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- PART 1 Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($72,000), payroll deductions for income tax ($7,200), payroll deductions for FICA ($5,400), payroll deductions for American Cancer Society ($2,700), employer contributions for FICA (matching), and state and federal unemployment taxes ($630). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $5,850 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Make the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.46 Transmute Company paid or collected during the current year the following items: Insurance premium paid 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Transmute’s balance sheet: December 31 January 1 Prepaid insurance 1,200 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The salary expense on the income statement for the current year was Note for your final answer: Do not use peso sign Do not use comma Do not use decimal point Round off your final answer to the nearest whole number
- Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.Income Taxes Payable was credited for $7,500 in the entry when Antonio Company recorded payroll. When Antonio Company records employer's payroll taxes, Income Taxes Payable should be credited for: Select one: a. Some other amount. b. $7,500. C. $15,000, d. $0.An employee has a gross monthly salary of $1,000. In September the tax deducted was $200, the employee's national insurance was $60, and the employer's national insurance was $100. What was the charge for salaries in the income statement? A $740 B $940 C $1,000 D $1,100
- What were Lily’s gross wages for this period? $1,722.44 $2,480.17 $16,172.44 $14,450Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account had a beginning balance of $7,000 and an ending balance of $9,000. How much cash was disbursed for payroll during the year?rrent Attempt in Progress Employee earnings records for Oriole Company reveal the following gross earnings for four employees through the pay period of December 15. J. Seligman $90,700 L. Marshall $125,300 R. Eby $113,600 T. Olson $130,700 For the pay period ending December 31, each employee's gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, e.g. 52.75.) J. Seligman $ L. Marshall $ R. Eby $ T. Olson $ eTextbook and Media
- Accounting A company’s employee earns a monthly salary of 1.400€. Income taxes withheld are 280 €. Social security contributions made by employee are 5% while the ones done by the employer, represent 12%. Payment always takes place on the 28th of each month. What is the total amount of the monthly liabilities recorded by the company for this employee if the accounting entry is being recorded on the last day of the month? Select one: a. 1,400 b. 518 c. 350 d. I want to leave the question blank e. 238 If answered within 30mins, it would be greatAn employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 RAccounting The payroll summaries for Snowball Sales, Inc. for the first and second quarters of the calendar year show the following salaries: 1st QTR 2nd QTR A. Frozen 2,950.00 5,284.00 U. Icicle 5,498.00 3,765.00 C. Frost 9,489.00 6,995.00 W. Fahrenheit 7,150.00 2,225.00 J. Snow 9,700.00 4,160.00 P. Blizzard 0.00 6,330.00 Total 34,787.00 28,759.00 Record the following transactions in the proper general journal entry form. Descriptions are not required. A template has been provided for your convenience.