Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Question

Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,400 units. The costs and percentage completion of these units in the beginning inventory were: Cost Percent Complete Materials costs $ 7,700 65% Conversion costs $ 8,800 45% A total of 10,500 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 1,27,500 Conversion costs $2,09,000 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department?

Answer 1

Question

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

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Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,400 units. The costs and percentage completion of these units in the beginning inventory were: Cost Percent Complete Materials costs $ 7,700 65% Conversion costs $ 8,800 45% A total of 10,500 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 1,27,500 Conversion costs $2,09,000 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department?

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Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $120 per unit Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year $ 48 $ 18 $ 6 $ 4,20,000 Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 11 $ 1,05,000 Assume the company uses variable costing. Prepare its income statement for the year under variable costing.

Answer 2

Question

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

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Answer 3

Question

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

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Answer 4

Question

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Answer 6

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Answer 7

Chapter 9, Problem 1CP

1.

To determine

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Answer 8

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

Answer 9

2.

To determine

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

Answer 10

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Answer 11

3.

To determine

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Answer 12

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Ch. 9 - Prob. 1TF Ch. 9 - Prob. 2TF Ch. 9 - Prob. 3TF Ch. 9 - Prob. 4TF Ch. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MC Ch. 9 - Prob. 2MC Ch. 9 - Prob. 3MC Ch. 9 - Prob. 4MC Ch. 9 - Prob. 5MC

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Solution Summary: The author explains that payroll tax is a tax that is equally contributed by employees and employers based on salary and wages.

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Chapter 9 Solutions

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Solution Summary: The author explains that payroll tax is a tax that is equally contributed by employees and employers based on salary and wages.

Calculate Employer P’s FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7.

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7th January.

Indicate the amount of payroll taxes saved by the Employer P due to good employment record.

Chapter 9 Solutions

Prepare the journal entry for Employer P’s payroll taxes for the week ended on 7^th January.