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Licemer1 [7]
3 years ago
15

Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchas

ed and paid for merchandise. The invoice amount was $14,400; assume a perpetual inventory system. Apr. 1 Borrowed $708,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June 14 Received a $26,000 customer deposit for services to be performed in the future. July 15 Performed $2,850 of the services paid for on June 14. Dec. 12 Received electric bill for $26,760. Vigeland plans to pay the bill in early January. 31 Determined wages of $29,000 were earned but not yet paid on December 31 (disregard payroll taxes). 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Darya [45]3 years ago
6 0

Answer:

                                         VIGELAND COMPANY

                                           Journal Entries

Date                Description                                    DR                     CR

Jan 15            Merchandising Inventory              14,400

                      Cash                                                                       14,400

                      Being record of inventory purchase

April 1        Cash                                                     708,000

                 14% Note payable                                                      708,000

               Being the record of note payable issued

June 14      Bank                                                        26,000

                  Unearned Income                                                      26,000

             Being the record of deposit received

July 15         Unearned Income                                    2,850

                  Service  Revenue                                                          2,850

                Being the payment for the services rendered

Dec 12        Electricity bill payable                                26,760

                   Electricity bill expenses                                               26,760

              Being the unsetled bill for the year

Dec 31     Wages payable                                                 29,000

               Wages Expenses                                                              29,000

Explanation:

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Merger Co. has 10 employees, each of whom earns $2,250 per month and has been employed since January 1. FICA Social Security tax
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Dr. Payroll Tax Expense: 3071.25

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Patrick patrone (single, 2 allowances), $925 wages __________ carson leno (married, 4 allowances), $1,195 wages __________ carli
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<u>Solution and Explanation:</u>

1) P<u>atrick patrone </u>

Single and 2 allowances =\$ 925-\$ 155.80-\$ 155.80=\$ 613.40

It falls under the category of Over $509 but under $1,631

The amount of income tax that he withholds is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 613.40-\$ 509)=\$ 36.70+12 \% \text { of } \$ 104.40=\$ 36.70+\$ 12.53=\$ 49.23

The amount to withhold for Federal income tax is $49.23.

2) <u>Carson Leno, married and 4 allowances </u>

= $1,195 - $155.80 - $155.80 - $155.80 - $155.80 = $571.80

The wages falls under the category of Over $444 but under $1,177.

The amount of income tax that he withholds is $0 + 10% of excess over $444.

\$ 0+10 \%(\$ 571.80-\$ 444)=\$ 0+10 \% \text { of } \$ 127.20=\$ 0+\$ 12.72=\$ 12.72

The amount to withhold for Federal income tax is $12.72

3) Carli lintz single, zero allowances and wages is $700.

$700 - $0 = $700 (zero allowance)

The wages falls under the category of Over $509 but under $1631.

The amount of income tax to withhold is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 700-\$ 509)=\$ 36.70+12 \% \text { of } \$ 191 .=\$ 36.70+\$ 22.92=\$ 59.62

The amount to withhold for Federal income tax is $59.62.

4) Gene hartz. Single, 1 allowance and $2,500 wages.

$2,500 - $155.80 = $2,348.20

The wages fall under the category of Over $1,631 but under $3,315

The amount of income tax to withhold is $171.34 + 22 % of excess of $1,631 \begin{aligned}&\$ 171.34+22 \%(\$ 2348.20-\$ 1631)=\$ 171.34+22 \% \text { of } \$ 717.20 .=\$ 174.34+\$ 157.78=\\&\$ 332.12\end{aligned}The amount for Federal income tax is $332.12

5) Mollie Parmer. Married, 2 allowances and wages is $3,600

\$ 3,600-\$ 155.80-\$ 155.80=\$ 3,288.40

The wages falls under the category of Over $1,177 but under $3,421

The amount of income tax to withhold is $\$ 73.30+12 \%$ of excess over $\$ 1,177$ \begin{aligned}&\$ 73.30+12 \% \text { of }(\$ 3,288.40-\$ 1,177) .=\$ 73.30+12 \% \text { of } \$ 2,111.40 .=\$ 73.30+\$ 253.37=\\&\$ 326.67\end{aligned}The amount for Federal income tax is $326.67.

<u>NOTE :</u> - the withholding allowance is deducted from the wages, the amount of single allowance is $155.80.

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