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Richard Corp has the following data for the third week of December:   Employee Name   Classification         Hours Worked      Rate per hour   Kuhol                 Laborer                          45                          50 Aileen                  Office Secretary           46                          45 Jose                   Laborer                          50                         52 Jay                       Factory Supervisor      55                          48 Richmond         Sales agent                    52                         60 Edward              Laborer                          48                         45   The following are to be deducted to the gross earnings of employees:                                   Witholding taxes                  5%                                 SSS contributions                 3%                                 Philhealth                              1%                                 Pag-ibig                                  1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours.       Required: Prepare Journal Entries to record Payroll Labor distribution

Richard Corp has the following data for the third week of December:   Employee Name   Classification         Hours Worked      Rate per hour   Kuhol                 Laborer                          45                          50 Aileen                  Office Secretary           46                          45 Jose                   Laborer                          50                         52 Jay                       Factory Supervisor      55                          48 Richmond         Sales agent                    52                         60 Edward              Laborer                          48                         45   The following are to be deducted to the gross earnings of employees:                                   Witholding taxes                  5%                                 SSS contributions                 3%                                 Philhealth                              1%                                 Pag-ibig                                  1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours.       Required: Prepare Journal Entries to record Payroll Labor distribution

FINANCIAL ACCOUNTING
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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  1. Richard Corp has the following data for the third week of December:

 

Employee Name   Classification         Hours Worked      Rate per hour

 

  1. Kuhol                 Laborer                          45                          50
  2. Aileen                  Office Secretary           46                          45
  3. Jose                   Laborer                          50                         52
  4. Jay                       Factory Supervisor      55                          48
  5. Richmond         Sales agent                    52                         60
  6. Edward              Laborer                          48                         45

 

The following are to be deducted to the gross earnings of employees:

 

                                Witholding taxes                  5%

                                SSS contributions                 3%

                                Philhealth                              1%

                                Pag-ibig                                  1%

Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40

hours.    

 

Required: Prepare Journal Entries to record

  1. Payroll
  2. Labor distribution
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