Provide correct answer general accounting At Summit Technologies, employees are paid $5,000 every Friday fora five-day workweek (Monday to Friday). If the fiscal year ends on aWednesday, what amount should be recorded as accrued wages in theadjusting entry at year-end?

Step 1: Define Wages AccrualWages earned but not yet paid by the end of the accounting period must…

Answered: At Summit Technologies, employees are…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 17PB

See similar textbooks

Similar questions

A weekly payroll summary made from labor time records shows the following data for Pima Company: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be charged to all jobs worked on during the period.) 4. The employers payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)
The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?
The total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during March. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees with combined earnings this period of 3,000 have exceeded 8,000 in earnings prior to the period?
Trowbridge Company has just completed the processing of its year-end payroll and distributed all the weekly paychecks. The payroll department is now computing the amount of the annual bonus to be given each worker. What methods may be used by the company in determining the amount of federal income taxes to be withheld from the annual bonus payments?
Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.
An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.
Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.
During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--
Barbara Ripa receives 695 for a regular 40-hour week and time and one-half for overtime. For a workweek of 45 hours, compute: a. The regular earnings________ b. The overtime earnings________ c. The total earnings________
The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
Marin Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual HourlyWage Rate Vacation Days Usedby Each Employee Sick Days Usedby Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 8 5 6 Marin Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. prepare journal entries to record transactions related to compensated absences during 2019 and 2020. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and…

SEE MORE QUESTIONS

Recommended textbooks for you

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

At Summit Technologies, employees are paid $5,000 every Friday for a five-day workweek (Monday to Friday). If the fiscal year ends on a Wednesday, what amount should be recorded as accrued wages in the adjusting entry at year-end?