| 3/30/2018 | Purchased equipment for store for $15,000 in cash plus note payable of $35,000 | 15,000.00 |
| 3/30/2018 | Payment for salaries | 5,520.00 |
| 3/30/2018 | Paid FICA tax withholding | 7,956.00 |
| 3/30/2018 | Paid federal payroll tax withholding | 17,680.00 |
| 3/30/2018 | Paid state payroll tax withholding | 6,604.00 |
| 3/30/2018 | Paid employer portion of FICA tax | 7,956.00 |
| 3/30/2018 | Payment for temporary services | 1,000.00 |
| 3/30/2018 | Payment for sales tax (wire transfer) | 33,444.95 |
please create journal entries for each of these thank you
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3/30/2018 Purchased equipment for store for $15,000 in cash plus note payable of $35,000 15,000.00...
Date Description Amount 3/2/2018 Paid accounts payable balance to Northland Inc. $ 50,115.00 3/2/2018 Purchased inventory in cash 48,000.00 3/2/2018 Sales on credit to Colorado Climbers 55,105.00 3/2/2018 Payment for salaries 5,520.00 3/9/2018 Payment for utilities 1,015.00 3/9/2018 Payment for salaries 5,520.00 3/14/2018 Cash sales 78,725.25 3/14/2018 Sales on credit to Johnson Guides 30,521.75 3/18/2018 Payment for salaries 5,520.00 3/22/2018 Purchased inventory on credit from Northland Inc. 52,000.00 3/23/2018 Cash receipt...
P11-3B Yemi's Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2012, are shown below. Hours Hourly Rate Federal Income Tax United Fund Employee Worked Withholdings Contributions M. 39 $12.00 $34 $-0 Dvorska D. Mottl 42 11.00 20 10.00 L. Abbasova 44 51 5.00 10.00 A. Lee 5.00 46 10.00 36 The following tax rates are applicable:...
Apr. 8 Issued a $8,800, 75-day, 8% note payable in payment of an account with Bennett Company May 15 Borrowed $40,000, 60-day, 9% note from Lincoln Bank. Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $16,000 of merchandise from Bolton Company, signed an Jul 14 Paid the May 15 note due Lincoln Bank Oct. 2 Borrowed $28,000, 120-day, 12% note from Lincoln Bank. Oct. 4 Defaulted on the note...
P11-26A Computing and journalizing payroll amounts Logan White is general manager of Valuepoint Salons. During 2018, White worked for the company all year at a equal to 15% of his annual salary $13,600 monthly salary. He also earned a year-end bonus White's federal income tax withheld during 2018 was $4,876 on his bonus check. State income tax withheld came to $150 per month, plus $60 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
Lee Werner is general manager of United Salons. During 2018, Werner worked for the company all year at a $14,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Werner's federal income tax withheld during 2018 was $1,420 per month, plus $1,704 on his bonus check. State income tax withheld came to $160 per month, plus $50 on the bonus. FICA tax was withheld on the annual earnings. Werner authorized the following payroll deductions:...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
Problem 11-03A a-d Vaughn Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 20 Employee Hours Worked Hourly Rate Federal Income Tax withholdings United Fund Ben Abel $15 Rita Hager Jack Never Sue Perez Abel and Hager are married. They daim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7,65%, state income taxes...
1. Smithson Co. signed a $30,000, 5% four-month note payable on October 1, 2018. a. What is the amount of interest expense that must be recognized at December 31, 2018 when Smithson prepares financial statements? b. What is total amount (principal and all interest expense) that will be repaid at maturity? 2. Robert Smith earns $2,000 in gross pay. He has $150 in federal withholding, $50 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record...
Problem 11-03A a-d Vaughn Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2020, are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 Hourly Rate Withholdings Fund $5 $15 16 13 13 60 61 8 46 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following...