PR 11-5A The following data for Enrichment Industries, Inc. relate to the payroll for the week ended December 10, 2010:
Fed U.S. Accumulated
Employee Hours Worked Hourly Rate Weekly Salary Income Tax Savings Bonds Earnings Dec 3
Beilein 32 $16.00 $102.40 10 $24,576
Calhoun 32 32.00 369.60 10 84,480
Calipari 40 28.00 240.80 20 53,760
Knight 42 32.00 316.48 66,048
Odom $3,400 748.00 90 163,200
Olson 1,600 384.00 76,800
Pitino 34 18.00 91.80 29,376
Ryan 44 34.00 297.16 20 75,072
Thompson 40 26.00 218.40 35 49,920
Employees Olson and Odom are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1.5 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0% on the first 100,000 of each employee's annual earnings, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to used is No. 345.
1. Prepare a payroll register for Enrichment Industries, Inc for the week ended December 10, 2010. Use the following columns for the payroll register: Name, Total Hours, Reg 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.
2. Journalize the entry to record the payroll sales for the week.
Click here for the solution: The following data for Enrichment Industries, Inc. relate to the payroll for the week ended December 10, 2010
