1. 2. 3. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $740 each per week, and three employees earn $520 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Unearned Rent Revenue $351,180. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,830 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Nov. 1 Dec. 1 Contract A650 Term (in months) B974 6 May 1 6 Date Oct. 1 Prepaid Advertising $13,200. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. The first advertisement runs in the month in which the contract is signed. Monthly Rent Amount $6,000 $6,810 $6,120 7,200 Number of Leases 5 12 4 Number of Magazine Issues 24

1. 2. 3. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $740 each per week, and three employees earn $520 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Unearned Rent Revenue $351,180. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,830 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Nov. 1 Dec. 1 Contract A650 Term (in months) B974 6 May 1 6 Date Oct. 1 Prepaid Advertising $13,200. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. The first advertisement runs in the month in which the contract is signed. Monthly Rent Amount $6,000 $6,810 $6,120 7,200 Number of Leases 5 12 4 Number of Magazine Issues 24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays P97,200 a day in wages. How much is the accrued wages expense at the end of January?
An employee works 48 hours in a week for a salary exempt of $1,925 per week. How much is this employee's weekly gross salary? An employee earns $17 an hour. Determines gross income if you work 49 hours (receives double time for overtime over 40 hours). An employee checks boxes in a cardboard factory. Receive $0.18 for each checked box. If you check 1,450 boxes on an average day, it determines weekly gross income (considering a five-day week). A restaurant supply seller works for a 7% commission. If the total sales for the week were $18,500, determine the gross income for this seller. Determines Social Security contribution (6.2%) and the contribution of health care (1.45%) for an employee with a gross income of $735. Round up the nearest penny. An employee has net income of $890 and total deductions of $265, determining gross income.
Zeta Company has 12 workers who each earn $15 per hour and generally work a 40-hour workweek, although at times overtime work is required, for which workers are paid 1.5 times their regular hourly wage. Zeta pays wages in cash on Friday of each week for work performed that week. Zeta's Wages Expense ledger account for May is shown below. Account: Wages Expense Account Number 65 Balance Date Item Post. Ref. Dr. Cr. Dr. Cr. May 5 32 7,200 7,200 May 12 33 9,360 16,560 May 19 35 7,200 23,760 May 26 37 8,010 31,770 May 31 Adjusting 38 4,320 36,090 May 31 Closing 38 36,090 - - During the period May 27 through June 2, Zeta's workers worked a regular 40-hour week. 1. If Zeta Company uses reversing entries, journalize the entry made when payroll is paid in cash on June 2, assuming that appropriate reversing entry(ies) have been made at the beginning of June. You may omit posting references. If an amount box does not require…
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Kurt Lopez began work this week for the Jaworski Company. Based on a 5-day workweek, his annual salary is $78,000, and he meets the test of an exempt white-collar employee. Since he started working on Tuesday, his first week's pay would be $1,200. $78,000/52 weeks = Gross pay $1,500 $1,500 × 4/5 = $1,200 Connie Duffy started working for Dexter Company on Thursday of this week. She worked 8 hours on Thursday and 9 hours on Friday. Her annual salary is $57,200, and she is an exempt white-collar employee. Determine her gross pay for her first partial week of work.
PART A:Silver Records has 4 employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $2,250, but each one must have 10% of their pay withheld for income taxes. Each must also make CPP contributions of 5.1% of their gross pay and pay EI premiums of 1.62% of their gross pay. Required: Prepare a single journal entry required to record the accrual of payroll on November 30 Prepare the journal entry to record the related employer’s liability on November 30 PART B:Superb Industries borrowed money by issuing a $30,000, 6%, 10-year bond. The Assume that Superb Industries issued the bond on April 1, 2021 at a price of $27,868. The market interest rate on April 1 was 7%. Superb’s accounting year ends on September 30. Required:Journalize the following transactions for Superb Industries: Issuance of the bonds on April 1, 2021 Accrual of interest expense and amortization of bonds on September…
Percy Inc. has a calendar year-end. The following information is available regarding employee wages: • Its employees earn wages of $2,000 each day for their five-day workweek. Percy pays its employees $10,000 every Friday. • As of the end of Monday, Dec 31, its employees had worked a total of one (1) day for which they have not yet been paid. On January 4, the employees were paid a total of $10,000. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1, and the regular journal entry to record wages paid on Jan 4, 20X2 Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date 12/31/X1 1/4/X2 Account Name: Wages Expense Wages Payable Wages Payable Wages Expense 4 Debit Credit ?
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K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $3,310 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $250 $500 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current…
Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,010 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a…
Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April. Employees work 5 days a week and the company pays $1.330 a week in wages. What will be the amount of accrue wages expense at the end of March?