P45 A manufacturing company's payroll register shows following information 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.
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Gross pay means the gross earnings of the entity. It is the amount without any deduction. Net pay is…
Q: Palouse Company completed the salary and wage payroll for the month of March. The payroll provided…
A: Payroll accountingThe accounting process followed for the human resources payments regarding the…
Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Please fill out the payroll summary below for Throwback Industries Inc. for the week ended December…
A: EmployeeTotal hoursRegular earnings ($)Overtime earnings ($)Aaron4668*40 2,7206*68*1.5…
Q: Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator.…
A: Payroll Calculations for Floatin Away CompanyConsultant:Regular earnings rate: $5,000 per week…
Q: Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator.…
A: Gross Pay and Net Pay: The amount of an employee's income that remains after payroll deductions for…
Q: Recording Employer Payroll Taxes Pletenets Co. has 10 employees, each of whom earns $2,000 per month…
A: Gross pay refers to the total amount of money an employee earns before any deductions, such as…
Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which…
A: Assets has debit balance and liabilities has credit balance. To increase Assets one should debit the…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Social security tax is 6% Medicare tax is 1.5% Computer programmer worked 53 hours administrator…
Q: Floatin Away Company has three employees a consultant, a computer programmer, and an administrator.…
A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to…
Q: Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers'…
A: Worker's Compensation:-These are those amount which paid to the workers when they get injured during…
Q: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…
A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to an…
Q: A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct…
A: Adjusting journal entry is made at the end of the fiscal period to reflect the adjustment that has…
Q: Compute Payroll Floatin Away Company has three employees—a consultant, a computer programmer, and…
A: Present question pertains to gross pay and net pay calculation of employees. Gross pay is total…
Q: Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator.…
A: Payroll is the method used to determine and pay employees for the job they have completed while…
Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…
A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…
Q: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…
A: Gross pay of the employees means regular earnings made by the employee and all overtime earnings…
Q: Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an…
A: Payroll: It implies to the list that reflects the total number of company's employees and the amount…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Payroll: The total payment that a company is required to pay to its employee for the services…
Q: Assume that the payroll records of Bramble Oil Company provided the following information for the…
A: Payroll liabilities are salaries and wages, employee benefits and payroll taxes levied on the…
Q: Employees at the Sheffield Waffle House were paid on Friday, December 27 for the five days ending on…
A: Accrual accounting records revenues and expenses when they are earned or incurred, not necessarily…
Q: Palouse Company completed the salary and wage payroll for the month of March. The payroll provided…
A: Detailed explanation:When making journal entries analyze what accounts are affected and how these…
Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly…
A: Payroll expenses are the total amount of salaries and wages which is paid to employees in exchange…
Q: If the order is accepted, what would be the impact on profit? a.decrease of $5,880 b.increase of…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: The objective of the question is to calculate the gross pay and net pay for each of the three…
Q: Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2…
A: Gross pay is the amount they earn before taxes, benefits, and other payroll deductions are deducted…
Q: Employees’ earnings and taxesA weekly payroll summary made from labor time records showsthe…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: Dish Pan Company has 4 employees. Information about the third week in November payroll…
A: (a). Payroll Register: Hrs worked Hourly rate Ann Earn prior…
Q: 28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings…
A:
Q: Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and…
A: The employee also paid overtime if the actual hours worked are more than the normal working hours.…
Q: Accounting The following totals for the month of June were taken from the payroll register of Mike…
A: Answer:- Net Payroll meaning:- Net payroll can be defined as the amount taken home by the employees…
Q: A review of the accounting records of Benson Manufacturing indicated that the company incurred the…
A: Selling, General & Administrative Expense are those which are not traceable to the sale of each…
Q: Determine the gross pay and the net pay for each of the three employees for the current pay period.…
A: Payroll is the total of all compensation a business must pay to its employees for a set period of…
Q: Compute Payroll Floatin Away Company has three employees—a consultant, a computer programmer, and an…
A: Answer:- Payroll meaning:- The process of calculating and compensating employees for the work they…
Q: Accrued Wages Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and…
A: The Accrued wages expenses refer to wages and salaries that have been earned by employees but have…
Q: Compute payroll <. Mello Company has three employees-a consultant, a computer programmer, and an…
A: Gross pay refers to the total amount of money an employee earns before any deductions, such as…
Q: Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The…
A: What is payroll? It is a register that shows the total amount to be paid to the employees during a…
Q: Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an…
A: Gross pay is employees' earnings before any deductions like taxes, benefits and other payroll…
Q: Adam 43 $12.00 $10.00 14.00 13.00 Anna 45 13.00 Era 46 7.00 The applicable taxes include: FICA…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9…
A: Payroll -Payroll includes the payments that must be made in connection with the salaries and…
Q: Required: Detemine the direct and indirect labor cost and allocate the labor costto each cost…
A: The cost paid to the labors for performing the work in the organization is known as labor cost. It…
Q: Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Payroll work sheet and journal entries The payroll records of Graham Computer Co. for the week…
A: Journal entries are defined as reporting of the transactions of the company or entity into the books…
Q: Assume each employee earned the same weekly salary for each of the 52 paydays in 20--, the previous…
A: Part 1 $34,580 Box 1 includes income subject to federal income tax = (715-50)*52 = 34580
Q: Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week…
A: The information you provided appears to be a combination of unrelated data points:"tireme": This…
Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…
A: Journal entries refers to the systematic documentation of the financial transactions of a company in…
Q: atin Away Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Gross pay = Regular payment + overtime payment Consultant: Gross pay = Regular payment + overtime…
Step by step
Solved in 2 steps
- K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,010 per week $30 per hour $44 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $255 $515 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 54 hours and the administrator worked 63 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%. 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. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay Net…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,…Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned $1,754, so the following adjusting entry was made: The first pay period in 20-2 was on January 4. The totals line from IrinaCompany’s payroll register for the week ended January 4, 20-2, was as follows: Required1. Prepare the journal entry for the payment of the payroll on January 4, 20-2.2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and ending balance as of January 4, 20-2.
- Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 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%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
- VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 wecks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): YEARS OF EMPLOYMENT SALARY (WEEKLY) NAME I. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare T. Fyumo $350 175 370 15 425 8. 400 125 390 Requlred: Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.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 $2,010 per week Not applicable Gross pay Net pay Computer Programmer $34 per hour 1.5 times hourly rate 2 Regular earnings rate $46 per hour Overtime earnings rate 2 times hourly rate 3 1 Number of withholding allowances 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. 2,010 ✔ 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…Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25
- A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date X Answer is not complete. September 30 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense X General Journal Debit 1,900.00 Credit 117.80 27.55 1,754.65K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $3,310 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $250 $500 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 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current…Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *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 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 $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…