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Safari File Edit View History Bookmarks Window Help ezto.mheduca Week 9- Llabilities 1. M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the directly deposited into the employees bank accounts November 1-14 pay period show that employees eamed wages totaling $61,000 but that employee income taxes totaling $8,100 and FICA taxes totaling $3,175 were withheld from this amount. The net pay was 1. What was the amount of net pay? 2. Assuming Lightning Electronics must also pay $360 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? References eBook & Resources Worksheet Difficulty: 1 Easy M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2 Learning Objective: 10-02 Explain how to account for common types of current liabilities.

Explanation / Answer

1 Net pay = 61000-8100-3175=49725 2 Total payroll costs = 3175+360=3535 M9-6 Depreciation rate = 1/4*2 = 50% Year Depreciation expense Accumulated depreciation Book value Acquisition 130000 1 65000 65000 65000 2 32500 97500 32500 3 16250 113750 16250 Book value at the end of year 3= 16250

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