To manufacture job No. 108, X company incurred $95,000 of factory labor, of which $3,000 were employer payroll taxes. The entry to record this transaction would include: * A debit to Factory Labor $95,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $92,000 A debit to Factory Labor $98,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $95,000 A debit to Factory Labor $92,000, a debit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages payable $95,000 O None of the above

To manufacture job No. 108, X company incurred $95,000 of factory labor, of which $3,000 were employer payroll taxes. The entry to record this transaction would include: * A debit to Factory Labor $95,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $92,000 A debit to Factory Labor $98,000, a credit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages Payable $95,000 A debit to Factory Labor $92,000, a debit to Employer Payroll Taxes Payable $3,000 and a credit to Factory Wages payable $95,000 O None of the above

Name: acturing Overhead $1,000 and acredit to Raw Material Inventory $9,000
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Description: acturing Overhead $1,000 and acredit to Raw Material Inventory $9,000O None of the aboveTo manufacture job No. 108, X company incurred $95,000 of factory labor, ofwhich $3,000 were employer payroll taxes. The entry to record this transactionwould in

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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Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March's direct labour totalled $18 000.Required:T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March.
(i) Purchased raw materials on account OMR86,300. (ii) Raw materials of OMR73,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that OMR6,800 was classified as indirect materials. (iii) Factory labor costs incurred were OMR53,900, of which OMR51,000 pertained to factory wages payable and OMR2,900 pertained to employer payroll taxes payable. Instructions: Journalize the transactions. (Omit explanations.)
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Warner Company purchases $52,500 of raw materials on account, and it incurs $62,200 of the factory labor costs. Supporting records show that (a) the Assembly Department used $32,700 of raw materials and $42,200 of the factory labor, and (b) the Finishing Department used the remainder.Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record materials used) 31 (To assign factory labor to production)
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Swifty Corporation has the following labor costs: Factory-Gross wages Factory-Net wages Employer Payroll Taxes Payable $580000 O $638000. O $580000. $528000. $522000. 470000 58000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for