Financial Accounting

timer Asked: Jun 29th, 2018
account_balance_wallet $20

Question description

The following data for Flexco Inc. relate to the payroll for the week ended December 9. ( Total net pay, $16,592.58)

.Employee, .Hours Worked, .Hourly Rate, .Weekly Salary, .Federal Income tax, U.S. Savings Bonds

Carlton 52 $50.00 $667.00 $60

Grove $4,000 $860.00 $100

Johnson 36 $52.00 $355.68 $0

Koufax 45 $58.00 $578.55 $44

Maddux 37 $45.00 $349.65 $62

Seaver $3,200 $768.00 $120

Spahn 46 $52.00 $382.20 $0

Winn 48 $50.00 $572.00 $75

Young 43 $54.00 $480.60 $80

. Employees Grove and Seaver are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 1/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0% of each employee's annual earnings, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 328.


1. Prepare a payroll summary for Flexco Inc. for the week ended Decembe 9. Use the following columns: Employee, Total Hours, Regularr earnings, Overtime earnings, Total earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. (Round to the nearest cent)

2. Journalize the entry to record the payroll for the week.

Problem 10-4B Name: Section: Score: Key Code: 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1. PAYROLL FOR WEEK ENDING December 9 EARNINGS Name Carlton Grove Johnson Koufax Maddux Seaver Spahn Winn Young 2. Total Hours 52 36 45 37 46 48 43 Regular Overtime Total Social Security Tax Medicare Tax DEDUCTIONS Federal Income Tax U.S. Savings Bond Total PAID Net Amount Ck. No. ACCOUNTS DEBITED Sales Office Salaries Salaries Expense Expense

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School: University of Maryland


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