Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30, journalize the adjusting entry necessary at the end of the fiscal period (December 31).
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Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30, journalize the
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- Waterway Company began operations on January 2, 2025. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 12 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 Hourly Vacation Days Used Wage Rate by Each Employee Sick Days Used by Each Employee 2025 2026 2025 2026 2025 2026 $12 $13 0 10 5 6 Waterway Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in Which Vacation Time Was Earned 2025 2026 Projected Future Pay Rates Used to Accrue Vacation Pay $12.45 13.45 (a) Prepare journal entries to record transactions related to compensated absences during 2025…Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the previous Monday to the end-of-business on Friday, or a 5-day work week. Each employee earns $80 per day. Required: 1. Calculate the total weekly payroll cost and the salary adjustment at March 31, 2016. 2. Prepare the adjusting entry at March 31, 2016. 3. Prepare the subsequent cash entry on April 4, 2016.In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 55,200 Wie, Pam, VP Personnel 45,600 Grant, Mary, VP Secretary 37,200 b. December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 55,200 Wie, Pam, VP Personnel 45,600…
- Records has five employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $2,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Silver's share of CPP contributions and EI premiums, in Silver's September 30 financial statements. Question content area bottom Part 1 Prepare the journal entry to record the accrual of the payroll on September 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit September 30 Salaries Expense…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…In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800 Grant, Mary, VP Secretary 45,600 b. December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800…
- February 18, 2022 is the end of the final pay period for the month. Schwartz has sold $8,900 of product during this pay period at a 3 percent commission. Complete the payroll register for the period's gross pay. Pay will be disbursed on February 22, 2022, and check numbers will continue from prior payroll. Hours over 80 (40 for Shangraw) will be considered overtime for eligible employees. The hours for the nonexempt employees are as follows: Hours worked 2/7-2/18 82 hours 80 hours 42 hours 81 hours Towle Long Name Shangraw Success (You) Required: Complete the payroll register for the period's gross pay. Pay will be disbursed on February 22, 2022. Check numbers will continue from the prior payroll period. Note: Round your answers for "Hourly Rate or Period Wage" to 5 decimal places and all other answers to 2 decimal places. Hours should be entered as whole numbers. P/R End Date Check Date Name Thomas Millen Avery Towle Charlie Long Mary Shangraw Kristen Lewis Joel Schwartz Toni Prevosti…Beach Vacations pays salaries and wages on the last day of each month. Payments made on December 31, 20X1, for amounts incurred during December are shown below. Cumulative amounts paid prior to the December 31 payroll for the persons named are also shown. a. Francis Fisher, president, gross monthly salary, $11,880, gross earnings paid prior to December 31, $130,680. b. Sandy Swartz, vice president, gross monthly salary, $10,900; gross earnings paid prior to December 31, $109,000. c. Juan Rios, independent accountant who audits the company's accounts and performs certain consulting services, $10,900, gross amount paid prior to December 31, $27,250. d. Harry House, treasurer, gross monthly salary, $5,800; gross earnings paid prior to December 31, $63,800. e. Payment to Daily Security Services for Eddie Martin, a security guard who is on duty on Saturdays and Sundays, $1,180; amount paid to Daily Security Services prior to December 31, $11,800. Required: 1. Assume a 1.45 percent Medicare…Sheffield Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 13 paid vacation days and 8 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 $13 $14 0 11 5 6 Sheffield Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in Which VacationTime Was Earned Projected Future Pay RatesUsed to Accrue Vacation Pay 2019 $13.65 2020 14.73…
- Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90Pronghorn Company began operations on January 2, 2025. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 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 Hourly Sick Days Used by Each Employee Vacation Days Used Wage Rate by Each Employee 2025 2026 2025 2026 2025 2026 $6 $7 0 9 5 Pronghorn 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 2025 and 2026. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent…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
