Instructions for the Microsoft Excel Templates by Rex A SchildhouseBe advised, the template workbooks and worksheets are not protected. Overtyping any data may remove it. Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page. Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages. If more than one page is required by the template, manual page breaks have been set to provide consistent presentation. All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells. In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions. And information or data which may be required by the solution will be entered in cells with borders to help identify them. Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2012, in the format set in the template. Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered. Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it. Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable. Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires. Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel. "-".Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. In general this will appear in instances such as "Record the following events in General Journal number six. These titles can simply be typed over. and copyrighted by. an equal sign and a cell reference. "=E27" or more complex as "=E27*5. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup. Margins are generally set to no less than 1/2" so most printers can print them without a problem. Redmond. One Microsoft Way. Negative values in formulas can be created by putting a minus sign in front of the cell reference ." The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes. These are addressed in the tutorial text provided for Microsoft Excel." When negative values are required. Microsoft Office and Microsoft Excel are products of. Negative values may be shown as ($400) or -$400. enter them by starting with a minus sign."=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values. The formula may be a simple "Look to" formula. Washington 98052-6399 . Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. Microsoft Corporation. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells." or something similar to the time-value-of-money formula. Note payable Interest payable $50.000 Sep 1 Darby records purchases gross and uses a periodic inventory system Oct 1 Issued a $50.$1.000 1.000 $51.500 153010920.000 (c) (2) Compute the total net liability to be reported on the December 31 balance sheet for the zerointerestNote payable Less discount ($6. Exercise 13-2 Solution.500 Dec 31 (c) (1) Compute the total net liability to be reported on the December 31 balance sheet for the interestbearing note. Sep 1 Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable 50. 8% note to Orion in payment of account.000 50. 14th Edition by Kieso. Page 3 of 17. Borrowed $75. 6/20/2013.000 50.000 1.00% × (3/12)] Interest Payable Interest Expense Discount on Notes Payable [6.000 × (3/12)] 1.xlsx.Solution Name: Date: Instructor: Course: Intermediate Accounting.500 $76.ms_office. 6:59 AM .500) $81.000 50.000 12-month.000 81.000 .000 from the Shore Bank by signing a 12-month.000 4.000 6. Weygandt.000 75. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-2 (Accounts and Notes Payable) The following are selected 2012 transactions of Darby Corporation.000 × 8.000 note. Dec 31 Interest Expense [$50.000 Oct 1 Oct 1 (b) Prepare adjusting entries at December 31. Instructions: (a) Prepare journal entries for the selected transactions above.000 1.500 1. zero-interestOct 1 bearing $81. Purchased inventory from Orion Company on account for $50. Weygandt.xlsx.000 Sep 1 Darby records purchases gross and uses a periodic inventory system Oct 1 Issued a $50. Purchased inventory from Orion Company on account for $50. Instructions: (a) Prepare journal entries for the selected transactions above.000 note. Borrowed $75. Account Title Account Title Amount Amount Formula (c) (2) Compute the total net liability to be reported on the December 31 balance sheet for the zerointerestAccount Title Account Title Amount Amount Formula 153010920.000 from the Shore Bank by signing a 12-month.Name: Date: Instructor: Course: Intermediate Accounting.ms_office. Page 4 of 17. zero-interestOct 1 bearing $81. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-2 (Accounts and Notes Payable) The following are selected 2012 transactions of Darby Corporation. Exercise 13-2. 8% note to Orion in payment of account. 6:59 AM . 6/20/2013. 14th Edition by Kieso. Dec 31 Account Title Account Title Account Title Account Title Formula Formula Formula Formula Dec 31 (c) (1) Compute the total net liability to be reported on the December 31 balance sheet for the interestbearing note. Sep 1 Account Title Account Title Account Title Account Title Account Title Account Title Account Title Amount Amount Amount Amount Amount Formula Amount Oct 1 Oct 1 (b) Prepare adjusting entries at December 31.000 12-month. Vacation days may be taken after January 15 of the year following the year in which they are earned.184 5. Each employee earns annually.ms_office. 6/20/2013.616 (5) 153010920.640 8. It employs 9 individuals who work 8 10 paid vacation days and 6 paid sick days -hour days and are paid hourly.456 3.640 9. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-5 (Compensated Absences) Matthewson Company began operations on January 2. 2012 To accrue expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To accrue expense and liability for sick pay Salaries and Wages Expense Salaries and Wages Payable To record sick leave paid Salaries and Wages Payable Cash 8. 2013 To accrue the expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To accrue the expense and liability for sick pay Salaries and Wages Expense Salaries and Wages Payable 8. 2012.xlsx. Sick days may be taken as soon as they are earned. 14th Edition by Kieso.Solution Name: Date: Instructor: Course: Intermediate Accounting.616 5. Additional information is as follows. Actual Hourly Vacation Days Used Sick Days Used Wage Rate by Each Employee by Each Employee 2012 2013 2012 2013 2012 2013 $12 $13 0 9 4 5 Matthewson Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.456 (3) (a)(2) Prepare journal entries to record transactions related to compensated absences during 2013. Instructions: (a)(1) Prepare journal entries to record transactions related to compensated absences during 2012. Page 5 of 17. unused sick days accumulate.360 (4) 2013 5. Weygandt. Exercise 13-5 Solution. 6:59 AM .184 (2) 2012 3.640 (1) 2012 5. 6:59 AM .00 × 8 × 9 = $8.00 $13. a consistent pattern of recognition (e.536) $10.184 0 (3.776 8. 31 balance (1) (2) (3) employees 9 9 9 9 9 × × × × × per hour $12.808 $10.424 (6) (8) 144 4.00 $13.640 $1.00 × 8 × 3 = $2.536 (7) 9 × $13.00 × 8 × 4 = $3.224 (4) 153010920. 1 balance Plus accrued Less paid Dec.360 5.xlsx. Also.808 $4. if employees earn vacation pay at different pay rates.776 (6) 9 × $12. 6/20/2013. first-out) could be employed which liabilities have been paid.640 $1.00 × 8 × 6 = $5.728 (8) 9 × $13.00 $12. and 2013..00 $12.Solution Name: Date: Instructor: Course: To record vacation time 2013 Intermediate Accounting.00 × × × × × × × × × × = = = = = $8.00 × 8 × 10 = $9.360 (4) 9 × $13.616 (7. Page 6 of 17. and paid Warfield Salaries and Wages Expense Salaries and Wages Payable Cash 2013 To record sick leave paid Salaries and Wages Expense Salaries and Wages Payable Cash 648 7.808 (3) (4) days 10 2 1 10 3 Jan.00 × 8 × 9 = $7.640 5.184 (2) 9 × $12. (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31.00 × 8 × 10 = $8. Exercise 13-5 Solution.360 $2.680 (6) (8) employees per hour hours per day days 9 × $12. 2012.456) $8.680 $13.776) (4.728 (1) (2) hours per day 8 8 8 8 8 2013 Vacation Sick Pay Wages Wages Payable Payable $8.g.640 $1. Weygandt.456 (3) 9 × $13.00 × 8 × 5 = $4. first-in.640 (1) 9 × $12.616 (5) 9 × $12. 14th Edition by Kieso.00 × 8 × 2 = $1.00 × 8 × 6 = $5.728 $864 $9.536 4.424 (7) (9) 9 × $13.ms_office. (1) (2) (3) (4) (5) (6) 2012 Vacation Sick Pay Wages Wages Payable Payable $0 $0 8.104 NOTE: Vacation days and sick days are paid at the employee’s current wage.224 $2.728 9. Weygandt.xlsx. It employs 9 individuals who work 8 10 paid vacation days and 6 paid sick days -hour days and are paid hourly. 2013 To accrue the expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To accrue the expense and liability for sick pay Salaries and Wages Expense Salaries and Wages Payable To record vacation time paid Salaries and Wages Expense Salaries and Wages Payable Account title Formula Amount (4) 2013 Formula Formula (5) 2013 #VALUE! Amount Formula (6) (8) 153010920. Each employee earns annually.ms_office. Vacation days may be taken after January 15 of the year following the year in which they are earned. 14th Edition by Kieso. 2012.Name: Date: Instructor: Course: Intermediate Accounting. Instructions: (a)(1) Prepare journal entries to record transactions related to compensated absences during 2012. 2012 To accrue expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To accrue expense and liability for sick pay Salaries and Wages Expense Salaries and Wages Payable To record sick leave paid Salaries and Wages Payable Account title Formula Formula (1) 2012 Formula Formula (2) 2012 Amount Amount (3) (a)(2) Prepare journal entries to record transactions related to compensated absences during 2013. Actual Hourly Vacation Days Used Sick Days Used Wage Rate by Each Employee by Each Employee 2012 2013 2012 2013 2012 2013 $12 $13 0 9 4 5 Matthewson Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. 6/20/2013. Page 7 of 17. unused sick days accumulate. 6:59 AM . Additional information is as follows. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-5 (Compensated Absences) Matthewson Company began operations on January 2. Sick days may be taken as soon as they are earned. Exercise 13-5. 6/20/2013. Exercise 13-5. and Warfield 2013 To record sick leave paid Salaries and Wages Expense Salaries and Wages Payable Account title #VALUE! Formula Formula (6) (8) employees per hour hours per day days Number × Amount × Number × Number = Formula (1) Number × Amount × Number × Number = Formula (2) Number × Amount × Number × Number = Formula (3) Number × Amount × Number × Number = Formula (4) Number × Amount × Number × Number = Formula (5) Number × Amount × Number × Number = Formula (6) Number × Amount × Number × Number = Formula (8) Number × Amount × Number × Number = Formula Formula (7) Number × Amount × Number × Number = Formula (7) (9) Number × Amount × Number × Number = Formula Formula NOTE: Vacation days and sick days are paid at the employee’s current wage. 1 balance Plus accrued Less paid Dec. 6:59 AM . first-in. Weygandt. 14th Edition by Kieso.ms_office. (1) (2) (3) (4) (5) (6) 2012 Vacation Sick Pay Wages Wages Payable Payable Amount Amount Amount Amount Amount Amount Formula Formula (1) (2) hours per day Number Number Number Number Number 2013 Vacation Sick Pay Wages Wages Payable Payable Formula Formula Amount Amount Amount Amount Formula Formula (3) (4) days Number Number Number Number Number Jan. Page 8 of 17. 31 balance (1) (2) (3) employees Number Number Number Number Number × × × × × per hour Amount Amount Amount Amount Amount × × × × × × × × × × = = = = = Formula Formula Formula Formula Formula Formula (4) 153010920. a consistent pattern of recognition (e.g. and 2013. Also.xlsx..Name: Date: Instructor: Course: Intermediate Accounting. first-out) could be employed which liabilities have been paid. 2012. (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31. if employees earn vacation pay at different pay rates. Solution Name: Date: Instructor: Course: th Intermediate Accounting. Page 9 of 17.ms_office. 6:59 AM . 2012. unused sick days accumulate.288 9. Additional information is as follows. 2012 To accrue the expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To record sick leave paid Salaries and Wages Expense Salaries and Wages Payable To record vacation time paid No entry. Sick days may be taken as soon as they are earned. Exercise 13-6 Solution. It employs 9 individuals who work 8 -hour days and are paid hourly.xlsx. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-6 (Compensated Absences) Matthewson Company began operations on January 2. Actual Hourly Vacation Days Used Sick Days Used Wage Rate by Each Employee by Each Employee 2012 2013 2012 2013 2012 2013 $12.359 (2) 2012 153010920. 6/20/2013.456 8. 9. since no vacation days were used. Weygandt.00 0 9 4 5 Matthewson Company has chosen not to accrue paid sick leave until used.90 2013 $13. The company used the following projected rates to Year in Which Vacation Projected Future Pay Rates Time Was Earned Used to Accrue Vacation Pay 2012 $12.70 Instructions: (a) (1) Prepare journal entries to record transactions related to compensated absences during 2012.288 (1) 2012 3. Vacation days may be taken after January 15 of the year following the year in which they are earned. 14 Edition by Kieso. Each employee earns 10 paid vacation days and 6 paid sick days annually.00 $13. and has chosen to accrue vacation time at expected future rates of pay without discounting. 680 (4) 2013 65 8.90 × 8 (6) 9 × $13. 2012.ms_office. Accrued liability at yearAccrued liability at yearend end 2012 2013 Jan. 1 balance $0 $9.Solution Name: Date: Instructor: Course: th (a) (2) Prepare journal entries to transactions related to compensated absences during 2013. record 14 Edition by Kieso.864 Less paid 0 (8. and 2013. Intermediate Accounting . 31 balance $9.359 $8.359) Dec. 6/20/2013.864 9.288 $929 $9.864 $4.793 153010920.071 (6) (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31.288 (1) $10. Weygandt.864 (3) 2013 4.00 × 8 Note: Vacation days and sick days are paid at the employee’s current wages × × × × × × = = = = = = $9.70 × 8 (4) 9 × $13.288 $3. and Warfield 2013 To accrue expense and liability for vacations Salaries and Wages Expense Salaries and Wages Payable To record sick leave paid Salaries and Wages Expense Cash To record vacation time paid Salaries and Wages Expense Salaries and Wages Payable Cash 9.xlsx.680 4.680 $8.90 $12.864 $10.288 Plus accrued 9. 6:59 AM .00 × 8 (5) 9 × $12.424 (1) (2) (3) (4) (5) $44.70 hours per day 8 8 8 days 10 1 10 (1) (2) × × × × × × × × × = = = $9.90 $13.90 × 8 (2) 9 × $12.00 × 8 (3) 9 × $13.793 (2) employees 9 9 9 per hour $12.424 days 10 4 10 5 9 9 (5) (6) employees per hour hours per day (1) 9 × $12.359 8. Exercise 13-6 Solution.456 $9.288 9. Page 10 of 17. Weygandt.ms_office. 6:59 AM . and Warfield 153010920. Exercise 13-6 Solution. Page 11 of 17.xlsx.Solution Name: Date: Instructor: Course: th Intermediate Accounting. 14 Edition by Kieso. 6/20/2013. 2012 To accrue the expense and liability for vacations Account title Account title To record sick leave paid Account title Account title To record vacation time paid Account title Account title Amount Amount (1) 2012 Amount Amount (2) 2012 Amount Amount (a) (2) Prepare journal entries to record transactions related to compensated absences during 2013. Vacation days may be taken after January 15 of the year following the year in which they are earned. 14 Edition by Kieso.90 2013 $13.00 0 9 4 5 Matthewson Company has chosen not to accrue paid sick leave until used.00 $13. unused sick days accumulate. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-6 (Compensated Absences) Matthewson Company began operations on January 2. Weygandt.70 Instructions: (a) (1) Prepare journal entries to record transactions related to compensated absences during 2012. 2012. Page 12 of 17. The company used the following projected rates to Year in Which Vacation Projected Future Pay Rates Time Was Earned Used to Accrue Vacation Pay 2012 $12. To accrue expense and liability for vacations 2013 Account title Amount Account title (3) Amount 153010920. Exercise 13-6. Additional information is as follows.ms_office. 6/20/2013. 6:59 AM .xlsx.Name: Date: Instructor: Course: th Intermediate Accounting. and has chosen to accrue vacation time at expected future rates of pay without discounting. It employs 9 individuals who work 8 -hour days and are paid hourly. Sick days may be taken as soon as they are earned. Actual Hourly Vacation Days Used Sick Days Used Wage Rate by Each Employee by Each Employee 2012 2013 2012 2013 2012 2013 $12. Each employee earns 10 paid vacation days and 6 paid sick days annually. and 2013. Exercise 13-6. and Warfield 2013 To record sick leave paid Account title Account title To record vacation time paid Account title Account title Account title Amount Amount (4) 2013 Amount Amount Amount days Number Number Number Number Number Number (5) (6) employees per hour hours per day (1) Number × Amount × Number (2) Number × Amount × Number (3) Number × Amount × Number (4) Number × Amount × Number (5) Number × Amount × Number (6) Number × Amount × Number Note: Vacation days and sick days are paid at the employee’s current wages × × × × × × = = = = = = Formula Formula Formula Formula Formula Formula (1) (2) (3) (4) (5) Formula (6) (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31. 6/20/2013. 2012.Name: Date: Instructor: Course: th Intermediate Accounting. Weygandt. Accrued liability at yearAccrued liability at yearend end 2012 2013 Jan. Page 13 of 17. 1 balance Amount Amount Plus accrued Amount Amount Less paid Amount Amount Dec.xlsx.ms_office. 6:59 AM . 14 Edition by Kieso. 31 balance Formula (1) Formula (2) employees Number Number Number per hour Amount Amount Amount hours per day Number Number Number days Number Number Number (1) (2) × × × × × × × × × = = = Formula Formula Formula Formula 153010920. 000 2 Dec 31 3 Dec 10 4 Dec 31 153010920. 3. 1. 2. The store determined it will cost $100.000 84. For simplicity. During December.000 × 5%) Truck ($120. 4. cash sales totaled $798. On December 5.000 × 1. Weygandt. 6:59 AM . 1 Dec 5 Cash Due to Customer Cash Sales ($798.000 which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.000 126.000 760.05) Sales Taxes Payable ($760.000 to restore the area surrounding one of its store parking lots.xlsx. Problem 13-2 Solution.000 The trucks were purchased in a state that applies a 5% sales tax. On December 10.000 / 1.ms_office. Schultz estimates the fair value of the obligation at December 31 is $84. when the store is closed in 2 years.000 84.05) Cash Parking Lot Asset Retirement Obligation 500 500 798. Date each entry.Solution Name: Date: Instructor: Course: Intermediate Accounting.000 38. the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. assume that adjusting journal entries are recorded only once a year on December 31. 14th Edition by Kieso. Page 14 of 17.000 Instructions: Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting entries relative to the transactions that would be required to present fair financial statements at December 31. the store purchased for cash three delivery trucks for $120.000 126. 6/20/2013. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P13-2 (Liability Entries and Adjustments) Listed below are selected transactions of Schultz Department Store for the current year ending December 31. Problem 13-2. Date each entry.000 to restore the area surrounding one of its store parking lots.000 Instructions: Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting entries relative to the transactions that would be required to present fair financial statements at December 31. the store purchased for cash three delivery trucks for $120. assume that adjusting journal entries are recorded only once a year on December 31. 14th Edition by Kieso. when the store is closed in 2 years. 6/20/2013. For simplicity. 2. On December 5. 3. 6:59 AM . 4. the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P13-2 (Liability Entries and Adjustments) Listed below are selected transactions of Schultz Department Store for the current year ending December 31. During December. 1. Weygandt. Page 15 of 17. The store determined it will cost $100.000 which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. Schultz estimates the fair value of the obligation at December 31 is $84. On December 10.xlsx.000 The trucks were purchased in a state that applies a 5% sales tax. cash sales totaled $798.ms_office. 1 Dec 5 Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Amount Amount Amount Amount Formula Amount Amount Amount Amount 2 Dec 31 3 Dec 10 4 Dec 31 153010920.Name: Date: Instructor: Course: Intermediate Accounting. 800) × 0. Assume that the company pays all payroll liabilities at the end of each month.600 105. 6/20/2013.60 $13. Daniels B.C.00 4.529.000 16.00 7.892.000 – $6. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P13-4 (Payroll Tax Entries) Below is a payroll sheet for Otis Import Company for the month of September 2012.800 per employee.800 . Raye K. Problem 13-4 Solution.800 6. Page 16 of 17. Earnings to Aug 31 $6.60 7.100.350.50 $16. Baker F. Lopez A.000.xlsx.500.10 153010920.00 September Earnings $800.00 Income Tax Withholding State U.75 29. Raye K.00% = $2. The company is allowed a 1.000 33.000 251.50 5.00 $5. Name B.00 764.D.00 13.800) × 1.ms_office.80% = $1. Assume a 10% federal income tax rate for all employees and a 7.00 112.300 1.55 84. Payroll Tax Expense FICA Taxes Payable Federal Unemployment Tax Payable State Unemployment Tax Payable 777.00 1.C.000 × 1% = $188.I. Daniels B. 14 Edition by Kieso. 6:59 AM .600.00 105.25 (b) Make the entry to record the payroll tax expenses of Otis Import Company.00 ($7.65% FICA tax on employee and employer on a maximum of $106. 2.500.60 Wages and Salaries Expense Withholding Taxes Payable FICA Taxes Payable Cash 33. Federal U.00% unemployment compensation rate by the state.600. Instructions: (a) Complete the payroll sheet and make the necessary entry to record the payment of the payroll. Lopez A.D.20 53.60 7.000 × 1.000 – $6.000 . Kingston Total a b c Earnings to Aug. Williams D.C. the federal unemployment tax rate is 0.80% and the maximum for both is $7.C. Kingston F.000.75 5.600 13.385.00 6.A.350 FICA 61.000 112.60 5.75 Ref c a b State U. Name B.15 145.00 – – – – – – – – $7. Dec 31 Withholding Taxes Payable FICA Taxes Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Cash 3.00 4.00 700.00 1. 31 6.C. Williams D.00 (c) Make the entry to record the payment of the payroll liabilities created.350. Weygandt.600 3.45% = $232.35 188.100 1.45% is charged both employer and employee for an employee’s wages in excess of $106.00 13.35 764.Solution Name: Date: Instructor: Course: th Intermediate Accounting.000.00 1.500 7. Federal U.900.800. Baker F.000.900 13.00 ($7. 1.500 September Earnings 800 700 1.50 232.00 3.00 16.00 1.500 Income Tax Withholding 80 70 110 190 1.00 764. In addition. Kingston F.000 251. Enter detail as desired.600 105.000.C.D. Williams D. Dec 31 Account Title Account Title Account Title Account Title Account Title Amount Amount Amount Amount Formula 153010920.800. Kingston Total a b c Earnings to Aug.Name: Date: Instructor: Course: th Intermediate Accounting.600.500 7.A. Daniels B.00 1. Lopez A.000.00 Income Tax Withholding State U.45% is charged both employer and employee for an employee’s wages in excess of $106. Williams D.C. 31 6. The company is allowed a 1.000 112.800 6. Instructions: (a) Complete the payroll sheet and make the necessary entry to record the payment of the payroll. 6:59 AM . Formula Formula Formula Formula – – – – – – – – Formula Formula Enter detail as desired. Page 17 of 17. Enter detail as desired. In addition. Problem 13-4.00 16.00 1. Earnings to Aug 31 $6.000 33.000. Name B.00 6.00% unemployment compensation rate by the state.00 105. Baker F.00 13. Assume a 10% federal income tax rate for all employees and a 7. Name B.800 .C. 1. Account Title Account Title Account Title Account Title Formula Amount Amount Amount (b) Make the entry to record the payroll tax expenses of Otis Import Company. 14 Edition by Kieso.600. Enter detail as desired.100.000 .xlsx.000 16. the federal unemployment tax rate is 0.C. 6/20/2013. Federal U. Federal U.800 per employee.00 700. Assume that the company pays all payroll liabilities at the end of each month. Raye K.00 7.100 1. Lopez A.D.500 September Earnings 800 700 1.500 Income Tax Withholding Formula Formula Formula Formula Formula Formula Formula FICA Formula Formula Formula Formula Formula Formula Formula Ref c a b State U.65% FICA tax on employee and employer on a maximum of $106.900.00 13.00 112.C.500.000. Raye K. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P13-4 (Payroll Tax Entries) Below is a payroll sheet for Otis Import Company for the month of September 2012. Weygandt. Daniels B.ms_office. Baker F. Account Title Account Title Account Title Account Title Formula Amount Amount Amount (c) Make the entry to record the payment of the payroll liabilities created.80% and the maximum for both is $7.00 September Earnings $800.600 13.I.900 13.