Kasten Inc. provides paid vacations to its employees. At December 31, 2017, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare Kasten’s December 31, 2017, adjusting entry
Q: What amount of expense, if any, should be reflected in Coco’s quarterly statement of comprehensive…
A: Coco Inc., estimated a total bonus of 30,000 for the year ended July 31, 2019. That is monthly…
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: Sky Ltd started operating on 1 July 2017 with 13 employees. 8 years later, all of those employees…
A: Long service leaves provision expense refers to the Act established in 1955, which provides the…
Q: Bailey Corporation began business on January 2, 2019, with five employees. Its sick leave and…
A: Compensated Leaves:- These are those leave which employees take and get compensation for those…
Q: JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period.…
A: Vacation Pay Liability Vacation pay is an accrued cost estimated for the company that is allocated…
Q: Clarity Co. has a year-end of December 31. The company estimates its annual warranty expense to be…
A: A warranty is a promise to the customer that the company would provide free service for the product…
Q: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions…
A: Income tax payable=Gross pay×rate=$2,000×15%=$300
Q: mrock Company began operations on January 2, 2025. It employs 11 individuals who work 8-hour days…
A: 1. December 31, 2025 11 employees * $12.5/hr. * 8 hrs./day * 12 days =$13,200 2. December 31, 2026…
Q: The employees of Parma Company are entitled to one day's vacation for each month worked. The average…
A: Journal entries are used to record the accounting transactions in chronological order under double…
Q: Teal Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and…
A: Salaries and wages payable are recorded in the year in which it is accrued and not when it is paid…
Q: On September 11, 2016, Home Store sells a mower for $560 with a one-year warranty that covers parts.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…
A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…
Q: On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of…
A: Requirement 1. Since the 800 vacation weeks earned in 2021 were not taken during 2021, a salary…
Q: Teal Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and…
A: Compensation Absence means = Absence for which employees will be paid.
Q: During one week ended May 8, 2016, Arnold Hanover worked 40 hours. His regular hourly rate is $15.…
A: Payroll deductions are deductions from the gross pay of the employees. Then after reducing…
Q: Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current…
A: Journal: Recording of a business transactions in a chronological order.
Q: How to adjust this using the adjusting entries and write in general journal A seven-day (weekly…
A: Accrued salary on December 31 = Weekly salary x no. of days / 7 days = 7,000 x 2/7 days = 2,000
Q: ase hel
A: Long service leaves provision expense refers to the Act established in 1955, which provides the…
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: A company’s salaried employees earn two weeks’ vacation per year. The company estimated and must…
A: Leave travel concession a/c Dr. $9,000 To leave…
Q: Under the assumptlon: Unused vacatlon leaves do not vest (accumulating and non-vesting), What amount…
A: Number of Employees in 2019 = 50 Employees Average salary per day = P900 per day Allowed leave on…
Q: taxable benefit on the above loan
A: Every employed individual is liable to pay taxes on his taxable income. However, various exemptions…
Q: company has a May 31 fiscal year-end. The company's employees work Monday through Friday (the same…
A: An adjusting entry is an adjustment made in expenses incurred to account for it in the relevant…
Q: Wisconsin Company began business on January 2, 2019 with 5 employees. It created a sick leave and…
A: The corporations which are liable to pay for employee's time off for vacation and sick leave…
Q: Oriole Company has 50 employees who work 8-hour days and are paid hourly. On January 1, 2025, the…
A: The accumulating short-term compensating absences need to be accounted for by making a provision at…
Q: formation is as follows: Hourly Rate Vacation Days Used by Each Employee Sick Days Used by Each…
A: As the sick leaves expenses are recognized when they taken , the salaries expenses is debited and…
Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual…
A: Social security taxes are the tax which is deducted from the employee's salary at the time of…
Q: Under the assumptlon: Unused vacation leaves vest (accumulating and vesting), What Is the balance of…
A: Here ABC Corp Allows 15 Days Vacation leaves to each employee hence total leaves allowed by the…
Q: Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the…
A: Financial Statements: The statement is prepared and used to make decisions about the financial…
Q: CRS Co. is preparing its December 31, 2018 year – end financial statements. The following…
A: Liabilities can be defined as the company's obligations which need to be fulfilled in the future…
Q: accrued salaries payable
A: Accrued salaries payable refers to the amount of salaries outstanding at the end of the year. It is…
Q: Adjusting entries: How to write in general journal this? A seven-day (weekly payroll) of 7,000,paid…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: There are 44 employees working for Segura Corporation. They are paid every second Monday for 10…
A: The journal entries are prepared to record the day to day transactions on regular basis. The…
Q: Ivanhoe Company has 60 employees who work 8-hour days and are paid hourly. On January 1, 2025, the…
A: To calculate the accrued liability for compensated absences that should be reported at December 31,…
Q: Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses…
A: Liabilities Liabilities are an obligation of the business to pay to the creditors in future for…
Q: JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period.…
A: Vacation Pay Liability Vacation pay is an accrued cost estimated for the company that is allocated…
Q: Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended…
A: Form 941, also known as the Employer's Quarterly Federal Tax Return, is a form that employers use to…
Q: Little Company provides its employees with varying amounts of vacation per year, depending on the…
A: Introduction: Adjusting entries are created to accurately allocate revenue and expenses to each…
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: On December 1, M
A: martinez recieved on 1st december $20510 in advance of 10 months . So, rent of 1 month = 20510/10 =…
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…
Q: Waterway Company began operations on January 2, 2025. It employs 10 individuals who work 8-hour days…
A: Compensated absences refer to the accrual of employee leave benefits that will be paid out in the…
Q: Compute the amounts of any liability for compensated absences that should be reported on the balance…
A: The term "accrued liability" refers to an expense incurred but not yet paid for by a business. These…
Q: Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the…
A: Per day cost=Number of employees×Per day pay=65×$80=$5,200
Kasten Inc. provides paid vacations to its employees. At December 31, 2017, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare Kasten’s December 31, 2017,
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.Pina Colada Limited began operations on January 2, 2022. Pina Colada employs 9 individuals who work eight-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 Wage Rate 2022 2023 $20.00 $22.00 2022 Vacation Days Used by Each Employee 2023 2022 Year in Which Vacation Time Was Earned 0 Liability for sick pay Liability for vacation pay Assume that Pina Colada Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at expected future rates of pay without discounting. Pina Colada uses the following projected rates to accrue vacation time: tA $ 2023 tA 8 $ Sick Days Used by Each Employee Calculate the amounts of any liability for vacation pay and sick days that…Buffalo Incorporated began operations on January 2, 2016. Buffalo employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 5 paid sick days annually. Vacation days may be taken after February 28 of 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 Vacation Days Used by Each Employee Sick Days Used by Each Employee Wage Rate 2016 2017 2016 2017 2016 2017 $13 $15 2 10 4 3
- Fighting Irish Incorporated pays its employees $5,460 every two weeks ($390/day). The current two-week pay period ends on December 28, 2024, and employees are paid $5,460. The next two-week pay period ends on January 11, 2025, and employees are paid $5,460. Required: Record the adjusting entry on December 31, 2024. Calculate the 2024 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2024 is $0).Katie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2017, Katie's gross pay was $5,500, and Ferro's gross pay was $14,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salaries expense for February? OA. a credit to FICA-OASDI Taxes Payable for $1,264.80 OB. a debit to Salaries Payable to employees for $1,264.80 OC. a debit to FICA-Medicare Taxes Payable for $1,264.80 OD. a credit to Salaries Expense for $1,264.80Page General Journal Account Titles & Explanation Date Ref. Debits Credits
- Pina Colada Limited began operations on January 2, 2022. Pina Colada employs 9 individuals who work eight-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 Wage Rate 2022 $20.00 $22.00 2023 Date 2022 Year in which Vacation Time Was Earned 2023 Vacation Days Used by Each Employee 2022 2022 2023 0 2023 8 Assume that Pina Colada Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at expected future rates of pay without discounting. Pina Colada uses the following projected rates to accrue vacation time: Sick Days Used by Each Employee 2022 3 utomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit…At the end of April, Hernandez Company had a balance of $35,070 in the vacation benefits payable account. During May, employees earned an additional $2,730 in vacation benefits, but some employees used vacation days that amounted to $1,920 of the vacation benefits. The $1,920 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? If an amount box does not require an entry, leave it blank. Account Debit Credit Vacation Benefits Expense Vacation Benefits Payable Feedback Additional Vacation benefits earned less benefits paid; balance should be debited to Vacation Benefits Expense and credited to Vacation Benefits Payable.Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2015. Using the information presented below, complete Part 1 of Form 941 # of employees for pay period that included September 12-14 employees Wages paid third quarter- $79,750.17 Federal income tax withheld in the third quarter- $9,570.00 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter-$21,771.83
- Your Personal Chef, Inc. prepares healthy gourmet dinners for clients on a subscription basis. Clients pay $75 per week for 3 delivered dinners. During 2019, Your Personal Chef, Inc. received advance payments of $18,000. At December 31, 2019, two-thirds of the advance payments had been earned. Make the entry for the advance payments received during the year. Make the necessary adjusting entry at December 31, 2019. What is the balance in the Unearned Revenue Account after the adjusting entry is made?Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented below. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund Ben Abel 40 $14.00 $59.00 $5.00 Rita Hager 41 16.00 64.00 5.00 Jack Never 44 13.00 60.00 8.00 Sue Perez 46 13.00 62.00 5.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%. 1. Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000 2. Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. 3. Journalize the payment of the payroll on March 16,…Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500. Does this need to be reversed on a balance day adjustment GJ. If so how would Ireverse it