Problem 7-6 Weekly Wage Payment Entries and theMonth-End Wages Payable Adjusting EntryBaker Construction, Inc. pays its employees each Friday for the work they performed that week.Baker's employees only workSunday. Baker produces monthly financial statements; thus they prepare adjusting entries at theMonday through Friday. They do not work on Saturday orend of each month.For the month of June, the last payday was on Friday June 25th. The last day of June was onWednesday June 30th. The first payday of July was on Friday July 2nd. The following partialcalendar shows these days and dates:-6age PayıSundayMondayTuesdayWednesdayThursdayFridayent 1 -- WSaturdayAccouJune 20June 21June 22June 23June 24Juņe 25June 26June 27June 28June 29June 30July 1July 2July 3The following table shows the amount the employees were paid on Friday June 25th and on FridayJuly 2nd. The table also shows the data required to calculate the amount the employees earnedfor the last three workdays of June.Wages paid on Friday, June 25thWages paid on Friday, July 2nd$6,200ent 2$5,950Data for June 28, 29, & 30 - the last three days worked in June:10 employees per day8 hours per dayunt eaNumber of employees working each dayHours each employee worked per dayHourly wage rateune 2$16 per hourneThe following is a partial list of the accounts in Baker's General Ledger. These are the onlyaccounts you need for this problem.Amount of theHow long thaD CashD Wages PayableD Wages Expense Problem 7-6Weekly Wage Payment Entries and the Month-End Wages Payable Adjusting EntryRequirement 1 -- Wage payment on Friday June 25thDateAccount NameDebitCredit6/25/xx30 InterestonbRequirement 2Total amount earned by the employees for:Monday June 28th + Tuesday June 29th + Wednesday June 30thRequirement 3 -- June 30 Wages Payable adjusting entryDateAccount NameDebitCredit6/30/xxRequirement 4 -- Wage payment on Friday July 2ndDateAccount NameDebitCredit7/02/xx

Wages refers to the form of payment that is used by an employer to allocate the desired amount of…

Baker Constructic Baker's employee Sunday. Baker pr end of each mont For the month of Wednesday June calendar shows th Sunday June 20 June 27 The following tabl July 2nd. The tab for the last three w Wa Wa Nur

Baker Constructic Baker's employee Sunday. Baker pr end of each mont For the month of Wednesday June calendar shows th Sunday June 20 June 27 The following tabl July 2nd. The tab for the last three w Wa Wa Nur

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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TEMPORARY EMPLOYEE TIMECARD NAME: Amanda Tackett DEPARTMENT: Accounting Date In Out In Out Hours 9/13 7:00 11:00 11:30 3:45 9/14 7:15 11:35 12:30 3:35 9/15 7:10 12:00 12:40: 4:10 9/16 7:20 11:50 12.50 4:50 9/17 7.05 11.09 11:50 3:30 Total Hours . Amanda Tackett earns $8.50 per hour What is her-total pay for the week?
Prepare General journal entries for the given question
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nder the decimal system of computing time worked at Carman's Company, production workers who are tardy are "docked" according to the schedule shown below. Minutes Late inRinging in Fractional HourDeducted 1 through 6 1/10 7 through 12 2/10 13 through 18 3/10 19 through 24, etc. 4/10 The regular hours of work, Monday through Friday, are from 7:30 to 11:30 A.M. and from 12:30 to 4:30 P.M. During one week, Bernard Hoskins, who earns $12.95 an hour, reports in and checks out as shown below. Employees are not paid for ringing in a few minutes before 7:30 and 12:30 nor for ringing out a few minutes after 11:30 and 4:30. (a) DAY AM PM HRS WORKED M In Out In Out 7:28 11:31 12:50 4:31 T 7:35 11:30 12:30 4:30 W 7:44 11:33 12:27 4:32 Th 7:27 11:31 12:32 4:33 F 7:34 11:32 12:40 4:30 Refer to the partial time card and compute the following: a. The hours worked each day. Enter any fraction of an hour as a decimal. For example 23/10 hours…
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…
ndow Help mework.pdf Aa v Question 5 You have been recently hired as general manager of Lucky's. It is September 1, and you must prepare the operating budget of this establishment for the first quarter of the upcoming calendar year, and submit it to the corporate office. Since you have been at the operation for only a month or so, you must rely solely on historical data. You gather sales reports and records for the months of January through August of the current year. Using the data provided, prepare the operating budget for Lucky's for the months of January through March of the upcoming year. Here is the information you determined from the most recent sales and costs records: Sales are 10 percent higher than those of the same month during the previous year. Food cost percentage is steady at 32 percent. Fixed labor costs are steady at $9,000 per month. Variable labor costs are 15 percent of sales. Occupancy costs will remain steady at $2,000 per month. Other controllable costs are…
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