Saved Help Save & Exit Subr Check my wor Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday. December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday. January 4. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31 Wages expense 1,250 Wages payable 1,250 2 January 04 Wages expense 3,750 Wages payable 3,750

Saved Help Save & Exit Subr Check my wor Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday. December 31, and Wednesday, Thursday, and Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday. January 4. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31 Wages expense 1,250 Wages payable 1,250 2 January 04 Wages expense 3,750 Wages payable 3,750

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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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…
Item 7 Lila Harrison is the sole employee of ABC Grocers. Her gross pay for the week was $400. She had deductions of $50 for federal income tax, $24.80 for social security tax, and $5.80 for Medicare tax. The journal entry to record her gross pay would include: Multiple Choice a debit to Salaries Expense for $319.40 a debit to Salaries Expense for $400.00 a debit to Salaries Payable for $319.40 a credit to Salaries Payable for $400.00
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.
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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.
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…
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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: Regular earnings rate Overtime earnings rate Gross pay Consultant $3,210 per week Not applicable $48 per hour 2 times hourly rate 1 3 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. Net pay Computer Programmer $32 per hour 1.5 times hourly rate 2 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…
Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
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