----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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P3-8
3-8) Payroll work sheet and journal entries The payroll records of Software Inc. for the week ending Octo- ber 7, the 40th week in the year, show the following: LO2 Salary or Wage per Hours Tax through 39th Income Gross Earnings LO3 Employee Classification 40-Hour Week Worked Withheld Week President Vice President- $2,489 $488 $109,560 Devine 2,233 40 402 99,500 Administration Fiorelli Supervisor- 180 27.300 Production O'Clock O'Reilly Pawlukiewicz Factory-Direct Surdick Trebbi Webb Factory-Direct 500 150 160 110 120 19,820 17,200 16,600 15,200 7,800 6,600 ory-Direct 46 400 Factory-Direct Factory-Indirect Factory ndi rect 42 60 Required 1. Complete a work sheet with the following column headings: Employee 3 columns for Earnings for Week: . Use one for Regular Pay. . Use one for Overtime Premium Pay. (The company pays time-and-a-half for overtime for all employees below the supervisory level.) e Use one for Total for Week. Total Earnings through 40th Week FICA Taxable Earnings FICA Income Tax Withheld Net Earnings Prepare journal entries for the following: a. Payroll for the 40th week. b. Payment of payroll for the week. c. Distribution of the payroll costs, assuming that overtime 2. premium is charged to all jobs worked on during the period. Employer's payroll tax liability. ies a disability insurance policy for the cost of $15 per week for each employee ployer's cost of insurance premiums for 3. The company carri employees at a Journalize the em the week.Explanation / Answer
Total Earnings per week Earnings FICA Net Account Employee Overtime Through Taxable FICA Incometax Earnings Head Regular Premium Total 40th week Earnings F x 0.08 withheld C-F-G (A) (B) (C) (D) (E) (F) (G) (H) Allen 2489.00 2489.00 112049.00 2489.00 199.12 488.00 1801.88 Administrative Devine 2238.00 2238.00 101738.00 2238.00 179.04 402.00 1656.96 Administrative Fiorelli 700.00 700.00 28000.00 700.00 56.00 180.00 464.00 Factory overhead O'Clock 500.00 150.00 650.00 20470.00 650.00 52.00 150.00 448.00 Work in process O'Reilly 400.00 90.00 490.00 17690.00 490.00 39.20 160.00 290.80 Work in process Pawlukiewicz 400.00 60.00 460.00 17060.00 460.00 36.80 110.00 313.20 Work in process Surdik 380.00 28.50 408.50 15608.50 408.50 32.68 120.00 255.82 Work in process Trebbi 300.00 22.50 322.50 8122.50 322.50 25.80 80.00 216.70 Factory overhead Web 300.00 22.50 322.50 6922.50 322.50 25.80 60.00 236.70 Factory overhead Total 7707.00 373.50 8080.50 327660.50 8080.50 646.44 1750.00 5684.06 Administrative FICA(0.08) FUTA(0.01) SUTA(0.04) Allen 2489.00 199.12 24.89 99.56 Devine 2238.00 179.04 22.38 89.52 Total 4727.00 378.16 47.27 189.08 Work in process: FICA(0.08) FUTA(0.01) SUTA(0.04) O'Clock 650.00 52.00 6.50 26.00 O'Reilly 490.00 39.20 4.90 19.60 Pawlukiewicz 460.00 36.80 4.60 18.40 Surdik 408.50 32.68 4.09 16.34 Total 2008.50 160.68 20.09 80.34 Factory overhead FICA(0.08) FUTA(0.01) SUTA(0.04) Fiorelli 700.00 56.00 7.00 28.00 Trebbi 322.50 25.80 3.23 12.90 Web 322.50 25.80 3.23 12.90 Total 1345.00 107.60 13.45 53.80 Grand Total 8080.50 646.44 80.81 323.22 Ref Account Title Debit Credit a Payroll 8080.50 FICA Tax Payable 646.44 Employe Income Tax Payable 1750.00 Wages Payable 5684.06 b Wages Payable 5684.06 Cash 5684.06 c Work in process 2008.50 Factory overhead 1345.00 Administrative Salaries 4727.00 Payroll 8080.50 d Factory overhead 435.96 Payroll taxes expenses - Admn.Salaries 614.51 FICA Tax Payable 646.44 FUTA Tax Payable 80.81 SUTA Tax Payable 323.22 e Factory overhead 90.00 Disability insurance expense - Admn.Salaries 30.00 Disability insurance payable 120.00
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