Answered: Direct labor incurred for January,…

Business

Accounting

Direct labor incurred for January, $55,000. Date Debit Credit

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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Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $75,000 $6,000 $5,475 $2,000 $61,525 Required: Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% F.I.C.A. rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes.
Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)
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…
The standard direct labor rates in effect for the current fiscal year and the standard hours allowed for the actual output of work for July are shown in the following schedule. Worker classification Standard Direct Labor Rate per Hour $60 Standard Direct Labor-Hours Allowed for Output 1,380 1,840 2,300 II 55 III 45 The wage rates for each labor class increased under the terms of a new contract. The standard wage rates were not revised to reflect the new contract. The actual direct labor-hours worked and the actual direct labor rates per hour experienced for the month of July were as follows. Actual Direct Labor Rate Worker Classification Actual Direct per Hour $64 Labor-Hours 1,470 II 58 1,950 2,380 III 46 Required: Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the following components: a. Direct labor price and efficiency variances. b. Direct labor mix and yield variances.
Question: Use the following information: Month Revenue Billed in the Month Revenue From the Month that is Outstanding at End of Quarter (i.e., on March 31) January $200,000 February $250,000 March $300,000 $50,000 $100,000 $200,000 On the Uncollected Balances Schedule, what percent of the uncollected accounts are from January?
Beamon Corporation had the following payroll for April: Officers' salaries $34,000 Sales salaries 68,000 Federal income taxes withheld 21,000 FICA taxes withheld 9,500 Health insurance premiums withheld 1,800 Union dues withheld 1,400 Salaries (included above) subject to federal unemployment taxes 57,000 Salaries (included above) subject to state unemployment taxes 62,000 RequiredPrepare journal entries on April 30 to record:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.)d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.) Part A Part B Part C Part D General Journal Date Description Debit Credit Apr.30 Answer Answer Answer Sales Salaries Expense Answer Answer Answer Answer Answer FICA…
The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $520,000 Federal income tax withheld 104,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $9,880 of salaries. Required: a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar.