Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The salaries for the second half of December 2019 amounted to 35,000?
Q: over the next 8 years according to current employee contracts. The present value of the total…
A:
Q: The EPBO for a particular employee on January 1, 2021, was $39,000. The APBO at the beginning of the…
A: APBO means accumulated post-retirement benefit obligation. It is a part of EPBO which has been…
Q: The City of Greensboro provides its employees two weeks of paid vacation per year. As of December…
A: Definition: Accrued expense: This is the expense incurred but not yet paid. It is treated as…
Q: Dana Company has 25 employees who work 8-hour days and are paid hourly. On January 1, 2021, the…
A: Short term compensating absences are of two types -a) Accumulating Accumulating short-term…
Q: A company gives each of its 90 employees (assume they were all employed continuously through 2022…
A: Vacation Liability :— It is an accrued liability. When employees unable to used their vacation then…
Q: Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated…
A: Given: 2019 2020 Contract Price 1,300,000 Costs incurred 675,000 275,000 Under…
Q: Jeffery Simpson sells widgets for Colorful Toys, Inc. His annual salary is $50,000 per year and he…
A:
Q: MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The…
A: As per dual concept of accounting, every transaction has dual impact on the books of…
Q: Blossom Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each…
A: Paid leave is the leave which is provided to employee in which the employees are eligible to get pay…
Q: An employer pays $3,000 a month for office space rental and $1,000 to 12 employees, plus a $10 bonus…
A: Monthly rent: $3,000 Salary given to the per employee: $1,000 Bonus given to per employee to…
Q: Burbaker Company pays its employees every other Friday. December 31, 2020, was a Sunday. On Friday,…
A: Payroll is the total amount of money that an association pays its workers over a given time period;…
Q: A company gives each of its 65 employees (assume they were all employed continuously through 2020…
A: For 2020 = 65 x 12 x 8 x 25 = 156000 For 2021 = 65 * (12+(12-9) * 8 * 28 = = 65 x…
Q: Required a. Determine the net pay for employee salary expenses on December 31, Year 1.
A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…
Q: Compute the amounts of any liability for compensated absences that should be reported on the balance…
A: 2 2019 2020 Vacation Wages Payable $3,888 $4,968 Sick Wages Payable $864 $1,512…
Q: A job pays an annual salary of $33,150, which includes a holiday bonus of $750. If paychecks are…
A: Paycheck-: A paycheck is a monthly salary or wage that a person earns in his or her job. It is…
Q: Finch Company began its operations on March 31 of the current year. Finch has the following…
A: Introduction: Cash payments are made to the provider of services or goods by the recipient in the…
Q: A custom recovery is created that specifies, a max ceiling on property taxes of 3% and an admin fee…
A: A lease agreement, also known as rental agreement, is a contract (legally enforceable agreement)…
Q: 1 Calculate OASDI, HI, SUTA, & FUTA for the payroll period for an employee that earns $6,000 per…
A:
Q: The company offering a starting wage of $15per hour promises a $2 an hour increase after 6 months on…
A: A wage seems to be remuneration provided to employees for time spent working for a firm. Wages have…
Q: Electronics Service Company pays salaries monthly on the last day of the month. The following…
A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…
Q: Cash-Basis and Accrual-Basis Income George Hathaway, an electrician, entered into an agreement with…
A: Cash basis accounting is a method of accounting where income and expenses are recognized when cash…
Q: The EPBO for a particular employee in Jan1 2021 was $36,000. The ApBO at the beginning of the year…
A: APBO at Dec 31 2021 = EPBO for a particular employee in Jan 1 2021 x (1 + interest rate) x Ratio…
Q: Broderick Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days…
A: a. Following are the journal entries: Working Notes: Formulae used are shown below:
Q: Which method is appropriate to use to determine the amount of variable consideration? Determine the…
A: Contracts can be defined as agreements that are legally binding two or more parties together to…
Q: A registered nurse makes $14.00 per hour. Next month, she will receive a 3% increase in her hourly…
A: When the employee receive wages on the basis of number of hours worked ,it is known as wage rate per…
Q: JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period.…
A: The question is based on the concept of Financial Accounting.
Q: Cabrera Accounting pays Shanaya Kapoor $63,480 per year. (Round your answers to two decimal places…
A: Labor cost is a direct cost considered a part of prime cost. It is a variable cost and the cost of…
Q: At December 31, 2019, Park Beauticians had 1,000 gift certificates outstanding, which had been sold…
A: Unearned Revenue: Unearned Revenue is also called deferred revenue. Unearned Revenue means money…
Q: following for the payroll of December
A: Social Security is essentially a benefit given to older workers, the disabled as well as their…
Q: Larkspur Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days…
A: A journal entry is a type of accounting entry that is used to record a business transaction in a…
Q: On January 1, 20x6, Bernie Bird Co. decided to grant its employees 10 vacation days and five sick…
A: The compensation absence expense would include the expense that was payable during current year but…
Q: On August 31, 2022, Firewall Co. licensed its $9,600 application that will protect a customer's…
A: Performance obligation is the mandatory actionable on the part of service provider for each service…
Q: Here is the problem from the book: JWS Transport Company’s employees earn vacation time at the rate…
A: Vacation accumulation is the time that employees earn during their normal service period. It is…
Q: Caratini Company sells custom-made windows to Bryant Inc. for a new office building. The sale price…
A: An original chronological log or record of financial activities is referred to as a journal. The…
Q: Note: For each calculation, round to 2 decimal places before continuing to next computation. At next…
A: Over time per week = earned bonus amount/no. of weeks = $975/13…
Q: During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer…
A: While calculating FICA taxes, OASDI and HI taxes are calculated. OASDI is the social security tax…
Q: For large repair jobs, Joe the Plumber requires his customers to put down a 20% deposit one week in…
A: Journal: Recording of a business transactions in a chronological order.
Q: effield Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days…
A: Journal entry A journal entry is a record of the business transactions within the accounting books…
Q: It is the first of October, and you are developing cost estimates for creating an engineering…
A: Present Worth(PW) is worth of proposed investment at current time. It is computed by discounting of…
Q: JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period.…
A: Total vacations earned = (Total amount paid - vacation pay paid)*vacation time earned =…
Q: On January 1, 2020, Carly Fashions Inc. enters into a contract with a regional retail company to…
A: Standalone price of the blouse per piece=$20,000500=$40 per piece
Q: O $168000 $336000 Ο Ο Ο Ο O Ο $0 O $84000
A: Vacation liability refers to the financial obligation a company incurs for accrued but unused…
Q: Rexallo Company begins business on January 2, 2019, with 15 employees. Its company policy is to…
A: Compensated expenses are the benefits for employees and represent expenses for employer which has…
Q: Pharoah Co. began operations on January 2, 2025. It employs 17 people who work 8-hour days. Each…
A: Journal Entry - It is a record of every business transaction in day-to-day life whether it is…
Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The salaries for the second half of December 2019 amounted to 35,000?
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 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?A company gives each of its 50 employees (assume they were all employed continuously through 2020 and 2021) 12 days of vacation a year if they are employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the next year. The employees work 8 hours per day. In 2020, they made $17.50 per hour and in 2021 they made $20 per hour. During 2021, they took an average of 9 days of vacation each. The company’s policy is to record the liability existing at the end of each year at the wage rate for that year. What amount of vacation liability would be reflected on the 2020 and 2021 balance sheets, respectively? Select one: $96,000; $117,000 $96,000; $120,000 $84,000; $120,000 $84,000; $117,000Pearl 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 2020
- The EPBO for a particular employee on January 1,2024, was $36,000. The APBO at the beginning of the year was $7,200. The appropriate discount rate for this postretirement plan is 10%. The employee is expected to serve the company for a total of 25 years with 5 of those vears already served as of January 1,2024. What is the APBO On December 31, 2024? Note: Round your answer to the nearest whole dollar.On January 15, 2023, Caramel Company enters into a contract to build custom equipment for Candy Company. The contract specified a delivery date of of March 1. The equipment was not delivered until March 31. the contract required full payment of $75,000 30 days after delivery. the revenue for this contract should beJWS 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.
- Lucille receives an annual salary of $37,500 based on a 37.5-hour workweek. What are her gross earnings for a two-week pay period in which she works 9 hours of overtime at 112112 times her regular rate of pay? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)Westway Company pays Suzie Chan $3,020 per week. Assume Social Security is 6.2% on $142, 800 and 1.45% for Medicare. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the first $7,000.JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2024, total salaries paid to employees equaled $421,000, including $6,600 for vacations actually taken in 2024 but not including vacations related to 2024 that will be taken in 2025. All vacations earned before 2024 were taken before January 1, 2024. 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 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for vacations earned but not taken in 2024. Note: Enter debits before credits. Event 1 Record entry General Journal Clear…
- Please don't give image format and no chatgpt answerLister 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?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…
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)