Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl 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 from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distribution
Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl 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 from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distribution
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Richard Corp has the following data for the third week of December:
| Employee Name | Classification | Hours Worked | Rate per hour |
| Kuhl | 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 from the gross earnings of employees:
Withholding Taxes - 5%
Social Security System Contributions - 3%
Philippine Health Insurance - 1%
Home Development Mutual Fund - 1%
Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40hours.
Required: Prepare
A. Payroll
B. Labor distribution
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