# southern lighting has the following employees listed below the company needs to calc 242782

Accounting help with unemployment taxes and merchant accounts

.Southern Lighting has the following employees listed below. The company needs to calculate the total earnings subject to unemployment tax for the first quarter of 2010, and record them in a general journal. There are 13 weeks of payroll recorded. The federal unemployment tax rate is .8%, and the state unemployment tax rate is 2.7%. The date for the journal entry is April 8
th.

Fill in the chart below, identify how much FUTA and SUTA tax will be and
make the journal entry on April 8th.

FUTA tax = _______________ x ______________ = ______________

SUTA tax = _______________ x ______________ = ______________

Solve the following problem. It is worth 15 points.

2.Maia’s Bike Shop had the following transactions during the month of May:

Prepare the required journal entries that Maia’s Bike Shop must make to record these transactions.

Solve the following problems. They are each worth 5 points.

3.On January 3, 2010, Samolis Corp purchased \$3,200 worth of merchandise on credit. The credit terms were 2/10, n/30. Complete the necessary journal entry. The invoice was dated January 4.

4.Using the information from question 16, assume Samolis Corp. paid the invoice on January 9, 2010. Record the necessary journal entry.

BONUS: This problem is entirely optional. If you choose to complete it, you can earn up to an additional 10 points. If you choose not to complete it, no points will be lost.

5.Phoenix Sales & Service withheld the following amounts from its employees on January 31:

Record the withholdings in the General Journal

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1. Southern Lighting has the following employees listed below. The company needs to calculate the total earnings subject to unemployment tax for the first quarter of 2010, and record them in a general journal. There are 13 weeks of payroll recorded. The federal unemployment tax rate is .8%, and the state unemployment tax rate is 2.7%. The date for the journal entry is April 8th.??Fill in the chart below, identify how much FUTA and SUTA tax will be and ?make the journal entry on April 8th.??? ?? FUTA tax = _______________ x ______________ = ______________??SUTA tax = _______________ x ______________ = ______________??   Solve the following problem. It is worth 15 points.? 2. Maia’s Bike Shop had the following transactions during the month of May:????Prepare the required journal entries that Maia’s Bike Shop must make to record these transactions.???  ?  ?   Solve the following problems. They are each worth 5 points.? ?3. On January 3, 2010, Samolis Corp purchased \$3,200 worth of merchandise on credit. The credit terms were 2/10, n/30. Complete the necessary journal entry. The invoice was dated January 4. ??? ? ?4. Using the information from question 16, assume Samolis Corp. paid the invoice on January 9, 2010. Record the necessary journal entry. ??  BONUS: This problem is entirely optional. If you choose to complete it, you can earn up to an additional 10 points. If you choose not to complete it, no points will be lost. 5. Phoenix Sales & Service withheld the following amounts from its employees on January 31: ? Record the withholdings in the General Journal ?   ? ?4. Using the information from question 16, assume Samolis Corp. paid the invoice on January 9, 2010. Record the necessary journal entry. ??  BONUS: This problem is entirely optional. If you choose to complete it, you can earn up to an additional 10 points. If you choose not to complete it, no points will be lost. 5. Phoenix Sales & Service withheld the following…

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