A department store apportions payroll costs to the various departments on the basis of the number of payroll checks issued by each department. Accounting costs are apportioned on the basis of the number of reports generated fo department. The payroll costs for the year were $150,000, and the accounting costs for the year totaled $70,000. The number of payroll checks issued and the number of reports generated for each department are as follows: Number of Payroll Checks Number of Reports Department A 396 60 Department B 1,278 90 Department C 126 150 a. Determine the amount of payroll cost to be apportioned to each department. Payroll Cost Department A Department B Department C b. Determine the amount of accounting cost to be apportioned to each department. Accounting Cost Department A Department B Department C

A department store apportions payroll costs to the various departments on the basis of the number of payroll checks issued by each department. Accounting costs are apportioned on the basis of the number of reports generated fo department. The payroll costs for the year were $150,000, and the accounting costs for the year totaled $70,000. The number of payroll checks issued and the number of reports generated for each department are as follows: Number of Payroll Checks Number of Reports Department A 396 60 Department B 1,278 90 Department C 126 150 a. Determine the amount of payroll cost to be apportioned to each department. Payroll Cost Department A Department B Department C b. Determine the amount of accounting cost to be apportioned to each department. Accounting Cost Department A Department B Department C

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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The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable 212 Social Security Tax Payable 213 Medicare Tax Payable 214 Employees Federal Income Tax Payable 215 Employees State Income Tax Payable 216 State Unemployment Tax Payable 217 Federal Unemployment Tax Payable 218 Retirement Savings Deductions Payable $ 9,273 $ 3,400 219 Medical Insurance Payable 411 Operations Salaries Expense 511 Officers Salaries Expense 512 Office Salaries Expense 519 Payroll Tax Expense 27,000 2,318 15,455 950,000 13,909 600,000 1,400 150,000 500 137,951 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2. Issued Check No. 410 for $3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for $27,046, in payment of $9,273 of social secu- rity tax, $2,318 of Medicare tax, and $15,455 of employees' federal…
Subject: acounting
Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Time per Unit Traditional Interest-Bearing Resources Activities Driver of Activity Account Account Supervision $70,000 Processing accounts No. of accounts 0.20 hr. 2,000 1,000 Phone and supplies 90,000 Issuing statements No. of statements 0.10 hr. 60,000 10,000 Salaries 275,000 Processing transactions No. of transactions 0.05 hr 160,000 120,000 Computer 25,000 Answering customer inquiries No. of inquiries 0.15 hr. 1,500 1,500 Total $460,000 At practical capacity, Golding uses 25,000 check processing hours. Required: 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 V per hour Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84 V per statement Processing transactions 0.92 V per…
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
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On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000
Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100. Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal unemployment taxes, and $92.40 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
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