Prepare adjusting entry for December 31. Show computation. Employees of the firm are paid every Saturday for the work done from Monday to Saturday. There are 7 employees – 3 employees receive a wage of P700 a day and 4 employees receive a wage of P500 a day. All employees worked the last 4 days of December.
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- Paloma Company has four employees. 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. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Current Week Gross Pay through August 18 $ 124,200 134,300 9,000 2,950 Income Tax Name Gross Pay $ 4,700 3,400 1,600 1,000 Withholding $ 554 Dali Trey Kiesha 306 55 Chee 44 In addition to gross pay, the company must pay one-half of the $98 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal…FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays P97,200 a day in wages. How much is the accrued wages expense at the end of January?Robert LaClerg is paid a regular wage of $9.50 an hour, overtime at the rate of 12 times the regular rate for all hours worked over 8 in any weekday, and overtime at the rate of 2 times the regular rate for hours worked on Saturdays, Sundays, and holidays. During the week ended February 14, LaClerq worked the following days and hours. Calculate the regular hours worked and the overtime hours worked. Then answer the questions that follow. Day Monday Total Hours Worked Regular Hours 66.5 Overtime Hours Tuesday 10 Wednesday 8. Thursday 10 Friday 11 Saturday 48
- Zeta Company has 12 workers who each earn $15 per hour and generally work a 40-hour workweek, although at times overtime work is required, for which workers are paid 1.5 times their regular hourly wage. Zeta pays wages in cash on Friday of each week for work performed that week. Zeta's Wages Expense ledger account for May is shown below. Account: Wages Expense Account Number 65 Balance Date Item Post. Ref. Dr. Cr. Dr. Cr. May 5 32 7,200 7,200 May 12 33 9,360 16,560 May 19 35 7,200 23,760 May 26 37 8,010 31,770 May 31 Adjusting 38 4,320 36,090 May 31 Closing 38 36,090 - - During the period May 27 through June 2, Zeta's workers worked a regular 40-hour week. 1. If Zeta Company uses reversing entries, journalize the entry made when payroll is paid in cash on June 2, assuming that appropriate reversing entry(ies) have been made at the beginning of June. You may omit posting references. If an amount box does not require…Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet Record payment of the employees' wages on Friday, January 4. Note: Enter debits before credits. Debit Credit Date General Journal January 04 Wages payable Wages expense Vlew general Journal Clear entry Record entry 1 of 5 Next > PrevPercy Inc. has a calendar year-end. The following information is available regarding employee wages: • Its employees earn wages of $2,000 each day for their five-day workweek. Percy pays its employees $10,000 every Friday. • As of the end of Monday, Dec 31, its employees had worked a total of one (1) day for which they have not yet been paid. On January 4, the employees were paid a total of $10,000. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1, and the regular journal entry to record wages paid on Jan 4, 20X2 Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date 12/31/X1 1/4/X2 Account Name: Wages Expense Wages Payable Wages Payable Wages Expense 4 Debit Credit ?
- The company has 15 employees, who earn a total of $2,250 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. for the first entry of January i have come up with $6750 in salary expense based on three days in January however, can't crack the code on salary payable...Robert LaClerq is paid a regular wage of $9.50 an hour, overtime at the rate of 1 times the regular rate for all hours worked over 8 in any weekday, and overtime at the rate of 2 times the regular rate for hours worked on Saturdays, Sundays, and holidays. During the week ended February 14, LaClerq worked the following days and hours. Calculate the regular hours worked and the overtime hours worked. Then answer the questions that follow. Day Total Hours Worked RegularHours OvertimeHours Monday 7 Tuesday 10 Wednesday 8 Thursday 10 Friday 11 Saturday 2 48 1. How many regular hours did Mr. LaClerq work? Regular Hours 2. How many overtime hours did Mr. LaClerq work? Overtime Hours 3. What was Mr. LaClerq's regular earnings for the week? (Round your answer to 2 decimal places. Omit the…Flower's employer pays time-and-a-half for all hours worked in excess of 8 hours per dayand double time for all hours worked on Sundays. Flower's regular hourly rate is $12 per hour.During the week, Flower worked the following hours: Monday, 8; Tuesday, 9; Wednesday, 9;Thursday, 10; Friday, 10; Sunday, 7. Calculate the total gross wages.a) $480.00.b) $534.00.c) $648.00.d) $702.00.e) $642.00.
- Winter submitted a pay card reflecting the following hours worked at Kicy, Incorporated. Winter earns $14.15 per hour. The company pays overtime only on hours worked exceeding 40 per week. The company is considering changing from quarter-hour to hundredth- hour time collection. Under the current quarter-hour system, each time the employee clocks in or out, the time is rounded to the nearest quarter-hour. Required: 1. Calculate Winter's time for both the quarter-hour and hundredth-hour systems. 2. Calculate Winter's total pay in the hundredth-hour and quarter-hour systems. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Winter's time for both the quarter-hour and hundredth-hour systems. Note: Round your intermediate calculations and final answers to 2 decimal places. In 7:30 9:25 7:10 6:02 Out 11:20 12:28 11:43 11:05 In 12:17 1:40 12:26 12:06 Out 5:18 6:12 5:35 6:04 Total Hours with Total Hours with Hundredth-hour Quarter-hourPronghorn Company began operations on January 2, 2025. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Sick Days Used by Each Employee Vacation Days Used Wage Rate by Each Employee 2025 2026 2025 2026 2025 2026 $6 $7 0 9 5 Pronghorn Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent…Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented below. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund Ben Abel 40 $14.00 $59.00 $5.00 Rita Hager 41 16.00 64.00 5.00 Jack Never 44 13.00 60.00 8.00 Sue Perez 46 13.00 62.00 5.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%. 1. Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000 2. Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. 3. Journalize the payment of the payroll on March 16,…