Employee salaries of $2,200 for the month of December will be paid in early January 2025. Record the adjusting entry for salaries at its year-end of December 31.
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Employee salaries of $2,200 for the month of December will be paid in early January 2025. Record the
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- Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Adjusting entries: How to write in general journal this? A seven-day (weekly payroll) of 7,000,paid every Friday. December 31 falls on Sunday so the employees will only be paid on January 5,2021.
- Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000TFM Enterprises pays its employees every two weeks and has paid its employees P375,000 for work completed in 2019. In addition, the employees earned a week's salary of P 7,200 at the end of December that will be paid as part of the P14,400 payroll at the end of the first week in January of 2020. How much should the company declare for salaries and wages expense for 2019?How to adjust this using the adjusting entries and write in general journal A seven-day (weekly payroll) of 7,000, paid every Friday. December 31 falls on Sunday so the employees will only be paid on January 5, 2021
- Under the assumption: Unused vacation leaves vest (accumulating and vesting), What amount should be reported as vacation pay expense In 2019? * ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave can be carried up to two years from the year there were earned, thereafter it shall expire. The company has 50 employees (assumed have been employed throughout 2019 and 2020) with an average salary of P900 per day. Salary rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forward are ultimately exercised by the employees. Total leave vacation taken by employees during 2019 and 2020 were 400 days and 480 days, respectively. Your answerOn December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.Sheffield Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 13 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual HourlyWage Rate Vacation Days Usedby Each Employee Sick Days Usedby Each Employee 2019 2020 2019 2020 2019 2020 $13 $14 0 11 5 6 Sheffield Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in Which VacationTime Was Earned Projected Future Pay RatesUsed to Accrue Vacation Pay 2019 $13.65 2020 14.73…
- Explain closing entries? On 31-12-2020 salaries account shows 15,000. what will be the closing entries?Under the assumptlon: Unused vacation leaves vest (accumulating and vesting), What is the balance of llabillity for compensated absences for the year ended December 31, 2019? * ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave can be carried up to two years from the year there were earned, thereafter it shall expire. The company has 50 employees (assumed have been employed throughout 2019 and 2020) with an average salary of P900 per day. Salary rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forward are ultimately exercised by the employees. Total leave vacation taken by employees during 2019 and 2020 were 400 days and 480 days, respectively. Your answer O This is a required questionOn July 31, 2019, the end of the first quarter, Coco Inc. estimated that its year-end bonus to executives would be estimated for 30,000. The actual obligation paid for the year-end bonus for 2018 was P25,000. The estimate for 2019 is subject to year-end adjustment. What amount of expense, if any, should be reflected in Coco’s quarterly statement of comprehensive income for the three months ended July 31, 2019?
