Delta Corp. has presently paid $2,750 as wages to its workers for the month of May. The last pay day was May 26. Between May 26 and the end of month, Delta has computed that it owes an additional $280 in wages to its employees. Determine the amount that needs to be credited to Wages Payable as an adjusting entry. a. $750 Ob. $2,470 c. $2,750 Od. $280
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- Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.AMonth in the Life of a Faculty from cash vs. accrual accounting perspective The Faculty provides web design services to a number of clients and has been using the cash basis of accounting. It useda spread-sheet to keep up with the business's cash receipts and payments. Total cash on hand increased by $15732.70 (from $7911.12 to $23643.82) during the month. Cash balance Revenue Payroll Rent Server Admin 7911.12 7211.12 700.00 6655-99 555-13 15655-99 9000.00 14448.10 1207.89 13031.88 1416.22 16577.11 3545-23 15533.12 1043-99 27321.57 11788.45 26621.57 70 28121.57 1500.00 27821.57 300.0 27322.58 498.99 2364: 3678.76 25833.68 5978.76300.00 1915.212807.01 The following additional information is gathered in the process of preparing the accrual-based income statement:Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
- ll. 2Blue Company began operations on January 2, 2025. It employs 11 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 Hourly Wage Rate 2026 $11 $12 2025 Vacation Days Used by Each Employee 2025 2026 8 0 Sick Days Used by Each Employee 2025 2026 5 Blue 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. $ Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2025 and 2026. Vacation Wages Payable Sick Pay Wages Payable $ 4 2025 $ $ 2026An employee earns $1580 a week, the deductions from the employee's pay cheque for El, CPP, and income taxes are equal to $195. The company must contribute an additional $111 for El and CPP. How much would the company record as total salary expense for the employee in this week? O $1580 • $1496 $1691 ⚫ $1886
- P4-3 Roppongi Company incurred payroll for the week of P100,000, which consists of P70,000 also estimated that annual bonus of P432,000 will be paid at year end. All employees are earned by 20 production workers and P30,000 earned by 10 sales workers. Roppongi Required: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) accrue CHAPTER 4 Accountir Sawed wth Canseaner entitled to 4-week paid vacation and 10 paid holidays. the bonus, vacation and holiday pay. for Innuary shows the following informationNemsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll $14,000 Federal Income Tax Withheld $2,600 Social Security Rate 6% Federal Unemployment Tax Rate 0.8% Medicare Rate 1.5% State Unemployment Tax Rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for: a. $14,000 b. $10,350 C. $9,350 d. $10,238 2.Godo
- Chp. 8please helpQuestion text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?