31. Recorded administrative salaries, $9,500, and sales salaries, $17,100, lessdeductions for employees' income taxes and FICA taxes.31. Issued check for payment of the salaries.31. The following wages and salaries were earmed or accrued during January:Direct Labor.Indirect labor.Administrative salaries.Sales salaries.$287,37522,50019,00034,200Megerle Custom Cabinet Co. used the following form to compute the amount ofpayroll taxes incurred:TotalТахаbleEamingsРаyrollТахesItemsFICA taxFUTASUTAFactorywagesAdm.SalariesSalessalariesTotalsRequired:1. Prepare the journal entries to record the foregoing transactions, including thedistribution of payroll costs.2. Complete the previous form to show the payroll taxes imposed on the employerfor January.3. Prepare the journal entry to distribute payroll taxes, assuming that the payrolltaxes imposed on the employer for factory wages are to be charged to FactoryOverhead, the taxes for administrative salaries are to be charged toMiscellaneous Administrative Expense, and the taxes for sales salaries are to becharged to Miscellaneous Selling Expense.4. 4. Assume that the factory employees worked on January 29, 30, and 31. Whatwas the amount of accrued wages on January 31? (Hint: Assume that there were P3-10 Summary of payroll proceduresMajerle Custom Cabinet Co. uses the job order cost system. In recording payrolltransactions, the following accounts are used:CashAdministrative SalariesWages PayableFICA Tax PayableFederal Unemployment Tax PayableState Unemployment Tax PayableEmployees Income Tax PayablePayroll MiscellaneousMiscellaneous Administrative ExpenseSales SalariesSelling ExpenseFactory OverheadWork in ProcessFactory employees are paid weekly, while all other employees are paid semimonthly onthe fifteenth and the last day of each month. All salaries and wages are subject to alltaxes. The income tax withheld amounts to 10% of gross wagesFollowing is a narrative of transactions completed during January:January7. Recorded total earnings of factory employees amounting to $64,790, lessdeductions foremployees' income taxes and FICA taxes.7. Issued check for payment of the payroll.14. Recorded total earnings of factory employees amounting to $62,985, lessdeductions for employees' income taxes and FICA taxes.14. Issued check for payment of the payroll.15. Recorded administrative salaries, $9,500, and sales salaries, $17,100, lessdeductions for employees' income taxes and FICA taxes.15. Issued check for payment of the salaries.21.Recorded total earnings of factory employees amounting to $68,875, lessdeductions for employees' income taxes and FICA taxes.21. Issued check for payment of the payroll.28. Recorded total earnings of factory employees amounting to $70,490, lessdeductions for employees' income taxes and FICA taxes.28. Issued check for payment of the payroll.

Journal entries refer to the process of systematic documentation of the financial transactions of a…

31. Recorded administrative salaries, $9,500, and sales salaries, $17,100, less deductions for employees' income taxes and FICA taxes. 31. Issued check for payment of the salaries. 31. The following wages and salaries were earned or accrued during January: $287,375 22,500 19,000 34,200 Direct Labor. Indirect labor. Administrative salaries. Sales salaries Megerle Custom Cabinet Co. used the following form to compute the amount of payroll taxes incurred: Total

31. Recorded administrative salaries, $9,500, and sales salaries, $17,100, less deductions for employees' income taxes and FICA taxes. 31. Issued check for payment of the salaries. 31. The following wages and salaries were earned or accrued during January: $287,375 22,500 19,000 34,200 Direct Labor. Indirect labor. Administrative salaries. Sales salaries Megerle Custom Cabinet Co. used the following form to compute the amount of payroll taxes incurred: Total

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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A review of the accounting records of Benson Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$31,400. 2. Salary of the vice president of manufacturing—$15,100. 3. Salary of the chief financial officer-$17,900. 4. Salary of the vice president of marketing-$14,800. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$186,000. 6. Wages of production workers-$933,000. 7. Salaries of administrative personnel-$106,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$171,000. 9. Commissions paid to sales staff-$261,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Benson made 3,100 units of product and sold 2,170 of them during the month of March,…
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $335,000 Warehouse salaries 186,000 Office salaries 144,000 $665,000 Deductions: Income tax withheld $116,800 Social security tax withheld 39,900 Medicare tax withheld 9,975 Retirement savings 14,630 Group insurance 11,970 $193,275 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
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Question Trapper Company has the following data for the weekly payroll ended March 31: Employee Hours Hourly Rate CPP EI Income Tax Health Insurance Total Deductions Net Pay Allen 48 $25 $58.54 $23.50 $ 350.00 $10.00 Broady 40 25 46.17 18.80 240.00 15.00 Camaron 25 13 12.76 6.11 65.00 5.00 Diaz 45 15 15.60 12.83 190.00 15.00 Evana 10 13 3.10 2.44 0.00 5.00 TOTAL Employees are paid 1.5 times the regular hourly rate for all hours worked over 44 hours per week. Trapper Company must make payments to the workers' compensation plan equal to 2% of the gross payroll. In addition, Trapper matches the employees' health insurance contributions and accrues vacation pay at a rate of 4%. Instructions Prepare the payroll register for the weekly payroll. Record the payroll and Trapper Company's employee benefits. Pay and remit the salary and post it in journals. please answer like we are writing it on notebook
Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register…
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 45 $62 $641.84 $120 Cobb 42 67 623.92 130 Clemente 49 68 835.88 140 DiMaggio 38 54 376.68 0 Griffey, Jr. 46 63 681.60 150 Mantle $1,600 292.45 140 Robinson 38 56 418.40 150 Williams 1,900 370.24 145 Vaughn 46 63 702.60 40 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee’s annual earnings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. Assume the normal working hours in a week are 40…
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $462,500. The workers' compensation insurance premium rate is 0.2%.
The following data for Throwback Industries Employee Hours Worked Hourly Rate Aaron 46 $68.00 $750 20 Cobb 41 Clemente 48 DiMaggio 35 Griffey, Jr.. 45 Mantle 62.00 70.00 56.00 62.00 $1,800 Robinson 36 54.00 Williams 2,000 Vaughn 42 62.00 537.68 832.64 366.04 Inc. relate to the payroll for the week ended December 9, Weekly Salary Federal Income Tax U.S. Savings Bonds $100 110 120 0 641.84 130 342.45 382.56 398 24 584.72 120 130 125 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel All sales personnel are paid times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Round all calculations to the nearest cent. Use the following columns: Employee, Total Hours, Regular Earnings,…
A review of the accounting records of Finch Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president—$32,300.2. Salary of the vice president of manufacturing—$16,700.3. Salary of the chief financial officer—$19,000.4. Salary of the vice president of marketing—$14,900.5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$189,000.6. Wages of production workers—$929,000.7. Salaries of administrative secretaries—$105,000.8. Salaries of engineers and other personnel responsible for maintaining production equipment—$183,000.9. Commissions paid to sales staff—$243,000. Requireda. What amount of payroll cost would be classified as SG&A expense?b. Assuming that Finch made 3,400 units of product and sold 3,060 of them during the month of March, determine the amount of payroll cost…
Redmont Company's gross salaries and wages are $50,000, and it withholds $7,500 for income taxes and $3,825 for FICA taxes, the journal entry to record the employees' pay should include a: Multiple Choice debit to Salaries and Wages Payable for $38,675. debit to Salaries and Wages Expense for $38,675. credit to Salaries and Wages Payable for $38,675. credit to Salaries and Wages Payable for $50,000.
Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked Employee M Tu W Th F S HourlyRate CPPDeduction Income TaxWithheld HealthInsurance A. Kassam 12 7 8 7 7 5 $16 $35.48 $93.70 $8 H. Faas 9 9 8 8 8 6 11 24.98 72.15 15 G. Labute 12 9 6 10 10 0 16 36.66 108.65 12 Employees are paid 1.5 times the regular hourly rate for all hours worked over 40 hours per week. Carla Vista Company must make payments to the workers’ compensation plan equal to 2% of the gross payroll. In addition, Carla Vista matches the employees’ health insurance contributions and accrues vacation pay at a rate of 4%. Prepare the payroll register for the weekly payroll. Calculate each employee’s EI deduction at a rate of 1.66% of gross pay Record the payroll and Carla Vista Company’s employee benefits