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1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay

1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay

FINANCIAL ACCOUNTING
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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How to solve this accounting for labor?
5. Mr. Combate, a factory laborer earns P18,000 per month, and the company pays one month salary as a bonus at the end of the year. Mr. Combate is entitled to a half month paid vacation leave. The company also pays P4,000 a year into a pension fund of the worker. All fringe benefits of factory laborer are charged to the factory overhead account. The fringe benefits are charged to production during the 11 1/2 months the employee is at work. Required: Compute the total liability for fringe benefits and prepare journal entries to record the incurrence of labor cost, distribution and fringe benefit liabilities. 6. JYD Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: SSS Contribution 1,000,000 20,000 10,000 10,000 Philhealth Contribution Pag-ibig Contribution Witholding taxes 100,000 The employer contributions are as follows: SSS contribution Philhealth contribution 40,000 10,000 Pag-ibig contribution 10,000 The company distributes its total payroll as follows: 50% to direct labor, 20% to indirect labor, 25% to administrative and 5% to Sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead,25% to administrative and 5% to selling expenses. Required: Prepare the journal entries for: A. Labor Incurrence B. Labor Distribution C. To record employer's contribution D. Payment of accrued payroll 7. The following data on XYZ Corp workers idle time are as follows: Normal Idle Time Abnormal Idle Time Wage Rate per hour Hans, Factory supervisor 6 Cielo, Factory laborer Heinthji, Factory laborer 8 2 400 8 2 250 2 250 Required: Prepare the journal entry to record the idle time of the three workers.
Transcribed Image Text:5. Mr. Combate, a factory laborer earns P18,000 per month, and the company pays one month salary as a bonus at the end of the year. Mr. Combate is entitled to a half month paid vacation leave. The company also pays P4,000 a year into a pension fund of the worker. All fringe benefits of factory laborer are charged to the factory overhead account. The fringe benefits are charged to production during the 11 1/2 months the employee is at work. Required: Compute the total liability for fringe benefits and prepare journal entries to record the incurrence of labor cost, distribution and fringe benefit liabilities. 6. JYD Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: SSS Contribution 1,000,000 20,000 10,000 10,000 Philhealth Contribution Pag-ibig Contribution Witholding taxes 100,000 The employer contributions are as follows: SSS contribution Philhealth contribution 40,000 10,000 Pag-ibig contribution 10,000 The company distributes its total payroll as follows: 50% to direct labor, 20% to indirect labor, 25% to administrative and 5% to Sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead,25% to administrative and 5% to selling expenses. Required: Prepare the journal entries for: A. Labor Incurrence B. Labor Distribution C. To record employer's contribution D. Payment of accrued payroll 7. The following data on XYZ Corp workers idle time are as follows: Normal Idle Time Abnormal Idle Time Wage Rate per hour Hans, Factory supervisor 6 Cielo, Factory laborer Heinthji, Factory laborer 8 2 400 8 2 250 2 250 Required: Prepare the journal entry to record the idle time of the three workers.
Activity 4- Accounting for Labor 1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay 2. Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour A. Kuhol B. Aileen C. Jose Laborer 45 50 Office Secretary 46 45 Laborer 50 52 Factory Supervisor Sales agent Laborer D. Jay 55 48 E. Richmond 52 60 F. Edward 48 45 The following are to be deducted to the gross earnings of employees: Witholding taxes SSS contributions 5% 3% Philhealth 1% Pag-ibig 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distribution 3. Mr. Koala, a factory worker is paid P150 per hour for a regular work of 40 hours. During the week, Mr. Koala worked 45 hours and earned time and a half for overtime hours. Required: Prepare Journal Entries A. If overtime premium is charged to the jobs worked during the overtime hours. B. If the overtime premium is not charged to specific jobs. 4. Peter Senen Corp has the following data for the fourth week of March Hours Worked Employee Name Hourly Rate Sun Mon Tue Wed Thurs Fri Sat Total Kris 900 8 8 8 8 8 8 54 Bryan 950 8 7 10 9 8 49 Rose 750 1. 8 9. 10 9 8 53 Tess 900 8 10 8 8 8 56 Jose 1,000 9 8 8 6 7 10 8 56 The rate for hours in excess of 40 is one and half times the regular rate. The rate for hours worked on Sunday is twice the regular rate. Required: compute the gross earnings of each employee.
Transcribed Image Text:Activity 4- Accounting for Labor 1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay 2. Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour A. Kuhol B. Aileen C. Jose Laborer 45 50 Office Secretary 46 45 Laborer 50 52 Factory Supervisor Sales agent Laborer D. Jay 55 48 E. Richmond 52 60 F. Edward 48 45 The following are to be deducted to the gross earnings of employees: Witholding taxes SSS contributions 5% 3% Philhealth 1% Pag-ibig 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distribution 3. Mr. Koala, a factory worker is paid P150 per hour for a regular work of 40 hours. During the week, Mr. Koala worked 45 hours and earned time and a half for overtime hours. Required: Prepare Journal Entries A. If overtime premium is charged to the jobs worked during the overtime hours. B. If the overtime premium is not charged to specific jobs. 4. Peter Senen Corp has the following data for the fourth week of March Hours Worked Employee Name Hourly Rate Sun Mon Tue Wed Thurs Fri Sat Total Kris 900 8 8 8 8 8 8 54 Bryan 950 8 7 10 9 8 49 Rose 750 1. 8 9. 10 9 8 53 Tess 900 8 10 8 8 8 56 Jose 1,000 9 8 8 6 7 10 8 56 The rate for hours in excess of 40 is one and half times the regular rate. The rate for hours worked on Sunday is twice the regular rate. Required: compute the gross earnings of each employee.
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