Computing Net PayTom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wagesare subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch breakduring an 8-hour day. His time card is shown.NameTom HallinanWeek EndingMarch 30, 20-Hours WorkedDayInOutInOutRegularOvertimeM7:5512:0212:325:3381T7:5912:0412:34 6:0581½W7:5912:05 12:35 4:30T8:0012:01 12:30 5:011/2F7:5812:02 12:31 5:3381S7:599:3311/2Complete the following for the week:regular hours x $15 per hourovertime hours x $22.50 per houra.b.C.Total gross wages000

Total gross wages:The amount that an employee earns before any taxes and deductions is known as…

Answered: Name Week Ending Tom Hallinan March 30,…

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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QS 11-10 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.)
QS 16-20 Transfer of costs; ending WIP balances LO C3 Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a recent month. Cutting Binding Beginning work in process Transferred in from cutting dept. $ 1,950 $ 1,195 3,250 Direct materials 2,670 4,550 Conversion Costs added during March Direct materials Conversion $12,940 $ 6,852 19,175 22,525 32,000 14,550 Transferred in from cutting dept. Transferred to finished goods Determine the ending balances in the Work in Process Inventory accounts of each department. Cutting Binding Ending work in process
Aug. 1 31 31 $ 4 31 Aug. 1-31 Costs incurred R Balance Direct materials Direct labor Factory overhead Et C % 5 4 If the balance of Work in Process on August 31 is $207,190, what was the amount debited to Work in Process for direct materials in August? Oa. $308,320 O b. $94.990 O c. $91,360 O d. $505,740 T 6 Work in Process 261,650 Aug. 31 X 36,900 X Y Factory Overhead 98,690 Aug. 11 31 & 7 * Goods finished 8 Balance Applied (30% of direct labor cost) All work saved. | ( 9 197,420 O 13,940 ) O X P + insert 33°C Haze 3 delete backspace
Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020: Direct Materials 40,000 60,000 30,000 30,000 40,000 20,000 Labor Factory Overhead Costs added during 2020: Materials Labor Factory Overhead 10,000 200,000, ? 100,000 400,000 ? 20,000 100,000 ? Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2.. Jobs No. 101 and 102 were completed and transferred to finished goods during year 2020. 3. Job No. 101 was sold during year 2020. 4. The gross profit rate is 20% based on cost. Required: 1. What is the total manufacturing cost for 2020? 2. What is the cost of goods manufactured for 2020? 3. What is the cost of goods sold for 2020? 4. What is the gross profit for 2020? 5. What are the cost of work in process on December 31, 2020 6. What is the cost of finished goods on December 31, 2020?
18-10 letters A and B with explanations please
CH 19 Q 11 Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovement Tom Couro 24 13 8 5 David Clancy 11 13 16 3 Jose Cano 13 14 9 6 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $24 David Clancy 19 Jose Cano 22 The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks. (Note: Ignore any overtime issues, if applicable.) a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. fill in the blank fc8e47f41fa0fa7_2 fill in the blank fc8e47f41fa0fa7_3 fill in the blank fc8e47f41fa0fa7_5 fill in the blank fc8e47f41fa0fa7_6 fill in the blank fc8e47f41fa0fa7_8 fill in the blank fc8e47f41fa0fa7_9 b. Assume…
Job Number 10 11 12 13 14 (a) April May $4,860 $4,220 3,680 April 30 3,840 May 31 1,100 Your answer is incorrect. June 30 4,390 5,560 Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion. $ June $ $1,880 $ 4,230 3,370 What is the balance in Work in Process Inventory at the end of each month? Work in Process Inventory Month Completed May June April June Not complete
CH 19 Q6 Direct Labor Costs During August, Jernigan Company accumulated 880 hours of direct labor costs on Job 40 and 530 hours on Job 42. The total direct labor was incurred at a rate of $19 per direct labor hour for Job 40 and $17 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August. fill in the blank fill in the blank
3-9A • LO 3 See Example 3-1 on page 3-11, Example 3-2 on page 3-12 Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: OASDI Annual Taxable OASDI HI Taxable HI Employee Utley, Genna Werth, Norm Bass, John Ruiz, Sam Compton, Sue Williams, Mary Patel, Raymond Carson, Abe Livinsky, Sarah Нагрег, Мark Totals Salary Wages Таx Wages Таx $ 37,040 48,900 40,000 139,800 36,900 48,500 106,080 56,900 37,850 51,200 Employer's OASDI Tax $ Employer's HI Tax 2$
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P 11.50 P 57.50 P 57.50 P 17.00 P 8.50 P 17.50 b. c. d. Sensual Scents, Inc. uses a job-order cost system with machine hours as the overhead base. At the beginning of iast year, Sensual estimated 38,000 machine hours and P152,000 of manufacturing overhead costs. For the year, only 37,500 machine hours were logged but PI53,500 of overhead cost was incurred. 9. What is Sensual's under-or overapplied manufacturing overhead? a. P1,500 underapplied b. P 1,500 overapplied c. P 2,000 underappld d. P 3,500 underapplied
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

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Name Week Ending Tom Hallinan March 30, 20- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 6:05 8 1½⁄2 WTFS 7:59 12:05 12:35 4:30 8 8:00 12:01 12:30 5:01 8 7:58 12:02 12:31 5:33 8 1 7:59 9:33 1½