The following information gives details of the gross pay worker. Basic pay for normal hours worked: 40 hours at $10 per hour Overtime: 5 hours at double the rate Basic дла Group bonus payment: $40 Gross wages for the week: $ 540 Although paid for 40 hours in normal time, the worker was, in fact, unab

The following information gives details of the gross pay worker. Basic pay for normal hours worked: 40 hours at $10 per hour Overtime: 5 hours at double the rate Basic дла Group bonus payment: $40 Gross wages for the week: $ 540 Although paid for 40 hours in normal time, the worker was, in fact, unab

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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LABOR The following workers of 888 Millenial Sardines, Inc. with their compensation and status are given below: Monthly No. Name of Worker Position Monthly Basic Pay Allowances Production Operator Accounting Manager 15,000.00 40,000.00 18,000.00 22,000.00 30,000.00 20,000.00 25,000.00 12,000.00 13,000.00 26,000.00 Lei Kalang Iselle Balibago 1 15,000.00 1,500.00 500.00 2 3 Dino Dinero Production Staff I 4 Robin Devela Assembler III Marketing Supervisor Production Staff II 5,000.00 1,500.00 Rickman De Guzman Ma. Pepsi Nicola Liwayway Dalamhati Xander Toyota Rafael Rodriguez Sheryl Delara 6 Purchasing Staff Company Driver Maintenance Staff 7 9 10 Assembler V 1,000.00 Other Information: А. Assume that the payroll period is every 15th and 30th of the month. SSS, HDMF and PHIC contributions are deducted every 30th of the month Withholding tax is deducted every 15th and 30th of the month. Lei Kalang has a monthly SSS salary loan amortization of P 500 and Liwayway Dalamhati has a monthly HDMF…
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…
Mossdale Manufacturing Company pays the regular hourly rate for the first 40 hours worked and time and a half thereafter. Sandra Beal worked 46 hours this week. Her regular hourly rate is $15.60. Compute Beal's total earnings.
Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week1. What is the amount to be charged to Manufacturing Overhead Control account?2.what is the estimated liability for bonus?3. what is the estimated liability for vacation pay?
Complete the table. Assume that time in excess of 40 hours is paid OT premium of 25%. Type your answer on the space provided below. Number of hours worked per day Hourly Regular Overtime Employee Gross pay Rate M T W TH FR рay рay A. Mabini P 78.50 10 12 10 15 1. 2. 3. B. Cruz P 91 8 10 11 12 4. 5. 6. C. Santos P 82.75 8 8 12 13 14 7. 8. 9.
A man worked 48 hours in one week. His regular pay was $7.20 per hour with time and a half for overtime. Find his gross earnings for the week.
Calculate the normal and overtime wages payable to a worker on the basis of the following particulars: Days Hours worked Monday .. Tuesday 8 Wednesday 10 Thursday 11 Friday 9 Saturday 5 Normal working hours are 8 per day and the normal rate of wages is $ 1.25 per hour. Overtime pay is at the undernoted rate. Upto 9 hours a day at single rate and above 9 hours in a day at double rate. Or upto 48 hours in a week at single rate and above 48 hours at double rate. Implement whichever is more beneficial to the worker. : : : : : :
Mr. Koala, a factory worker is paid $150 per hour for a regular work of 40 hours. During the week, Mr. Koala worked 45 hours and earned time and a half for overtime hours. Required: Prepare Journal Entries A. If overtime premium is charged to the jobs worked during the overtime hours. B. If the overtime premium is not charged to specific jobs.
C works in Aling Manok from 8am to 5pm, with 1 hour meal break. C’s daily rate is P350.00 (P43.75/hour). C’s rest day is Wednesday. Suppose, C worked on a Tuesday from 8am to 8pm, how much is his total pay for that day? * A. P504.75B. P525.00C.P514.00D. 508.50
From the following data, calculate the net pay for the below employees working in Alberta and who are subject to the provincial employment standards legislation. Assume that the employees are entitled to time-and-a-half for any hours exceeding 40 hours for the week or 8 hours per day. CPP contribution rate: 5.45% El Premium rate: 1.58% Hourly rate Monday Tuesday Wednesday Thursday Friday Saturday Şunday Employees Emily Ma Loan Lee Tesfe Khieth 20.00 18.00 IS 10 6 6 4 16.00 4 10 8 Required 1. Prepare a payroll register for the week of January 25. 2. Prepare the journal entry to record the payroll. 3. Prepare the journal entry to record the company's benefits expense. 4. Prepare the journal entry to record the remittance to the Receiver General for Canada.
5. Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week. What is the amount to be charged to Manufacturing Overhead Control account? Using the data in No. 5, what is the estimated liability for bonus? Using the data in No. 5, what is the estimated liability for vacation pay?
A worker takes 13 hours to complete a work on daily wages and 8 hours on a scheme of þayment by resuits. The worker's day rate is P90 per hour. The cost of material of the product is P300 and the overheads are recovered at 200% of the total wages. The company has an incentive plan of giving bonus for the time saved in a certain job. Bonus is computed as time saved over time allowed to complete the job multiplied by the time taken by the worker multiplied by the rate per hour. Mr. X completed the job within 8 hours including a 30-minute idle time. How much is the wage of Mr. X? Jomari Corporation's factory workers Incentive scheme which features a combined piece rate P11.25 and a minimum wage guaranteed wage of P875 per week. Production report for the week show Employees Units produced 67 78 80 A 82 R 72 75 How much portion of the weekly payroll should be charge to factory overhead?