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question following are some transactions and events of business solutions the compan 4279809

Question

Following are some transactions and events of Business Solutions. The company paid cash to Lyn Addie for eight days' work at $140 per day. The company sold merchandise with a $2,132 cost for $2,870 on credit to Widcat Services, invoice dated March 25. Required: Assume that Lyn Addle is an unmarried employee. Her $1,120 of wages are subject to no deductions other than FICA Social security taxes. FICA, Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total 112. Compute her net pay for the eight days' work paid on February 26. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1.

 

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