonus of : ames hardy recently rejected a 20000000 five year contract with the vancouver seals hockey team. the contract offer

How you file the following items on form 1040 please be : how you file the following items on form 1040? please be specific and inclue any extra calculations

If charles expects to live for 20 years in retirement how : 1. k. herrmann has decided to set up a scholarship fund for students. she is willing to deposit 5000 in a trust fund at

Honeybutter inc manufactures a product that goes through : honeybutter inc. manufactures a product that goes through two departments prior to completion- the mixing department

Make the journal entries necessary for each of the four : cedarville company pays its office employee payroll weekly. below is a partial list of employees and their payroll data

Pacific ink had beginning work-in-process inventory of : pacific ink had beginning work-in-process inventory of 587225 on october 1. of this amount 312500 was the cost of

What atmospheric conditions must change so that the : what atmospheric conditions must change so that the westerly fl owing polar front jet stream reverses direction and

Morse company manufactures basketballs materials are added : morse company manufactures basketballs. materials are added at the beginning of the production process and conversion

Calculate the predetermined overhead application rate : nautical accessories inc. manufactures womens boating hats. manufacturing overhead is assigned to production on a

User Account

All Pages