1:24 PM iPad v2.cengagenow.com Chapter 1 Jackson C Chapter 1 Cengag Favorites FS

Question

1:24 PM iPad v2.cengagenow.com Chapter 1 Jackson C Chapter 1 Cengag Favorites FSA ID FSA ID e Chapter 11 Current Liabilities and Payn Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings $55,400 Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid 22,200 5,550 94,200 12,700 137,000 233,000 Accounts debited: 196,100 11. Factory Wages 12. Sales Salaries 13. Office Salaries 74,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). 314,600 (3) 370,000 2,350 v (12) 99,900 V

Explanation / Answer

(3) Total earnings can be computed by adding net pay and total deductions: 233000+137000 370000 (1) Subtracting, 370000-55400 314600 (8) Union dues can be computed by totaling all the other deductions and subtracting total deductions: 137000-22200+5550+94200+12700 2350 (12) Sales salaries: 370000-196100-74000 99900

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