Max's Enterprise operates using the Rowan Bonus Scheme. From its production work duringthe week ending April 24th, an employee whose basic hourly rate of pay is $14 was assignedthe following job which the employee completed.Time takenJob# Time allowed107 hours 45 minutes 6 hours 15 minutesWhat is the employee's basic pay if the Rowan Bonus Scheme was used?Select one:O A. $75O B. $84O C. $87.50OD. $62.50

Calculating the Rowan Bonus: The Rowan Bonus Scheme rewards employees for exceeding the standard…

Answered: Max's Enterprise operates using the…

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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Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 550 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $160 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $22,700. 14. Charged 150 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $45,900 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $37,300 for the month. 31. Used office supplies for the month, $12,600. 31. Paid professional salaries of $178,300 for the month. 31. Billed Obsidian…
Subject: accounting
Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 570 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $170 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $17,100. 14. Charged 270 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $74,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $70 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $41,700 for the month. 31. Used office supplies for the month, $14,100. 31. Paid professional salaries of $176,400 for the month. 31. Billed Obsidian…
The following data relate to work in the finishing department of a certain factory. Normal working day 7 hours Basic rate of pay per hour $5 Standard time allowed to produce 1 unit 4 minutes Premium bonus payable at the basic rate 60% of time saved On a particular day one employee finishes 180 units. What is his gross pay for the day?
vertime Pay = Overtime Rate x Overtime Hours Worked otal Pay = Straight-Time Pay + Overtime Pay . Kelsey Newberg is a robotics technician. She earns $21.50 per hour for 40 hours and time and a half for overtime over 40 hours. If she worked 6 hours overtime, what is her total pay? E. Naveen Borah is a maintenance worker. He earns $12.80 per hour for 40 hours and time and a half for overtime. He worked 48 hours last week. What is his pay for the week? . Kim Sperazo is a sign-language interpreter. She earns $19.65 per hour and time and a half for overtime. Last week she worked her regular 40 hours plus 7 hours of overtime. What was her total pay for the week? . As a children's librarian, Jodi Hassam earns $15.35 an hour plus tim her regular 40 hours plus 16 hours on the weekend. What was her total pay for the week? nd a for weekend work. Last week she worked . Heather Allen works for the public works department as an electrical inspector. She earns $17.60 per hour for a 36-hour week. Her…
Compute Keegan Jordan's earnings using the three methods described above. Assume the rate for Job A is $17.85 per hour and $19.95 per hour for Job B. Of the 44 hours worked during the week, 22 hours were completed for Job A and 22 hours complete for Job B. Higher Rate for Overtime Hours Regular Hours, Job A fill in the blank 5cd3d70a5fc9071_1 Hourly Rate, Job A $fill in the blank 5cd3d70a5fc9071_2 Regular Total Pay, Job A $ fill in the blank 5cd3d70a5fc9071_3 Regular Hours, Job B fill in the blank 5cd3d70a5fc9071_4 Hourly Rate, Job B fill in the blank 5cd3d70a5fc9071_5 Regular Total Pay, Job B fill in the blank 5cd3d70a5fc9071_6 Overtime Hours fill in the blank 5cd3d70a5fc9071_7 Overtime Rate fill in the blank 5cd3d70a5fc9071_8 Overtime Total Pay fill in the blank 5cd3d70a5fc9071_9 Total Gross Earnings $ fill in the blank 5cd3d70a5fc9071_10
Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases; using a job order cost system. The following transactions occurred during July 3. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the trial 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500. 14. Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour 18. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian trial 27. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $28, 500 for the month 31. Used olfice supplies for the month, $4,000 31. Paid professional salaries of $74,350 for the month 31. Billed Obsidian $172, 500 for successful defense of the…
Calculate Payroll 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 $28 per hour Administrator $42 per hour 1.5 times hourly rate 2 times hourly rate 2 Regular earnings rate Overtime earnings rate Number of withholding allowances Gross pay Net pay $3,210 per week Not applicable 3 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…
Cost Accounting
Computing Overtime Rate of Pay and Gross Weekly Pay Marcos Putnam receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Putnam's overtime rate of pay. overtime pay per hour b. Calculate Putnam's total gross weekly pay if he works 45 hours during the week. %24 %24
The following data for Throwback Industries Employee Hours Worked Hourly Rate Aaron 46 $68.00 $750 20 Cobb 41 Clemente 48 DiMaggio 35 Griffey, Jr.. 45 Mantle 62.00 70.00 56.00 62.00 $1,800 Robinson 36 54.00 Williams 2,000 Vaughn 42 62.00 537.68 832.64 366.04 Inc. relate to the payroll for the week ended December 9, Weekly Salary Federal Income Tax U.S. Savings Bonds $100 110 120 0 641.84 130 342.45 382.56 398 24 584.72 120 130 125 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel All sales personnel are paid times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Round all calculations to the nearest cent. Use the following columns: Employee, Total Hours, Regular Earnings,…

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