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- On January 9, a company pays $5,000 for salaries and wages of which $2,000 was reported as Salaries and Wages Payable on Decem ber 31. Give the entry to record the payment.The data below pertains to the earnings of Juan Manuel for the week ended June 15, 2020: Hours and rate 42 hours worked P40/hr Earnings to date P14.00 Overtime rate 1 and 3/2 times the regular rate for hours worked in excess of 40 hours Withholding tax 3% of gross earnings SSS contributions 2% of gross earnings Phil.Health contributions 1% of gross earnings Pag-ibig contributions 1% of gross earnings What is net pay for Juan Manuel for the week?Earnings for several employees for the week ended April 7, 20--, are shown: 1 Taxable Earnings 2 Employee Name Current Earnings Unemployment Compensation Social Security 3 Boyd, Glenda L. $850.00 $300.00 $850.00 4 Evans, Sheryl N. 970.00 225.00 970.00 5 Fox, Howard J. 830.00 830.00 830.00 6 Jacobs, Phyllis J. 1,825.00 1,825.00 7 Roh, William R. 990.00 25.00 990.00 Assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. Required: 1. Calculate the employer's payroll taxes expense. 2. Prepare the journal entry as of April 7, 20--.
- Wok On Water, Inc.'s employees had worked during its first month of May and earned $8,000. Wok on Water had paid $3,000 of the amount owed. How much will be reported as Wages Expense on its May income statement?Assume the following data for Blossom Care Dry Cleaning for the year ended December 31. • Gross earnings $305,000.00 • All employees’ salaries are greater than $7,000 in the first quarter of employment • Number of employees at the beginning of the year: 10 • One new employee hired during fourth quarter (assume employee earns $7,800 before December 31) • FUTA deposits for the year: $420.00 (a) Determine the amounts entered on Form 940 for the following line items. Line 3: Total payments to all employees $ Line 4: Payments exempt from FUTA tax $ Line 5: Total of payments made to each employee in excess of $7,000 $ Line 7: Total taxable FUTA wages $ Line 8: FUTA tax before adjustments $ Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior year $ Line 14: Balance due $ Line 15: Overpayment $ Line 16a: 1st quarter $ Line 16b: 2nd quarter $ Line 16c: 3rd…The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00…
- E3-13 Employees' earnings using hourly and piece-rate methodsThe payroll records of Grove Machining Co. show the following information for the week ended April 17: (in the picture ) Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b. Prepare the journal entries for the following: 1. Recording the payroll.2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be distributed to all jobs worked on during the period.) 4. Recording the employer's payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year’s Day (January 1) was an unpaid holiday. Solve: a. Prepare the year-end adjusting entry for wages expense. b. Prepare the journal entry to record payment of the employees’ wages on Friday, January 4.CERISE Company uses accrual basis of accounting. Wages expense account had a balance of P255,000 at year end. The wages payable account had a P11,500 and P22,500 beginning and ending balance, respectively. How much cash was paid for wages during the year? A. ₱ 244,000 B. ₱ 240,000 C. ₱ 250,000 D. ₱ 254,000
- How much in wages did the company actually pay to its employees during Year 2? Show your work.A company has three employees, each of whom has been employed since January 1, earns $2,850 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. Employees’ Income Taxes Payable, $1,103.30 (liability for February). EI Payable, $340.63 (liability for February). CPP Payable, $759.82 (liability for February). Employees’ Medical Insurance Payable, $1,660.00 (liability for January and February). During March and April, the company completed the following related to payroll.Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, EI, and CPP amounts due.Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI Income Taxes CPP Medical Insurance Total Deductions Net Pay Office Salaries Shop Salaries $ 141.93 $ 1,103.30 $ 379.91 $ 415.00 $ 2,040.14 $ 6,509.86 $…Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of theyear’s entries have been recorded, except for the following:a. At year-end, employees earned wages of $6,000, which will be paid on the next payroll date,November 6.b. At year-end, the company had earned interest revenue of $3,000. It will be collectedDecember 1.Required:1. What is the annual reporting period for this company?2. Identify whether each required adjustment is a deferral or an accrual.3. Show the accounting equation effects of each required adjustment, using the format shown inthe demonstration case.4. Why are these adjustments needed?
