Marine Company has an accounting fiscal year which ends on September 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred: Monday Tuesday Wednesday Thursday Friday Date September 28 September 29 September 30 October 1 October 2 Amount $2000 $2400 $3800 $2700 $3100

Marine Company has an accounting fiscal year which ends on September 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred: Monday Tuesday Wednesday Thursday Friday Date September 28 September 29 September 30 October 1 October 2 Amount $2000 $2400 $3800 $2700 $3100

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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Tr.19.
Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register…
The Jayco company has a weekly payroll of $150,000 and its last payroll processed before the end of the financial year was on Friday 26th June. Employees do not work on weekends and are only paid for time worked from Monday to Friday.Required: Prepare the journal entry to accrue the payroll at 30th June.
Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $30 per hour Administrator $48 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate $253 1.5 times hourly rate $515 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 52 hours and the administrator worked 62 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Consultant $3,010 per week Not applicable $925 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Consultant Computer Programmer Gross pay Net pay Administrator
KA The following payroll summary is prepared for the Sothern Manufacturing Company for the week ending March 29: Direct labor: Job No. 200 $10,300 Job No. 201 7,000 Job No. 202 6,500 Total direct labor $23,800 Indirect labor 6,200 Total gross payroll $30,000 Payroll taxes and insurance are to be computed as follows: Employee’s Employer’s Share Share Federal income tax withheld $4,300 State unemployment tax 5% Federal unemployment tax 1% FICA tax 8% 8% Disability insurance .5% .5% Workmen compensation insurance 2% Instructions Prepare the general journal entries to: a. Record the payroll b. Pay the payroll c. Distribute the payroll to the appropriate accounts. d. Record the payroll taxes.
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $462,500. The workers' compensation insurance premium rate is 0.2%.
A company's payroll for the month ended January 31 is summarized as follows: Total wages Federal income tax withheld FICA taxes (employee portion withheld) FICA taxes (employer portion) $10,000 $1,200 $700 $700 The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, what amounts should the company report as total payroll tax liability and as payroll tax expense? O Payroll tax liability: $1,400; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $1,400 O Payroll tax liability: $2,600; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $700 O Payroll tax liability: $1,200; Payroll tax expense: $1,400
Accounting Assume that the payroll record of Riverbed Oil Company provided the following information for the weekly payroll ended November 30,2020. Employee Hours Worked Hourly Pay Rate Federal Income Tax Union Dues Year- to-Date Earnings Through Previous Week T. king 44 58 442 9 133,900 T. Binion 46 23 97 5 23,200 N.Cole 40 28 148 5,700 C. Hennesey 42 33 230 7 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first 132,900 of each employee's annual ear earnings and 1.45% on any earnings over 132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first 7,000 of each employee's annual earnings. Prepare the payroll register for the pay period.(Round answers to 2 decimal places, e.g. 15.25)
Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked Employee M Tu W Th F S HourlyRate CPPDeduction Income TaxWithheld HealthInsurance A. Kassam 12 7 8 7 7 5 $16 $35.48 $93.70 $8 H. Faas 9 9 8 8 8 6 11 24.98 72.15 15 G. Labute 12 9 6 10 10 0 16 36.66 108.65 12 Employees are paid 1.5 times the regular hourly rate for all hours worked over 40 hours per week. Carla Vista Company must make payments to the workers’ compensation plan equal to 2% of the gross payroll. In addition, Carla Vista matches the employees’ health insurance contributions and accrues vacation pay at a rate of 4%. Prepare the payroll register for the weekly payroll. Calculate each employee’s EI deduction at a rate of 1.66% of gross pay Record the payroll and Carla Vista Company’s employee benefits
12. Adam Company's weekly payroll, paid on Thursday, for a total of $5,412 for a Five-day week. What is the credit side amount of the prepared adjusting entry for Adam Company on Wednesday December 31 if you know that Friday and Saturday are the days-off?
Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that March 31 is a Wednesday, and the pay period will end on April 2. The payroll data for March 29-31 is as follows Gross pay: $8,000.00 Federal income tax: $920.00 Social Security tax: $496.00 Medicare tax: $116.00 State income tax: $160.00 Federal Unemployment Tax: $48.00 State Unemployment Tax: $432.00 REQUIRED:Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for March 29–31. The date of the entry is March 31. Then record the journal entry to reverse the adjustment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) Record the adjusting Journal Entry for employees' share of payroll accrual. Date General Journal Debit Credit
Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week. The payroll data for the week ended December 10 is as follows: Name # ofAllowances MaritalStatus TotalHours Rate CumulativeEarnings B. Russo 0 S 44 $ 8.00 $ 8,300 P. Higgins 1 M 46 28.00 52,176 S. Minsky 2 S 40 9.00 18,560 A. Mendez 4 M 40 34.00 86,000 Social Security tax is withheld at 6.2% and Medicare tax at 1.45%. Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld. Higgins has $25 withheld for United Way. Number the checks beginning with 803. (Refer to Figure 8-4a and Figure 8-4b.) Required: 1. Complete the payroll register. Round your answers to the nearest cent. 2. Journalize the payroll entry. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.