Chapter 3 - Solutions

Chapter 3 - Solutions - ACC 377 SUMMER 2010 CHAPTER 3...

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ACC 377 SUMMER 2010 CHAPTER 3 HOMEWORK SOLUTIONS Exercises 5. a. June 7 June 14 June 21 June 28 Total earnings $36,500 $34,200 $37,300 $38,400 Deductions: FICA tax (8%) $2,920 $2,736 $2,984 $3,072 Tax-sheltered annuity $1,825 $1,780 $1,855 $1,870 Income Tax $4,215 $4,120 $4,320 $4,410 Health insurance $600 $600 $600 $600 Total Deductions $9,560 $9,236 $9,759 $9,952 Net Earnings $26,940 $24,964 $27,541 $28,448 b. 6/7 Payroll 36,500 FICA Tax Payable 2,920 Employees Annuity Payable 1,825 Income Tax Payable 4,215 Health Insurance Payable 600 Wages Payable 26,940 To record June 7 payroll 6/7 Wages Payable 26,940 Cash 26,940 To record payment 6/14 Payroll 34,200 FICA Tax Payable 2,736 Employees Annuity Payable 1,780 Income Tax Payable 4,120 Health Insurance Payable 600 Wages Payable 24,964 To record June 14 payroll 6/14 Wages Payable 24,964 Cash 24,964 To record payment 6/21 Payroll 37,300 FICA Tax Payable 2,984 Employees Annuity Payable 1,855 Income Tax Payable 4,320 Health Insurance Payable
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This note was uploaded on 05/04/2011 for the course ACC 377 taught by Professor Davegarrison during the Spring '11 term at Mercer.

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Chapter 3 - Solutions - ACC 377 SUMMER 2010 CHAPTER 3...

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