Shakespeare Motors has 12 employees and each employee is paid on average $165 per day and works 6 days a week. The company's year-end is December 31. The employees were last paid onDecember 22 for the two weeks that ended on December 15. What is the wages and salary payable to record for December 31?
Q: Financial Accounting
A: Step 1: Define Operating MarginOperating Margin measures how much profit a company makes from its…
Q: Give me solution to this financial accounting question
A: To calculate the gross profit under absorption costing for Shakira Inc.:1. Calculate the Cost of…
Q: Can you help me solve this general accounting problem with the correct methodology?
A: Step 1: Definition of Labor Rate VarianceLabor rate variance measures the difference between the…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: Definition of Break-even Point (in units)The break-even point in units refers to the exact…
Q: I need help with this general accounting problem using proper accounting guidelines.
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) refers to…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Define Gross Profit and Net ProfitGross Profit is the difference between net sales and the…
Q: ans me plz
A: Step 1: Definition of Debt-Equity RatioThe debt-equity ratio is a financial metric that compares the…
Q: Can you solve this general accounting question with accurate accounting calculations?
A: Step 1: Definition of Asset Turnover RatioThe asset turnover ratio is a financial metric that…
Q: Can you solve this financial accounting problem using appropriate financial principles?
A: Step 1: Define Net Sales RevenueNet sales revenue refers to the total revenue from sales after…
Q: Need help in this question solve.
A: The correct answer to the question:"The kind of debts which are needed to be repaid in a short term…
Q: Calculate the number of missing units
A: To calculate the number of missing units, we use the following formula: Missing Units = (Beginning…
Q: Can you explain this general accounting question using accurate calculation methods?
A: To calculate income from operations, we use the following formula:Formula:Income from Operations =…
Q: Chalamet Co. sold office furniture costing $15,600 with accumulated depreciation of $12,400 for…
A: Definition of Book Value of an Asset:The book value of an asset is the value of the asset recorded…
Q: Could you help me solve this financial accounting question using appropriate calculation techniques?
A: Step 1: Definition of Predetermined Manufacturing Overhead RateThe Predetermined Manufacturing…
Q: Can you provide the accurate answer to this financial accounting question using correct methods?
A: Step 1: Define Effective Tax Rate on Corporate Earnings for ShareholdersThe effective tax rate…
Q: Can you solve this general accounting problem using accurate calculation methods?
A: Step 1: Definitions Concept of Profitability Index (PI):The profitability index is a financial…
Q: I need assistance with this general accounting question using appropriate principles.
A: Step 1: Definition of Operating Cash Flow (OCF)Operating cash flow (OCF) represents the cash…
Q: I am looking for help with this general accounting question using proper accounting standards.
A: Step 1: Calculate Total SalesUnits Sold = 390,000Selling Price per Jersey = $18.00Total Sales =…
Q: degree of operating leverage ??
A: ReferencesInvestopedia. (n.d.). Degree of Operating Leverage (DOL). Retrieved from…
Q: calculate the componys return on equity general accounting
A: Step 1: Definition of Return on Equity (ROE) and Sustainable Growth Rate (SGR)Return on Equity (ROE)…
Q: Please explain the solution to this general accounting problem with accurate principles.
A: Step 1: Definition of Break-even PointThe Break-even Point (BEP) is the level of sales at which…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Let's solve both parts step by step.Given Estimates:Direct Labor = $620,000Direct Materials =…
Q: Solve this
A: Provided Data:Original cost of printer = $24,800Accumulated depreciation = $21,350The printer is…
Q: I need assistance with this general accounting question using appropriate principles.
A: Step 1: Definition of Stockholders' EquityStockholders' equity is the residual interest in the…
Q: What is the differential revenue from the acceptance
A: Explanation of Differential Revenue:Differential revenue refers to the additional revenue a business…
Q: Under the absorption costing method, the income from operations is
A: Concept of Absorption Costing:Absorption costing is a method that assigns all manufacturing…
Q: Can you demonstrate the accurate method for solving this General accounting question?
A: Step 1: Define Present Value of an Ordinary AnnuityThis financial concept calculates the current…
Q: How much is direct labor cost?
A: Explanation of Total Manufacturing Costs:Total manufacturing costs represent the complete cost…
Q: accounting question
A: Question:During FY 2023, Maxwell Manufacturing had the following data:Beginning Finished Goods…
Q: Variable factory overhead:72000, fixed factory overhead:126000
A: Explanation of Direct Materials: Direct materials are the raw materials, components, and parts that…
Q: Provide accurate answer
A: Effective cost of borrowing = 1/(1-Discount rate)(365/Average collection period) -1 Effective cost…
Q: Quiksilver Enterprises is evaluating a project that requires an investment of $6,200 and has a net…
A: To calculate the Profitability Index (PI), you can use this formula:PI = (NPV + Initial Investment)…
Q: Hello tutor solve this question and general accounting question
A: Step 1: Definition of Degree of Operating Leverage (DOL)Degree of Operating Leverage (DOL) measures…
Q: Hii teacher please given answer for general accounting question an please not use ai...
A: To calculate the Rate of Return on Net Sales, use the formula:Formula:Rate of Return on Net Sales =…
Q: need help by real expert and true answer.
A: To calculate the applied overhead, we use the predetermined overhead rate based on direct labor…
Q: Financial accounting
A: Step 1: Definition of ROA and ROEReturn on Assets (ROA) and Return on Equity (ROE) are key…
Q: What was the income from operations?
A: To calculate income from operations, you can use the contribution margin income statement format:…
Q: How much total sales are required to achieve a net income of $160,000?
A: To calculate the required total sales to achieve a net income of $160,000, we use the…
Q: accounting
A: Step 1: Definition of Gross ProfitGross profit is a financial metric that indicates the…
Q: Zenith's cash conversion cycle ?
A: To calculate Zenith Components' Cash Conversion Cycle (CCC), we use the following formula: CCC=Days…
Q: Expected return? Financial accounting
A: To compute the fair rate of return for Tesla's common stock, we use the Capital Asset Pricing Model…
Q: help me
A: Step 1: Definition of LiabilitiesLiabilities represent the financial obligations or debts of a…
Q: Samar Electronics started with 300 printers in inventory. They purchased 500 more and sold 600…
A: Explanation of Beginning Inventory:Beginning inventory refers to the quantity of goods a business…
Q: Provide answer
A: To compute the lower-of-cost-or-market (LCM) valuation, we'll compare the cost and market data for…
Q: Dear tutor solve with appropriate method.
A: To compute the manufacturing overhead rate, use the formula:Overhead rate = Estimated overhead costs…
Q: Can you solve this financial accounting question with accurate accounting calculations?
A: Step 1: Definition of Cost AllocationCost Allocation is the process of distributing a company's…
Q: Need answer
A: Explanation of Gross Profit Percentage: Gross profit percentage is a financial metric that shows the…
Q: Which inventory costing method is prohibitedunder IFRS? a) LIFO b) Weighted average c) FIFO d)…
A: The correct answer is: a) LIFOExplanation:Under IFRS (International Financial Reporting Standards),…
Q: I am looking for the correct answer to this general accounting question with appropriate…
A: Step 1: Definition of Cash from Operating ActivitiesCash from operating activities is calculated…
Q: A retail store's cost of goods sold is $210,000, and its desired gross profit rate is 30% on sales.…
A: Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) refers to the direct costs…
Shakespeare Motors has 12 employees and each employee is paid on average $165 per day and works 6 days a week. The company's year-end is December 31. The employees were last paid onDecember 22 for the two weeks that ended on December 15. What is the wages and salary payable to record for December 31?

Step by step
Solved in 2 steps

- The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?The total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during March. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees with combined earnings this period of 3,000 have exceeded 8,000 in earnings prior to the period?An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.
- Jody Baush is a salaried employee who normally works a 35-hour week and is paid a weekly salary of 735.00. The agreement that he has with his employer states that his salary is to cover all hours worked up to and including 40. This week, Baush worked 42 hours. Calculate his gross pay. Gross pay_________A weekly payroll summary made from labor time records shows the following data for Pima Company: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be charged to all jobs worked on during the period.) 4. The employers payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.
- During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--Potts, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime continuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card on the following page. Sue Ellen Boggs is part of the Group B employees whose regular workweek is Tuesday through Friday. The working hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours ..........................................................................___________ b. The total hours for the week ...............................................................___________ c. The regular weekly earnings ................................................................___________ d. The overtime earnings (company rounds O.T. rate to 3 decimal places)___________ e. The total weekly earnings .....................................................................__________Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned 1,754, so the following adjusting entry was made: The first pay period in 20-2 was on Januar)-4. The totals line from Irina Companys payroll register for the week ended Januar)-4, 20-2, was as follows: REQUIRED 1. Prepare the journal entry for the payment of the payroll on January 4, 20-2. 2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and aiding balance as of January 4, 20-2.
- During the third calendar quarter of 20--, Bayview Inn, owned by Diane R. Peters, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Diane R. Peters. Phone number: (901) 555-7959 Date filed: October 31, 20--In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.Costa, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime continuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card on the following page. Barbara Bansta is part of the Group B employees whose regular workweek is Tuesday through Friday. The working hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours ..........................................................................___________ b. The total hours for the week ...............................................................___________ c. The regular weekly earnings ................................................................___________ d. The overtime earnings (company rounds O.T. rate to 3 decimal places)___________ e. The total weekly earnings .....................................................................__________









