Evergreen Solutions reported a Salaries and Wages Expense of $560,400 for the year. The beginning and ending balances of Salaries and Wages Payable were $20,500 and $18,300, respectively. How much cash was paid to employees during the year? a. $558,200 b. $560,400 c. $562,600 d. $543,900

Evergreen Solutions reported a Salaries and Wages Expense of $560,400 for the year. The beginning and ending balances of Salaries and Wages Payable were $20,500 and $18,300, respectively. How much cash was paid to employees during the year? a. $558,200 b. $560,400 c. $562,600 d. $543,900

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 9SPB

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An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.
Hogarth Ltd. had the following transactions in February 20X8: a. Recorded sales of $3,950,000, plus GST of 5%. b. Recorded sales of $13,100,000, plus GST of 5%. c. Bought equipment for $1,320,000, plus GST of 5%. d. Recorded the bimonthly payroll of $88,600. CPP deductions were $1,550, El deductions were $2,100, and income tax withheld amounted to $7,600. (Employer portions of payroll taxes are recorded only at the end of the month.) e. Recorded sales of $3,150,000, plus GST of 5%. f. Bought inventory for $12,900,000, plus GST of 5%. g. Recorded the bimonthly payroll. The amounts were identical to the prior bimonthly payroll. h. Recorded the employer portion of payroll expenses for the entire month. i. Remitted payroll taxes for the month. j. Remitted net GST for the month. Required: Provide journal entries to record all transactions. Assume transactions with customers and suppliers were for cash. (If no entry is required for a transaction/event, select "No journal entry required" in…
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): C. Employee Bonus Payable Employee Bonus Expense 47,234 47,234 OD. Employee Bonus Expense Employee Bonus Payable 47,234 47,234 Click to select your answer. Show Transcribed Text ? The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): A. Employee Bonus Expense Employee Bonus Payable 41,887 41,887 B. Employee Bonus Payable…
miller manufacturing has a 2 week payroll of $8,200 for its 8 employees. income tax of $1,080 is deducted from the employees paychecks as well as a 5.45% for CPP and 1.58% for EI. wages depositied in employees bank accounts rounded to nearest dollar would be: a. $6544, b.$7120,c.$7663,d.$8200
Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company reports net income of $121,980 before the calculation of the bonus. The journal entry to record the accrued bonus includes OA. a debit to Employee Bonus Payable, $7,980. OB. a credit to Cash, $8,539. OC. a credit to Employee Bonus Payable, $7,980. OD. a debit to Employee Bonus Expense, $8,539.
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Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.$fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment…
Assume the following data for Blossom Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $65,823.60 • Employee FICA taxes $5,038.96 • Federal income tax $13,746.80 • State income tax $2,099.20 • Employer FICA taxes $5,037.96 • Federal unemployment tax $18.70 • State unemployment tax $151.12 • Monthly federal income tax and FICA tax liability: July $8,797.72, August $8,077.33, and September $6,916.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $24,197.10 What amounts would be entered on Form 941 for the following line items? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld. $enter a dollar amount rounded to 2 decimal places Line 5a (Column 2): Taxable Social Security wages. $enter a dollar amount rounded to 2 decimal places Line 5c (Column 2): Taxable Medicare wages and tips. $enter a dollar…