Net income?Service revenue110,500Salary expense44,850Supplies expense3,225Insurance expense1800Depreciation expense-equipment7200Utilities expense3,300

Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Answered: Service revenue 110,500 Salary expense…

Business

Accounting

Service revenue 110,500 Salary expense 44,850 12.

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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Shade Company adopted a standard cost system several years ago. The standard costs for direct labor and direct materials for its single product are as follows: Materials (5 kilograms × $12 per kilogram) = $60 per unit; direct labor (3.5 hours per unit × $20 per hour) = $70 per unit. All materials are issued at the beginning of processing. The operating data shown below were taken from the records for December: In-process beginning inventory In-process ending inventory-80% complete as to labor Units completed during the period Budgeted output Purchases of materials (in kilograms) Total actual direct labor cost incurred Direct labor hours worked (AQ) Materials purchase-price variance Increase in materials inventory in December The direct labor rate variance for December was: Multiple Choice O $3,822 favorable. $7.882 favorable. None 1,040 units 6,860 units 7,440 units 44,000 $ 542,178 27,300 hours $5,280 favorable 3,550 kilograms
Guests Revenue Served P 480.00 Monday Tuesday Wednesday Thursday 45 535.00 50 595.00 60 395.00 40 85 120 Friday 940.00 Saturday Sunday Week's Total P 1 Daily Average P 2 1,450.00 1,120.00 90 3 4
Subject: accounting
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.
8 Jlgw If Quantity is 50 and price is 4.5, the total revenue will equal 225 350 400 (c) 54.5 (D
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
P11-3B The partial monthly records of KSell Products show the following figures: Computing and reporting payroll amounts Employee Earnings Regular earnings Overtime pay Total employee earnings $ 1,556 (c) (a) Dental and drug insurance $13,994 Total deductions (b) Net pay 140,810 Deductions and Net Pay Accounts Debited Withheld income tax $31,704 Salaries Expense 66,468 Canada Pension Plan 9,200 (d) Wages Expense Sales Commission Expense Employment Insurance 3,492 59,356 Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry on October 31 to record KSell Products' payrol for the month. Credit Payroll Payable for net pay. No explanation is required. P11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2018 she worked for the company all year at a $6,500 monthly sal- ary. She also earned a year-end bonus equal to 20 percent of her salary. Jones's monthly income tax withholding for 2018 was $1,762.28.…
NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 1,932.00 1,932.00 567.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4.785.00 4,785.00 4,785.00 4,785.00 DATE ..... 20-- Jan. 7 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. 1,932.00 567.00 483.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 679.00 578.00 546.00 4,785.00…
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********
Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Job A319: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Direct labor-hours Direct materials Direct labor cost Milling 60 20 $ 655 $ 400 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90 If the company marks up its manufacturing…
Question 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000