Summary Payroll Data In the following summary of data for a payroll period, some
ID: 2398918 • Letter: S
Question
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings $56,500 Deductions: 4. Soclal security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid 22,620 5,655 96,100 13,000 140,000 237,000 Accounts debited: 199,800 11. Factory Wages 12. Sales Salaries 13. Office Salaries 75,400 a. Calculate the amounts omitted in lines (1), (3), (8), and (12) (12)Explanation / Answer
(1) At regular rate = Total earnings - at overtime rate
= $377,000- $56,500
= $320,500
(3) Total earnings = Net amount paid + Total Deductions
= $237,000+ $140,000
= 377,000
(8) Union dues = Total deductions - Social security tax - medical care tax - income taxwith held - medical insurance
= $140,000- 22,620 - 5,655 - 96,100 -13,000
= $2625
(12) sales salaries = total earnings - Factory wages - office salaries
= $377,000 - 199,800 - 75,400
= $101,800
b. factory wage expenses Dr $199,800
sales salaries expenses Dr $101,800
Office salaries expenses Dr $ 75,400
Social Security tax payable $22,620
Medicare tax payable $5,655
Employees income tax payable $96,100
Medical insurance payable $ 13,000
Union Dues payable $ 2,625
salaries payable $237,000
c. Salaries payable $377,000
Cash $377,000
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