PRACTICAL EXERCISE 1.4 A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and Net Salary. The Allowances are 23% of the Basic Pay while the Deduction are 12% of the Gross Salary. In the given worksheet, indicate in each cell what will be inserted, that is a value or a formula. In the case of a formula, write down the formula in cell. E C Stationery Supplies Ltd Allowances Gross Salary Deductions Net Salary Name Basic Pay 4 Lewis Francis Edwin 6 123

PRACTICAL EXERCISE 1.4 A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and Net Salary. The Allowances are 23% of the Basic Pay while the Deduction are 12% of the Gross Salary. In the given worksheet, indicate in each cell what will be inserted, that is a value or a formula. In the case of a formula, write down the formula in cell. E C Stationery Supplies Ltd Allowances Gross Salary Deductions Net Salary Name Basic Pay 4 Lewis Francis Edwin 6 123

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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K Pitt Accounting pays Peter Geller $97.290 per year Requirements 1. 2. What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and a 47-week year What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements? Requirement 1. What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and 47-week year Select the formula below that Pitt Accounting would use to calculate the hourly cost and complete the formula (Round the hourly cost to the nearest cent) Hourly cost Requirement 2. What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements? Select the fomula below that would be used to calculate the direct labor cost assigned to Client 507 and calculate that cost (Round the direct labor cost to the nearest cent). Direct labor cost
What is the salary allowances of 47000, and 59000 respec and the balance divided equally
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Q1. The wage received by the worker in the second week
Q1: According to the December payroll register ABC Co.'s working hours for each cost center are as follows: Working Days 22 days 22 days 22 days 22 days Department Number of Normal Overtime Idle Working Hour Working Hour 1.100 h. Workers Time Knitting (Main Pro. Center) Coloring (Main Pro. Center) Generator(Service Pro. Center) Infirmary (Service Pro. Center) 25 4.400 h. 200 h. 15 2.640 h. 3.300h. 5 880 h. 10 1.760 h. 100 h. ABC Co.'s normal working hours is 8 hours in a day and normal rate is 10 TL/hour. Overtime rate is 12 TL/hour. Employer's Share of Social Security Premium is TL 3.872 TL. The workers were idle due to power failure. Required: Determine the direct and indirect labor cost of each cost center.
Fill in the missing information on the paystub below, Remember you do non have to complete any YD calculations:
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156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)
PSc 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2020. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $140,550 during the present year. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $. %3D Taxable income for social security tax = $. Taxable income for medicare tax = $ 2: An employee works 35 regular hours during a workweek in September of 2020. The employee was hired twelve years ago, earns a…