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- Please Complete all required and do not give images formatOn December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000Compute 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…
- please helpProblem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii su mai y mauv uv . Exemption Status S Number of Hours Rate/Hour Regular Overtime 40 40 + Employe Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. Classification Direct Direct Direct Indirect 36 36 МЕ 45 40 4 МЕ-2 30 40 4. Indirect HF 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required • a) Determine the net pay for each employee. b) Prepare journal entries for: • recording the payroll. payment of the payroll. • distribution of the payroll. • the employer's payroll taxes.Given the following: 29-day cycle 4/17 Billing Date previous Balance $1,100 4/27 Payment $ 700 4/29 Charge $ 300 5/7 Payment $ 50 The average balance is:
- 2. Yasmeen Corporation is a wholesaler of industrial goods. Data regarding the purchases from suppliers are as follows: September October November December Purchases (all on account) OMR 31,000|OMR 51,000|OMR 46,000|OMR 45,000 Payments are expected to be 40% in the month of purchase, 60% in the month following purchase. Instructions: Prepare the expected cash payments to suppliers for the month of October, November and December.11. The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on all sales they make. Find the amount of commission and gross earnings for these employees. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Sales for the Week Name Commission Gross Earnings Tina Valendez $2,392.50 $4 Jan Yarrow $3,480.75 2$ $4A salesman is paid a base salary of $120 plus a commission rate of 10% of total sales. Calculate income based on $6000 in sales The total salesman compensation is $ (blank)
- AM is a trading entity. Purchases are on credit, with 70% paid in the month following the date ofpurchase and 30% paid in the month after that.Sales are partly on credit and partly for cash. Customers who receive credit are given 30 days topay. On average 60% pay within30 days, 30% pay between 30 and 60 days and 5% pay between60 and 90 days. The balance is written off as irrecoverable. Other overheads, including salaries,are paid within the month incurred.AM plan to purchase new equipment at the end of June 2015, the expected cost of which isP250,000. The equipment will be purchases on 30 days credit, payable at the end of July.The cash balance on 1 May 2015 is P96,000.The actual/budgeted figures for the six month to July 2015 were: ACTUAL BUDGETED FEB P000 MARCH P000 APRIL P000 MAY P000 JUNE P000 JULY P000 Credit sales 100 100 110 110 120 120 Cash sales 30 30 35 35 40 40 Credit Purchases 45 50 50 55 55 60 other overhead expenses 40 40 40 50 50 50 Required:a.…Given the following: 31-day billing cycle 10/5 billing Data Previous Balance $3,300 10/11 Charge $ 320 10/18 Charge $1,240 10/25 Payment $ 400 11/1 Charge $ 630 The average daily balance is:
