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Business

Accounting

what is the estimated liability for bonus?

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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Compute gross wages due each employee under federal wage-hour law: Latisha is normally paid $1,200 for a 40-hour workweek. One Monday she is out sick but receives 8 hours sick pay. She then works 40 hours Tuesday–Friday. Al is normally paid $500 for a 40-hour workweek. One week, he works 45 hours. Lee is normally paid $1,500 for a 40-hour workweek. To make up for leaving early one Friday, he works 44 hours this week.
Samantha’s normal wage is R300 per hour and her normal working day is 8 hours. The standard production time foreach employee is 4 units for every 30 minutes. On 17 March 2022, Samantha’s production was 76 units. Using theHalsey bonus system, a bonus of 50% of the time saved is given to employees. Use the information provided below to calculate Samantha’s remuneration for 17 March 2022.
XYZ Ltd employs its staff on a five-day work week, with employees being paid on Fridays. The weekly salaries expense is $12,000, and employees are paid in arrears. When the employees are paid, the salaries paid are for work performed in the preceding week. Thruster Ltd retains $3,500 per week to pay the Australian Taxation Office for PAYG tax on behalf of the employees. This is paid on the following Monday of each week. It also retains $700 per week to pay staff premiums to the Oceanic Medical Benefits Fund. Required: If we assume that the reporting date falls on a Thursday, what would the accounting entry at reporting date be to recognise four days' salary and wages expense? What would be the journal entry on when the wages are ultimately paid? What would be journal entry when the tax and medical benefits are paid to respective organisations?
Shawn, an outside sales representative for Marosh Communications in Caldwell, Idaho, receives a 5 percent commission on all new marketing packages sold within the sales territory. During the week of April 6, there were $9,500 of new subscriptions sold during 40 hours of work. Required: 1. What is Shawn's gross pay? 2. Are the wages subject to minimum wage laws? 1. Gross pay 2. Are the wages subject to minimum wage laws?
Rob is a quality inspector on the assembly line of a manufacturing company. He is paid P16 perhour for regular time and time and a half for all work in excess of 40 hours per week. He isclassified as a direct labor worker. Rob's employer offers fringe benefits that cost the company P4 for each hour of employeetime (both regular and overtime). During a given week, Rob works 45 hours but is idle for 2hours due to material shortages. The company treats all fringe benefits relating to direct labor asadded direct labor cost and the remainder as part of manufacturing overhead. How much of the worker's wages for the week would be classified as direct labor cost?
Alpesh
Marrell is employed on the assembly line of a manufacturing company where she assembles a component part of one of teh company's products. She is paid P16 per hour for regular time and time and a half for all work in excess of 40 hours per week. Marrell works 50 hours in a given week but is idle for 4 hours during the week to equip breakdowns. The allocation of Marrell's wages for the week for direct labor is;
Marrell is employed on the assembly line of a manufacturing company where she assembles a component part for one of the company’s products. She is paid P16 per hour for regular time and time and a half for all work in excess of 40 hours per week. Marrell works 50 hours in a given week but is idle for 4 hours during the week due to equipment breakdowns. The allocation of Marrell's wages for the week for direct labor is:
Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,010 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a…
A company employees two consultants who each have a different specialization. Caitlin specializes in industrial commercial construction and Zachary specializes in residential construction. The company expects to incur total overhead costs of $573,540 during the year and applies overhead based on annual salary costs. Caitlin's annual salary is $168,300, and she is expected to bill 2,400 hours during the year. Zachary's annual salary is $92,400, and he is expected to bill 2,200 hours during the year. Required: a. Calculate the predetermined overhead rate. b. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Caitlin and Zachary Complete this question by entering your answers in the tabs below. Required A Required B Calculate the predetermined overhead rate. Predetermined overhead rate %
A company grants employees 8 sick days per year. Sick days may be used as soon as they are earned and unused days may be carried over to the following year. Sick time is paid at the rate in effect when the days are taken, but are accrued at the rate in effect when they are earned. The following information pertains to the 20 employees of the company, who each work 8-hour days: Year Pay rate Sick days earned/employee Sick days taken/per employee 2020 $15.00 8 5 2021 17.00 8 7 a. Prepare the journal entry to record the sick pay earned in 2020. b. Prepare the journal entry to record sick days taken in 2020. c. Determine the liability for sick pay that the company would report on 12/31/20. d. Prepare the journal entry to record the sick pay earned in 2021. e. Prepare the journal entry to record sick days taken in 2021. f. Determine the liability for sick pay that the company would report on 12/31/21..