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

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the values of stocks and bonds

Financial management is about to explain what managers can do to make their companies more valuable. Managers must understand how investors determine the values of stocks and bonds if they are to identify, evaluate and implement projects that meet..

  What are the combined total department costs

Jackson Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively.

  Determine the amounts that will be reported on the december

identify how each security should be accounted for trading available-for-sale held-to-maturity or equity method. at

  Assume the facts stated in the previous question how much

1. in 2013 rocio invested 30000 in a cattle-feeding partnership that used nonrecourse notes to purchase 100000

  Smith co bought a window franchise from paine inc on

smith co. bought a window franchise from paine inc. on january 2 2008 for 100000. a highly regarded independent

  Flexible budgets based on assumptions of service levels

Develop flexible budgets based on the assumptions of service levels at 35,000 hours, 40,000 hours, and 45,000 hours.

  Emotional support in a time of distress

Sarah is listening to her roommate to provide emotional support in a time of distress. According to your textbook, Sarah is engaged in listening.

  Annual market rate at the date of issuance

Sears issues bonds with a par value of $138,000 on January 1, 2009. The bond' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance..

  Stillwater designs rebuilds defective units of its s12l7

stillwater designs rebuilds defective units of its s12l7 kicker speaker model. during the year stillwater rebuilt 7500

  Determining use of indirect approach

Complete the table indicating whether each item (1) should be reported as an operating (O) activity, investing (I) activity, financing (F) activity, or as a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow..

  What is the firm''s wacc if the corporate tax rate is 35%

A firm has 1,000,000 shares of stock outstanding, and each share is currently worth $22. The stock has a beta of 1.2. The firm also has 10-year bonds outstanding with a par value of $10,000,000

  Earnings trends and normative theory-education

Evaluate how research and normative theory impacts accounting education today and the likely impact that more research may have on the accounting profession.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd