that his hours worked and pieces finished for the week just ended were as follows: Day Monday Tuesday Wednesday Thursday Friday Hours Worked 8 8 8 8 8 Pieces Finished 400 380 440 450 360 Determine Wetzel's earnings for each day and for the week. b. Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead.

that his hours worked and pieces finished for the week just ended were as follows: Day Monday Tuesday Wednesday Thursday Friday Hours Worked 8 8 8 8 8 Pieces Finished 400 380 440 450 360 Determine Wetzel's earnings for each day and for the week. b. Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead.

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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Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records Weekly Gross Earnings to End of Previous Income Health Insurance Fay Deductions $ 900 870 Hellen Craig Joseph Lin Dine Patelli Sharleen McFer Taxes $12,510 $144.55 $ 37.00 13,440 113.63 19,140 173,72 24.00 36.00 1,090 1,940 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Employee Gross Pay Health Insurance Total Deductions Premium Net Pay $ 37.00 24.00 36 00 24 00 eese on Hellen Craig Joseph Lim Dino Patel Sharleen McFee S 4 980 00 870 00 1,000 00 1,960 00 nnnn Income Taxes $ 144 55 113.63 173 72 496 72 anes t CPP
Ashvin
Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…
A review of the accounting records of Adams Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. Salary of the company president—$32,100. Salary of the vice president of manufacturing—$16,500. Salary of the chief financial officer—$18,800. Salary of the vice president of marketing—$15,300. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$187,000. Wages of production workers—$933,000. Salaries of administrative secretaries—$106,000. Salaries of engineers and other personnel responsible for maintaining production equipment—$179,000. Commissions paid to sales staff—$247,000. What amount of payroll cost would be classified as SG&A expense? Assuming that Adams made 3,300 units of product and sold 2,805 of them during the month of March, determine the amount of payroll cost that would be…
During the first quarter, Francum Company incurs the following direct labor costs: January $ 40,000, February $ 30,000, and March $ 50,000.For each month, prepare the entry to assign overhead to production using a predetermined rate of 70% of direct labor cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $14.75 for the first 40 hours, and his pay rate was $11.30 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. Determine his gross pay for that week if the company uses the one-half average rate method. a. Gross pay $ fill in the blank 1 b. If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be $ fill in the blank 2
Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain.
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and salaries taxable. Withheld $565 for federal income taxes, $107.32 for state income taxes, and $50 for union dues. 15. Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter. 15. Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls. 29. Payroll: $5,850. All wages and salaries taxable. Withheld $509 for federal income taxes,…
Compute Keegan Jordan's earnings using the three methods described above. Assume the rate for Job A is $17.85 per hour and $19.95 per hour for Job B. Of the 44 hours worked during the week, 22 hours were completed for Job A and 22 hours complete for Job B. Higher Rate for Overtime Hours Regular Hours, Job A fill in the blank 5cd3d70a5fc9071_1 Hourly Rate, Job A $fill in the blank 5cd3d70a5fc9071_2 Regular Total Pay, Job A $ fill in the blank 5cd3d70a5fc9071_3 Regular Hours, Job B fill in the blank 5cd3d70a5fc9071_4 Hourly Rate, Job B fill in the blank 5cd3d70a5fc9071_5 Regular Total Pay, Job B fill in the blank 5cd3d70a5fc9071_6 Overtime Hours fill in the blank 5cd3d70a5fc9071_7 Overtime Rate fill in the blank 5cd3d70a5fc9071_8 Overtime Total Pay fill in the blank 5cd3d70a5fc9071_9 Total Gross Earnings $ fill in the blank 5cd3d70a5fc9071_10
Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. Determine his gross pay for that week if the company uses the one-half average rate method. a. Gross pay b. If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be
Which of the following is true about employee pay methods? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Employees must request the transfer of payroll earnings to their paycard each period. Employees must be able to access the full amount of their net pay on the pay date. O Employees do not need to own a bank account to receive their pay via direct deposit. O Employers must keep a record of all pay disbursements.