----Please help me to using EXCEL sheet and show/explain detail solution--- -. T
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----Please help me to using EXCEL sheet and show/explain detail solution----. Thank you very much for your help.
It helps me a lot to learn this course. This way I can study myself. I really appreciate for your help.
I need to answer bottom of excel sheet on by one. Thank you so much.
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3-10Summary of payroll procedures Marcello Construction Co. uses the job order cost system. In recording payroll transactions, the following accounts are used: Cash Wages Payable FICA Tax Payable Federal Unemployment Tax PayableMiscellaneous Selling Expense State Unemployment Tax Payable Factory Overhead Employees Income Tax Payable Payroll LO3 Administrative Salaries Miscellaneous Administrative Expense Sales Salaries 04 Work in Process Factory employees are paid weekly, while all other employ ees are paid semimonthly on the fifteenth and the last day of each month. All salaries and wages are subject to all taxes. Following is a narrative of transactions completed during January Jan.7 Recorded total earnings of factory employees amounting to $68,200, less deductions for employees' income taxes and FICA taxes Issued check for payment of the payroll. Recorded total earnings of factory employees amounting to 7 14 $66,300, less deductions for employees' income taxes and FICA taxes. 14 Issued check for payment of the payroll 15 Recorded administrative salaries, $10,000, and sales salaries, $18,000, less deductions for employees income taxes and FICA taxes Issued check for payment of the salaries. Recorded total earnings of factory employees amounting to 15 $72,500, less deductions for employees income taxes and FICA taxes 21 21 28 Issued check for payment of the payroll. Recorded total earnings of factory employees amounting to $74,200, less deductions for employees' income taxes and FICA 28 Issued check for payment of the payrol. 31 Recorded administrative salaries, $10,000, and sales salaries, and FICA $18,000, less deductions for employees' income taxes taxes. 31 Issued check for payment of the salaries 31 The following wages and salaries were ea rned or accrued during $302,500 22,500 20.000 January: Direct labor Indirect labor Administrative salaries. … …Explanation / Answer
Items
Taxable Earnings
FICA Tax
8%
Federal Unemployment Tax - 1%
State Unemployment Tax 4%
Total Payroll Taxes
Factory Wages
$325,000.00
$26,000.00
$3,250.00
$13,000.00
$42,250.00
Administrative Salaries
$20,000.00
$1,600.00
$200.00
$800.00
$2,600.00
Sales Salaries
$36,000.00
$2,880.00
$360.00
$1,440.00
$4,680.00
Date
Account Title
Debit
Credit
Jan. 7
Payroll
$68,200
Employees Income Tax Payable [(68,200*1%) + (68,200*4%)]
$3,410
FICA Tax Payable (68,200*8%)
$5,456
Wages Payable (68,200 - 5,456 - 3,410)
$59,334
7
Wages Payable
$59,334
Cash
$59,334
14
Payroll
$66,300
Employees Income Tax Payable [(66,300*1%) + (66,300*4%)]
$3,315
FICA Tax Payable (66,300*8%)
$5,304
Wages Payable (66,300 - 5,304 - 3,315)
$57,681
14
Wages Payable
$57,681
Cash
$57,681
15
Payroll
$28,000
Employees Income Tax Payable [(28,000*1%) + (28,000*4%)]
$1,400
FICA Tax Payable (28,000*8%)
$2,240
Wages Payable (28,000 - 2,240 - 1,400)
$24,360
15
Wages Payable
$24,360
Cash
$24,360
21
Payroll
$72,500
Employees Income Tax Payable [(72,500*1%) + (72,500*4%)]
$3,625
FICA Tax Payable (72,500*8%)
$5,800
Wages Payable (72,500 - 5,800 - 3,625)
$63,075
21
Wages Payable
$63,075
Cash
$63,075
28
Payroll
$74,200
Employees Income Tax Payable [(74,200*1%) + (74,200*4%)]
$3,710
FICA Tax Payable (74,200*8%)
$5,936
Wages Payable (74,200 - 5,936 - 3,710)
$64,554
28
Wages Payable
$64,554
Cash
$64,554
31
Payroll
$28,000
Employees Income Tax Payable [(28,000*1%) + (28,000*4%)]
$1,400
FICA Tax Payable (28,000*8%)
$2,240
Wages Payable (28,000 - 2,240 - 1,400)
$24,360
31
Wages Payable
$24,360
Cash
$24,360
Please post the remaining questions separately as Chegg policy allows us to answer only one question per post. However, I've already answered two parts.
Items
Taxable Earnings
FICA Tax
8%
Federal Unemployment Tax - 1%
State Unemployment Tax 4%
Total Payroll Taxes
Factory Wages
$325,000.00
$26,000.00
$3,250.00
$13,000.00
$42,250.00
Administrative Salaries
$20,000.00
$1,600.00
$200.00
$800.00
$2,600.00
Sales Salaries
$36,000.00
$2,880.00
$360.00
$1,440.00
$4,680.00
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