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 describes the payroll procedures for Cooper Toy Train Company. Every Thursday, Raj, the timekeeping clerk, keys the timecard data from the employees into the system, prints a summary report, sends the summary report to Penny in the payroll department where it is filed by date, and then files the timecards alphabetically and date. The last Thursday of each month, Penny, the payroll clerk, processes the payroll which includes calculating gross pay, calculating withholdings, calculating net pay, printing the checks, printing the payroll summary report and the payroll file is updated. Penny then sends the checks and the payroll summary report to Leonard in the cash disbursements department. Leonard, the cash disbursements clerk, reconciles the payroll summary with the paychecks and then records the transaction in the cash disbursements file. He then files the payroll summary by date and sends the paychecks to the treasurer, Sheldon, for signing. The signed checks are then…
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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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The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 196,000 Office salaries 131,000 $652,000 Deductions: Income tax withheld $119,000 Social security tax withheld 39,120 Medicare tax withheld 9,780 Retirement savings 14,344 Group insurance 11,736 $193,980 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,…
Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund of $730. 12. The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171. 31. Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $392. 7. Express charges on merchandise sold, $31 (Delivery Expense). 9. Office supplies, $19. 13. Office supplies, $20. 19. Postage stamps, $14 (Office Supplies). 21. Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $51 (Delivery Expense). 30. Office supplies, $7. Jan. 31. The cash sales for the day, according to the cash register records, totaled…
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