P4-5 A manufacturing company's payroll register shows following informatlon for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.

P4-5 A manufacturing company's payroll register shows following informatlon for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.

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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Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $30 per hour Administrator $48 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate $253 1.5 times hourly rate $515 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 52 hours and the administrator worked 62 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Consultant $3,010 per week Not applicable $925 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 week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Gross pay Net pay Administrator
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Subject: acounting
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