Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employe following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjuste balance in Salaries Expense of S800,000. What amount should be debited to Salaries Expense on December 31? S800 000 S12 000 S18 000 O O S30.000
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- Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned 1,754, so the following adjusting entry was made: The first pay period in 20-2 was on Januar)-4. The totals line from Irina Companys payroll register for the week ended Januar)-4, 20-2, was as follows: REQUIRED 1. Prepare the journal entry for the payment of the payroll on January 4, 20-2. 2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and aiding balance as of January 4, 20-2.Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19. Required Compute the dollar amount of the weekly payroll. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll. Will net income for the month of September be understated or overstated if Denton doesnt bother with an adjusting entry on September 30? Explain your answer.Mason Painting Services has a weekly payroll of $25,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five−day workweek and has an unadjusted balance in Salaries Expense of $800,000 at December 31. What amount should be debited to Salaries Expense on December 31? A. $15,000 B. $25,000 C. $10,000 D. $800,000
- Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31? Yanıtınız: S800,000 $12,000 $18,000 O $30,000Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.$fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment…12. Do the accrued payroll journal entries for your company 1, that has a payroll expense of $460,000 every two weeks. Your pay dates are 12/24/20 and 1/7/21 Do the 12/31/20 journal entry, as well as the 1/7/21 journal entry.
- Tuck Company pays its employees weekly based on a 5 day 40 hour work week and the gross payroll is $21,150. Required 1: On June 30th there are 2 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on June 30th balance sheet? Ignore withholding taxes. $[ Required 2: On August 31st there are 4 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on August 31st balance sheet? Ignore withholding taxes. $ Required 3: On January 31st there is 1 day accrued payroll to recognize in the monthly financials. How much is the accrued liability on January 31st balance sheet? Ignore withholding taxes.Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent. Employee Annual Salary OASDI TaxableWages OASDI Tax HI TaxableWages HI Tax Utley, Genna $24,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Werth, Norm 46,800 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Bass, John 27,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Ruiz, Sam 138,700 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Compton, Sue 16,800 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Williams, Mary 19,200 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill…Accounting for Labor If emplovees work on a five day work week and are paid every Friday ot week, Using the calendar year method of accounting, determine the of the Pag-ibig Contribution Withholding taxes 30,000 500,000 on Wednesday. a. P16,200 b. Р27,000 The employers' taxes are as follows: Sss Contribution Philhealth Contribution Pag-ibig Contribution c. P10,800 d. P5,400 200,000 30,000 30,000 The total weekly payroll charged to work in process account is: a. P5,100 b. P8,500 c. P16,000 d. P9,600 Total accrued payroll charged to expense account is: a. P8,100 b. P11,000 c. P6,600 d. P18,500 Comead 25% to administrative and 5% to selling expenses. Compute the total amount of payroll to be charged to work in pre It is the total amount earned by the worker a. Net pay b. Gross pay c. Gross earnings less deductions d. Bonus pay 41. account a. P5,000,000 b. P2,500,000 c. P3,500,000 d. P4,340,000 How much is the total factory overhead control account? a. P2,560,000 b. P1,500,000 c.…
- Required: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) ace the bonus, vacation and holiday pay. P44 Monthly payroll register of Hanna Institute for January shows the following information: The salary for administrative employees is P20,000; faculty, P300,000. Hanna shar 50% of the insurance premium per month. Total amount of installment is P10,000 and P2,500 will be deducted from both departments (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled to avail 2 weeks paid leave every year. Mr. Johnson, one of two senior members, received bonus of P1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25