Problem 1: Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.0% and the state unemployment tax rate is 4.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $20 per hour and worked 46 hours for the week ended January 13, 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings.
Problem 2: The following is the Easton Company adjusted Trial Balance:
Easton Company Adjusted Trial Balance 31-Dec-18
|
Dec-18
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,665
|
|
|
Accounts Receivable
|
232,400
|
|
|
Supplies
|
17,000
|
|
|
Equipment
|
395,000
|
|
|
Accumulated Depreciation
|
|
$224,260
|
|
Accounts Payable
|
|
72,555
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
127,145
|
|
Service Revenue
|
|
881,105
|
|
Interest Income
|
|
5,500
|
|
Dividends
|
9,000
|
|
|
Rent Expense
|
59,500
|
|
|
Wages Expense
|
529,000
|
|
|
Supplies Expense
|
42,000
|
|
|
Utilities Expense
|
8,000
|
|
|
Depreciation Expense
|
150,000
|
|
|
Totals
|
$1,530,565
|
$1,530,565
|
Required - Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.
Problem 3: The following is the Easton Company's adjusted Trial Balance.
Easton Company Adjusted Trial Balance 31-Dec-18
|
Dec-18
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,665
|
|
|
Accounts Receivable
|
232,000
|
|
|
Supplies
|
17,000
|
|
|
Equipment
|
395,000
|
|
|
Accumulated Depreciation
|
|
$224,260
|
|
Accounts Payable
|
|
72,555
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
127,145
|
|
Service Revenue
|
|
881,105
|
|
Interest Income
|
|
5,500
|
|
Dividends
|
7,000
|
|
|
Rent Expense
|
59,500
|
|
|
Wages Expense
|
529,000
|
|
|
Supplies Expense
|
40,000
|
|
|
Utilities Expense
|
8,000
|
|
|
Depreciation Expense
|
150,000
|
|
|
Totals
|
########
|
$1,526,565
|
Required: Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.
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