2. Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour A. Kuhol Laborer 45 50 B. Aileen Office Secretary 46 45 C. Jose D. Jay Laborer 50 52 Factory Supervisor 55 52 48 48 E. Richmond Sales agent 60 F. Edward Laborer 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
2. Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour A. Kuhol Laborer 45 50 B. Aileen Office Secretary 46 45 C. Jose D. Jay Laborer 50 52 Factory Supervisor 55 52 48 48 E. Richmond Sales agent 60 F. Edward Laborer 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
How to answer numbers 2,3,4?
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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