Employee salaries of $2,200 for the month of December will be paid in early January 2025. Record the adjusting entry for salaries at its year-end of December 31.
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Employee salaries of $2,200 for the month of December will be paid in early January 2025. Record the
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- Flowers Corp. pays its employees every Friday. The Flowers' Corp. employees earn $600,000 each five day work week. Assuming December 31, 2020 falls on a Thursday, what is the amount of salaries payable that Flowers Corp. should report on its December 31, 2020 balance sheet?Pearl Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 11 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 Hourly Wage Rate 2019 $9 2020 $10 Vacation Days Used by Each Employee 2019 2020 Vacation Wages Payable $ 10 Sick Pay Wages Payable Sick Days Used by Each Employee 2019 6 Pearl 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. 2020 Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 7 $ +A 2020In 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…
- 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…Blue 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 $ $ 2026JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 45-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2021, total salaries paid to employees equaled $422,000, including $3,500 for vacations actually taken in 2021 but not including vacations related to 2021 that will be taken in 2022. All vacations earned before 2021 were taken before January 1, 2021. No accrual entries have been made for the vacations. No overtime premium and no bonuses were paid during the period.Required:Prepare the appropriate adjusting entry for vacations earned but not taken in 2021.
- During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s salary consist of FICA Social Security taxes of $310.00, FICA Medicare taxes of $72.50, federal income taxes of $532.50, and medical insurance deductions of $212.50. Prepare the journal entry to record the employer’s salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) Record payroll for period.Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings $70,000 Employee FICA tax $5,355 Federal income tax $13,000 State income tax $1,300 Employer FICA tax $5,355 Federal unemployment tax $300 State unemployment tax $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for20-- follows. Compute the following for the payroll of December 31:
- Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.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…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 $156,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19…