rrent Attempt in ProgressEmployee earnings records for Oriole Company reveal the following gross earnings for four employees through the pay period ofDecember 15.J. Seligman$90,700L. Marshall$125,300R. Eby$113,600T. Olson$130,700For the pay period ending December 31, each employee's gross earnings is $4,500. The 7.65% FICA tax rate consists of the SocialSecurity tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages.Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2decimal places, e.g. 52.75.)J. Seligman$L. Marshall$R. Eby$T. Olson$eTextbook and Media

FICA:FICA= Federal insurance contribution actThe federal insurance contribution act is a known as…

mployee earnings records for Oriole Company reveal the following gross earnings for four employees through the pay period of ecember 15. J. Seligman $90,700 L. Marshall $125,300 R. Eby $113,600 T. Olson $130,700

mployee earnings records for Oriole Company reveal the following gross earnings for four employees through the pay period of ecember 15. J. Seligman $90,700 L. Marshall $125,300 R. Eby $113,600 T. Olson $130,700

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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The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Debit Credit (a) 460,000 (b) 390,000 Balance 70,000 Work in Process Debit Credit Balance 15,000 (c) 710,000 260,000 85,000 (b) 390,000 Balance 40,000 Finished Goods Debit Credit Balance 50,000 (d) 640,000 (c) 710,000 Balance 120,000 Cost of Goods Sold Debit Credit (d) 640,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 19,500 Finished Goods, ending 58,500 Cost of Goods Sold 312,000 Overhead applied $ 390,000 For example, of the $40,000 ending balance in work in process, $19,500 was overhead that had been…
A review of the accounting records of Benson Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$31,400. 2. Salary of the vice president of manufacturing—$15,100. 3. Salary of the chief financial officer-$17,900. 4. Salary of the vice president of marketing-$14,800. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$186,000. 6. Wages of production workers-$933,000. 7. Salaries of administrative personnel-$106,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$171,000. 9. Commissions paid to sales staff-$261,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Benson made 3,100 units of product and sold 2,170 of them during the month of March,…
JOURNAL ENTRY
5
At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…
Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.
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A review of the accounting records of Stuart Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$31,200. 2. Salary of the vice president of manufacturing-$16,600. 3. Salary of the chlef financial officer-$17,900. 4. Salary of the vice president of marketing-$15,900. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$194,000. 6. Wages of production workers-$937,000. 7. Salaries of administrative personnel-$105,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$173,000. 9. Commissions paid to sales staff-$252,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Stuart made 3,600 units of product and sold 3,240 of them during the month of March,…