TVS CORP TVS CORP. HAS 9 EMPLOYEES AND EACH EMPLOYEEIS PAID ON AVERAGE $187 PER DAY AND WORKS 7DAYS A WEEK. THE COMPANY'S YEAR-END ISDECEMBER 31. THE EMPLOYEES WERE LAST PAIDON DECEMBER 23 FOR THE TWO WEEKS THATENDED ON DECEMBER 16. WHAT IS THE WAGESPAYABLE TO RECORD FORAND SALARYDECEMBER 31?

Concept of Wages PayableWages payable refers to the amount a company owes to its employees for work…

Answered: TVS CORP. HAS 9 EMPLOYEES AND EACH…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 9P: An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown:...

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Similar questions

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?
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.)
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TVS CORP. HAS 9 EMPLOYEES AND EACH EMPLOYEE IS PAID ON AVERAGE $187 PER DAY AND WORKS 7 DAYS A WEEK. THE COMPANY'S YEAR-END IS DECEMBER 31. THE EMPLOYEES WERE LAST PAID ON DECEMBER 23 FOR THE TWO WEEKS THAT ENDED ON DECEMBER 16. WHAT IS THE WAGES PAYABLE TO RECORD FOR AND SALARY DECEMBER 31?