Acc225 Fundamental Accounting Principles: Serial Problem 11 (SP11) Santana Rey, Business Solutions

Acc225 Fundamental Accounting Principles Serial Problem 11 (SP11) (This serial problem began in Chapter 1 and continues throughout most of the book. If previous chapter segments were not complete, the serial problem can begin at this point. It is helpful, but not necessary, for you to use the Working Papers that accompany this book.) Review the February 26 and March 25 transactions for Business Solutions (SP5) from Chapter 5. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal incomet axes. Her federal income taxes for this pay period total $159. Computer her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA - the FUTA rate is 0.8% and the SUTA rates is 4% for Business Solutions. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies
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