Clark Company pays its employees every Friday for a five-day work week. The amount of weekly payroll is $100,000. December 31 of the current year is a Thursday. Make the appropriate adjusting entry December 31.
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- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.McFriend Inc. records its liabilities for employees’ vacations at the end of each month. For the month of January, McFriend had 46 employees who are paid an average of $144 per day. The company allows 15 paid vacation days per year. Required: Prepare the journal entry to record the monthly vacation accrual for July 1.McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend has 50 employees who are paid an average of $176 per day. The company allows 10 paid vacation days per year. For the August 31 payroll, McFriend pays its employees $160,000 for time worked and $10,000 for vacation taken. Required: Prepare the journal entry to record McFriend’s August 31 payroll.
- McFriend Inc. records its liabilities for employees' vacations at the end of each month. For the month of January, McFriend had 50 employees who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Prepare the journal entry to record the vacation accrual for January.Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other Friday. Each of the 10 employees earns $1,000 per week. December 31 was the second Tuesday in the pay period. The federal income tax rate is 15%, the state income tax rate is 3%, and the FICA rate is 7.65%. The adjusting journal entry required on 12/31 would include a:Jerome Company has 35 employees who work 8 hours a day and are paid hourly.On January 1, 2018, the entity began a program of granting the employees 10 days ofpaid vacation each year. Vacation days earned in 2018 may first be taken on January 1,2019.Year Hourly wage Vacation daysearned by eachemployee Vacation days usedby each employee2018 129 10 02019 135 10 82020 142.50 10 1015. What is the vacation pay expense for 2018?a. 0b. P361,200c. P378,000d. P344,40016. What is the accrued liability on December 31, 2020?a. P474,600b. P453,600c. P399,000d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrueliability at the end of each year at the wage rate for that year?a. P474,600b. P453,600c. P399,000d. P478,800 Provide SOLUTION
- Ayayai Company began operations on January 2, 2019. It employs 9 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 $6 $7 0 8 5 6 Ayayai 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically…Ayayai Company began operations on January 2, 2019. It employs 9 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 $6 $7 0 8 5 6 Ayayai 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically…Little Company provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation cost is $153,600. The amount of the adjusting journal entry required on December 31, the end of the current year, for the current month's accrued vacation pay is a. $76,800. b. $12,800. c. $0. d. $153,600.
- Cullumber Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 HourlyWage Rate Vacation Days Usedby Each Employee Sick Days Usedby Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 8 4 5 Cullumber 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are…Employees at the Sheffield Waffle House were paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3. Employees work 5 days a week. The weekly payroll amounts to $8050. The appropriate adjusting journal entry on December 31 would be to credit Salaries and Wages Payable for O $3220. O $8050. O $1610. O $4830.Employees of the Deco House were paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3rd. Employees work 5 days a week, Monday to Friday. The weekly payroll amounts to 3,800. The appropriate adjusting journal entry to be made on Tuesday, December 31, assuming the company's year-end is December 31, would you include a credit to Salaries Payable in tje amount of
