A payroll register for Russell Company is provided in the Working Papers.

1. Complete the payroll register for the semimonthly pay period ended July 15, 20--. Use the federal income tax withholding tables in the previous lesson. Use tax rates of 6.2% for social security tax and 1.45% for medicare tax. Round dollar amounts to the nearest cent. Withhold $75.00 for health insurance and$30.00 for a Roth IRA for each employee. The voluntary deductions are not eligible to be deducted from total earnings to calculate payroll taxes.

On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales were subject to sales tax of 4%. On August 15, Williams Company paid the sales tax owed to the state from the July 5 transaction.

Requirements

1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
2. Journalize the transaction to record the payment of sales tax to the state on August 15.

The entries in a sales journal will show

A) all sales of merchandise

B) the cash sales of the company

C) the credit sales of merchandise

D) all sales of the company

Wires Do some research on the Internet about the different kinds of connectors (such as wireless transmitters and USB, serial, and Ethernet cables) used to connect computers with monitors, printers, broadband connections, and other computer equipment. Using word processing software, describe four different types of connectors and the equipment they're most often used with.

Samuel Industries has three employees. Each employee earns two vacation days a month. Samuel pays each employee a weekly salary of $1,250 for a five-day workweek.

Requirements

1. Determine the amount of vacation expense for one month.
2. Journalize the entry to accrue the vacation expense for the month.

On June 1, Hunting Man Magazine collected cash of $63,000 on future annual subscriptions starting on July 1.

Requirements

1. Journalize the transaction to record the collection of cash on June 1.
2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded (Round adjustment to the nearest whole dollar.)

Find the median for the data. What does the median indicate about the data in this problem?

Solve the application problem.

Bookstore sales of the Physicians’ Desk Reference, which contains prescription drug information, rose 13.7% this year. If sales this year were 111,150 copies, find last year’s sales. Round to the nearest whole number.

Mr. Mady opens a savings account with principal P dollars that pays 2.11% interest compounded quarterly. Express his ending balance after one year algebraically.

Trekster Corrector guarantees its snowmobiles for three years. Company experience indicates that warranty costs will add up to 4% of sales.

Assume that the Trekster dealer in Colorado Springs made sales totaling $533,000 during 2012. The company received cash for 30% of the sales and notes receivable for the remainder. Warranty payments totaled$17,000 during 2012.

Requirements

1. Record the sales, warranty expense, and warranty payments for the company.
2. Post to the Estimated warranty payable T-account. At the end of 2012, how much in Estimated warranty payable does the company owe?

Worldly Publishing completed the following transactions during 2016:

Oct. 1. Sold a six-month subscription (starting on November 1 ), collecting cash of $450, plus sales tax of 6%. Nov. 15. Remitted (paid) the sales tax to the state of Tennessee. Dec. 31. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.

Journalize the transactions (explanations are not required).

Hipster Corrector guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 3% of sales. Assume that the Hipster dealer in Colorado Springs made sales totaling $350,000 during 2016. T he company received cash for 20% of the sales and notes receivable for the remainder. Warranty payments totaled$8,000 during 2016. Requirements

1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold.
2. Post to the Estimated Warranty Payable T-account. At the end of 2016, how much in Estimated Warranty Payable does the company owe? Assume the Estimated Warranty Payable is $0 on January 1, 2016.

The October 15 time card for Alice R. Webster and time card data for other employees are provided in the Working Papers. Round hours to the nearest quarter hour. Enter the regular and overtime hours for Ms. Webster in the schedule. For each employee, calculate the amount of regular, overtime, and total earnings. Overtime hours are paid at 1 ½ times the regular rate. Round dollar amounts to the nearest cent.

The October 15 time card for Alice R. Webster and time card data for other employees are provided in the Working Papers. Round hours to the nearest quarter hour. Calculate the regular, overtime, and total hours worked by Ms. Webster. Any hours over eight hours per day or 40 hours per week are considered overtime. Each work week begins on Monday. Record the total hours on the time card.