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?
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- 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.February 18, 2022 is the end of the final pay period for the month. Schwartz has sold $8,900 of product during this pay period at a 3 percent commission. Complete the payroll register for the period's gross pay. Pay will be disbursed on February 22, 2022, and check numbers will continue from prior payroll. Hours over 80 (40 for Shangraw) will be considered overtime for eligible employees. The hours for the nonexempt employees are as follows: Hours worked 2/7-2/18 82 hours 80 hours 42 hours 81 hours Towle Long Name Shangraw Success (You) Required: Complete the payroll register for the period's gross pay. Pay will be disbursed on February 22, 2022. Check numbers will continue from the prior payroll period. Note: Round your answers for "Hourly Rate or Period Wage" to 5 decimal places and all other answers to 2 decimal places. Hours should be entered as whole numbers. P/R End Date Check Date Name Thomas Millen Avery Towle Charlie Long Mary Shangraw Kristen Lewis Joel Schwartz Toni Prevosti…
- Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31? Yanıtınız: S800,000 $12,000 $18,000 O $30,000Assume 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 15Drew Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Drew accrues salaries expense only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows:A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021.B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000.C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime.D. The recurring biweekly salaries total P90,000 a. Assuming a five-day work week, D should record a liability at year end for accrued salaries:
- Lister Company currently gives its employees their pay at the end of each week. Lister’s weekly payroll totals $500,000. If Lister extends the pay period so as to pay its employees one week later throughout an entire year, the employees would in effect be "lending" the firm how much for the year?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…Cullumber Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $126,600 $126,600 $40,500 $40,500 Sales 28,800 28,800 4,200 4,200 Administrative 38,900 38,900 Total $194,300 $194,300 $44,700 $44,700 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. Of the $194,300 wages subject to FICA tax, $21,300 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,800 for factory, $7,700 for sales, and $6,800 for administrative. (a) Partially correct answer icon Your answer is partially correct.…
- On January 1, 2021, Panda Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Panda's employees each earned an average of $500 per week. A total of 1,000 vacation weeks were earned in 2021, with 400 vacation weeks earned in 2021 but not taken during 2021. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is Panda required to report? $500,000. $200,000. $0. $300,000.Stellar Company began operations on January 2, 2019. It employs 10 individuals who work 8- hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 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 (a) 2020 $10 2020 Vacation Days Used by Each Employee 2019 0 2020 Salaries and Wages Expense 10 Salaries and Wages Payable. Stellar 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. Sick Days Used by Each Employee 2020 2019 Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are…Pronghorn Company began operations on January 2, 2025. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 10 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 Sick Days Used by Each Employee Vacation Days Used Wage Rate by Each Employee 2025 2026 2025 2026 2025 2026 $6 $7 0 9 5 Pronghorn 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. Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent…