Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day.Mar. 25 The company sold merchandise with a $2,062 cost for $2,860 on credit to Wildcat Services, invoice dated March 25.Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,000 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 $100. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare. Compute her net pay for the eight days’ work paid on February 26. (Round your intermediate calculations and final answer to 2 decimal places. Omit the “$” sign in your response.)Net pay $ 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)Date General Journal Debit CreditFeb. 26 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA—the FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)Date General Journal Debit CreditFeb. 264. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)Date General Journal Debit CreditMar. 25
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