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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2-9A • LO 3 See Figure 2.3 on page 2-21 Under the decimal system of computing time worked at Timmerman Company, production workers who are tardy are "docked" according to the schedule shown below. Minutes Late in Fractional Hour Ringing in Deducted 1 through 6 7 through 12 1/10 2/10 13 through 18 3/10 19 through 24, etc. 4/10 The regular hours of work, Monday through Friday, are from 7:30 to 11:30 A.M. and from 12:30 to 4:30 P.M. During one week, Henry Vanderhoff, who earns $12.15 an hour, reports in and checks out as shown below. Employees are not paid for ringing in a few minutes before 7:30 and 12:30 nor for ringing out a few minutes after 11:30 and 4:30. (a) DAY AM PM HRS WORKED In Out In Out 7:28 11:31 12:29 4:31 7:35 11:30 12:30 4:30 7:50 11:33 12:27 4:32 Th 7:27 11:31 12:50 4:33 F 7:28 11:32 12:40 4:30
Exercise 11-14 (Algo) Recording bonuses LO P4 For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $34,951. 1. & 2. Prepare the journal entries at December 31 to record the bonus due and later on January 19 to redord payment of the bonus to employees 1 2 Record the bonus due to the employees at December 31. Note: Enter debits before credits. Date December 31. Record entry General Journal Clear entry Debit Credit View general journal
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+ I/ MN * 00 < CO 44 CO Chapter 11 & 13 The Maryville Construction Company occupies 90,200 square feet for construction of mobile homes. There are two manufacturing departments, finishing and assembly, and four service departments labeled S1, S2, S3, and S4. Information relevant to Maryville is as follows: Allocation Department Area used S2 TS 0.10 0.20 S3 S4 Finishing Assembly 17,400 0.20 0.50 -- - -- - S2 4,450 0.30 0.30 0.40.. - -- 006 0.20 0.30 0.20 53 0.20 0.20 0.30 0.20 0.10 54 4,450 0.10 0.20 - -- Finishing 24,750 --- 1-- -- - Assembly 30,250 Rent paid for the area used is $724,000. How much rent is allocable to the assembly department using the direct method of allocation? Multiple Choice < Prev 4 of 20 10:23 (D罗 4/26/ here to search 五 PrtSc Delete 同回 F10 F11 F12 Ins F5 F7 6 F4 %23 $4 3. 5. G HI B. Alt Ctrl
Discussion Question 2 EA14 Toren Inc. employs one person to run its solar management con $6,000. Payroll for the month of May is as follows: FICA Social Securi federal income tax of $400, state income tax of $75, health-care insur employee is responsible for covering 30% of his or her health insuranc 1. Record the journal entry to recognize employee payroll for the mon 2. Record remittance of the employee's salary with cash on June 1.
Problem 7-6 Weekly Wage Payment Entries and the Month-End Wages Payable Adjusting Entry Baker Construction, Inc. pays its employees each Friday for the work they performed that week. Baker's employees only work Sunday. Baker produces monthly financial statements; thus they prepare adjusting entries at the Monday through Friday. They do not work on Saturday or end of each month. For the month of June, the last payday was on Friday June 25th. The last day of June was on Wednesday June 30th. The first payday of July was on Friday July 2nd. The following partial calendar shows these days and dates: -6 age Payı Sunday Monday Tuesday Wednesday Thursday Friday ent 1 -- W Saturday Accou June 20 June 21 June 22 June 23 June 24 Juņe 25 June 26 June 27 June 28 June 29 June 30 July 1 July 2 July 3 The following table shows the amount the employees were paid on Friday June 25th and on Friday July 2nd. The table also shows the data required to calculate the amount the employees earned for the last…
QS 11-11 (Algo) Accounting for bonuses LO P4 Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $30,000 bonus owed (but not yet paid) to its workers at calendar year-end.
2-7A • LO 2 See Example 2-9 on page 2-23 ME HOW John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour. a. Porter's overtime earnings for the week are b. Porter's total earnings for the week are 2$
QS 11-8 (Algo) Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,100 of federal income taxes, $459 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. No 1 Date January 15 X Answer is complete but not entirely correct. General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable Salaries payable Federal unemployment taxes payable × Debit 28,000 Credit 1,736 406 678 X 190 X 21,190 X 3,800 X
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2-4A • LO 4 See Example 2-9 on page 2-23 SHOW ME HOW The wages and hours information for five employees of McNeese Enterprises for the week ended July 7 is given below. Employees work a standard 40-hour workweek and are paid time and one-half for all hours over 40 in each workweek. a. For cach employee, compute the regular earnings, overtime rate, overtime carnings, and total gross earnings. b. Compute the total gross earnings for all employees. Regular Hourly Wage Rate Regular Earnings Hours Overtime Overtime Total Gross Employee Worked Rate Earnings Earnings Carman, T. 47 $12.45 $ 2$ Galasso, A. 42 11.90 Jones, B. 48 10.85 Rodna, G. 44 11.25 Wilmon, W. 45% 13.40 (b) Total gross earnings ..
Activity: High-Low Point Method Month Number of Guests Total Costs January February 1,500 2,300 $143,000.00 $203,100.00 $105,450.00 March 1,000 $454,225.00 $371,225.00 $296,225.00 $353,945.00 $191,237.00 April May 4,323 4,545 3,541 4,312 June July August September 2,143 3,000 ?

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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