Employees are paid every Saturday for the preceding workweek. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30,12/31) represent? Explain.
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Employees are paid every Saturday for the preceding workweek. If a
12/31) represent? Explain.
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- Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $40320. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? Dr Salaries and Wages Expense $24192 Cr Salaries and Wages Payable $24192 Dr Salaries and Wages Expense $40320 Cr Salaries andWages Payable $40320 Dr Salaries and Wages Expense $24192 Cr Cash $24192 Dr Salaries and Expense $8064 Cr Salaries and Wages Payable $8064Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…I need help getting the answer to #3!!
- The following describes the payroll procedures for Cooper Toy Train Company. Every Thursday, Raj, the timekeeping clerk, keys the timecard data from the employees into the system, prints a summary report, sends the summary report to Penny in the payroll department where it is filed by date, and then files the timecards alphabetically and date. The last Thursday of each month, Penny, the payroll clerk, processes the payroll which includes calculating gross pay, calculating withholdings, calculating net pay, printing the checks, printing the payroll summary report and the payroll file is updated. Penny then sends the checks and the payroll summary report to Leonard in the cash disbursements department. Leonard, the cash disbursements clerk, reconciles the payroll summary with the paychecks and then records the transaction in the cash disbursements file. He then files the payroll summary by date and sends the paychecks to the treasurer, Sheldon, for signing. The signed checks are then…Wage and Tax Statement Data on Employer FICA TaxEhrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in the following year, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed.None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and…I need help getting the answer to #5!!
- FICA defines all of the following as wages except: Group of answer choices Total cash tips of $15 received by a tipped employee in the month of May Standby payments First six months of sick pay Year-end bonuses Employee's social security taxes paid for by the employerSheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500. Deductions included $743 for CPP, $235 for El, and $6,248 for income tax. The employer's payroll costs were $743 for CPP and $329 for El. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation Debit Cred (a) (b) 15 (b) (c)Melek Okapi earned $100 for a 40-hour workweek. During that week, Melek also receives tips of $110.00. Complete the statements below. 1. What hourly rate is being paid to Melek? 2. What tip hourly rate is being paid to Melek? 3. How much must the employer pay Melek in addition to her weekly wage?
- The company has 15 employees, who earn a total of $2,250 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. for the first entry of January i have come up with $6750 in salary expense based on three days in January however, can't crack the code on salary payable...Brian Packer worked the following schedule: Monday, 9 hours; Tuesday, 7 hours 34 minutes; Wednesday, 8 hours 23 minutes; Thursday, 8 hours 16 minutes; Friday, 8 hours. The employer pays overtime for all time worked in excess of 40 hours per week. Required: Determine Brian's total time worked according to the (a) quarter-hour method and (b) the hundredth-hour method. Which is the more favorable method for Brian, quarter-hour or hundredth-hour? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Brian Packer Quarter-Hour Time hours Hundredth-Hour Time More Favorable Method hoursMajan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April. Employees work 5 days a week and the company pays $1.330 a week in wages. What will be the amount of accrue wages expense at the end of March?