Accrued Wages Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and working 35 hours per week. Employees work 5 days per week, Monday through Friday, and are paid weekly on Fridays. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, April 30. Required: What journal entries are made on Wednesday, April 30, and Friday, May 2? If an amount box does not require an entry, leave it blank Apr. 30 Wages Expense Wages Payable (Record accrued wages expenses) ) May 2 Wages Expense Wages Payable (Record payment of wages) 000 00 000

Accrued Wages Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and working 35 hours per week. Employees work 5 days per week, Monday through Friday, and are paid weekly on Fridays. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, April 30. Required: What journal entries are made on Wednesday, April 30, and Friday, May 2? If an amount box does not require an entry, leave it blank Apr. 30 Wages Expense Wages Payable (Record accrued wages expenses) ) May 2 Wages Expense Wages Payable (Record payment of wages) 000 00 000

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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Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.
The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Image 1)
Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25
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Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
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Calculation of Taxable Earnings and Employer Payroll Taxes, and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of October 7, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Howard's Cutlery for the week ended October 7, 20--, is presented below. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Carlson, David J. $6,635 $950 Delgado, Luisa 6,150 1,215 Lewis, Arlene S. 54,375 2,415 Nixon, Robert R. 53,870…
Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent. Employee Annual Salary OASDI TaxableWages OASDI Tax HITaxableWages HI Tax Utley, Genna $37,040 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Werth, Norm 48,900 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Bass, John 40,000 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Ruiz, Sam 150,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Compton, Sue 36,900 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Williams, Mary 48,500 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in…
Aspen Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Aspen Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Aspen Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Dec. 31 Cash Prepaid Salaries Revenues Salaries Expense Salaries Payable Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 7. Print Done X