5. An employee rendered the following hours per day in a week: Monday - 10 hours; Tuesday - 8 hours; Wednesday - 11 hours; Thursday - 10 hours; Friday - 9 hours; and Saturday - 5 hours. Condition is 8:00-12:00 1:00-5:00 M-F with time and three-fourth overtime rate. Regular rate is P75.00 per hour. Compute for the total earnings of the employee for the week.
Q: GigaBite Company's computer system recently crashed, erasing much of the company's financial data.…
A: The direct material are the materials that are used directly for the production process.
Q: List the three key benefits companies get from preparing a budget. The budget allows managers to be…
A: An estimate of income and expenditure for a set period of time is called budget.
Q: Shown below are units produced and total manufacturing costs for the past four months at Minda…
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest…
Q: What is the IRR for both PHD and Short courses programmes?
A:
Q: 1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: equest a
A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…
Q: Using the information above, what is the audited net unrealized loss/gain on marketable equity…
A: Unrealized gains are improvements in the value of assets that have yet to be converted into cash,…
Q: The Levi Company issued $78,000 of 11% bonds on January 1 of the current year at face value. The…
A: Semi-annual interest=Face value of bonds×Coupon rate×6 months12 months
Q: Proton Corporation incurred the following costs in 2022: Acquisition of R&D equipment with a useful…
A: The advertising costs and engineering costs are not included in the research and development costs.
Q: Rogue Company leases a card-making machine to Gambit Inc. on January 1, 2017. The following…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: SOP Corporation furnished you with the following information: Net income after taxes P18,000 Income…
A: Lets understand the basics. Times interest earned ratio indicates how many time EBIT is there in…
Q: Hi the volume variance portion is missing
A: A volume variance is the difference between the actual quantity sold or consumed and the budgeted…
Q: 2.3 Bookkeeping systems - How do you record your cash sales and other money received in your…
A: As per rule we provide solution to the first three-subparts or one question only and you have asked…
Q: a) A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: It is important to consider both the positives and the negatives of global connectivity.
A: Globalization- Globalization is the ongoing social, economic, and political process that deepens and…
Q: If the adjustment for unearned revenues is not recorded O a. net income will be correctly stated. O…
A: The unearned revenue is the amount of revenue which is received on advance but not earned yet. The…
Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…
A: Introduction: Current Assets: Assets which can be easily converted in to cash with in a year period…
Q: On 17 April Ak traders sold goods for R3400 by creadit card to M moody .The cost price on goods sold…
A: In order to earn a profit, goods are sold at a higher price than the cost of goods sold.
Q: On January 1, 20x1, ABC Bank extended a 10%, P1,000,000 loan to XYZ. Principal is due on January 1,…
A: Loan given by bank to its customer is treated as Financial Asset for bank and it will be a financial…
Q: Only statement 2 is true
A: Under cash basis of accounting,all the transaction will be recorded when there will be related…
Q: Calculate the depreciation expense in the year of 2014 by using Straight line method Asif Company…
A: Introduction: Depreciation: Depreciation is an expense to be shown in Income statement. Decreasing…
Q: debt. The firm has a debt issue outstanding with seven years to maturity that is quoted at 113% of…
A: The effective interest rates that a firm pays on its debt, such as bonds and loans, are known as…
Q: how the requisite journal entries to correct the balance.
A: Here to made the correction entry to clear the suspense account which was incurred shortage due to…
Q: On 1/1/2021 Shack Co. purchased Mansion Co. for $5,000,000. The following is the balance sheet of…
A: When a company acquires another company, all the assets and liabilities of the transferor company…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: The guaranteed wage for the production of 25 units of chairs P 12,500 per day. Compute the gross pay…
A: Gross pay is the total payment received by the labor of the company. Whereas, net pay is the amount…
Q: Can you help with the second part?
A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…
Q: On January 1, 2019, an entity purchased equipment for P4,800,000. The equipmen s expected to have a…
A: The revaluation surplus is calculated as excess of revalued value of assets as compared to book…
Q: nt sum needed to prow year is closest to:
A: The answer has been mentioned below.
Q: On January 1, 2022, Smith Corp. issued 5-year 12% bonds with face amount of P5,000,000 at a price of…
A: Retirement of the bond is the process of repayment of the amount borrowed by issuing the bond.
Q: Corporation owns percent any's stock. On July 1, 20X4, Neptune sol e of equipment to Pluto for…
A: Consolidated financial statements give a complete picture of a company's financial health, including…
Q: Statement 1: In converting to accrual basis sales, write-off of Accounts receivable is deducted from…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: More info A Investors would like to earn a 10% return on investment on the company's $270,000,000 of…
A: The operating income shows the income from the operating of the entity. it also indicates the…
Q: oton, Inc. acquired a new machine:
A:
Q: An investor was presented with a production line project in which the investment volume is 285,000…
A: The question is related to the Return on Investment and Breakeven Point. The Return on Investment is…
Q: paration time, rest
A: The labors whose are slow, lazy , does not do work with full efficiency or the fresh labors will be…
Q: On January 2, 2019, Ulrich Co. purchased 75% of the outstanding shares of Neil Co. resulting to a…
A: A consolidated net revenue is the total income of a parent organization and its subsidiaries less…
Q: Your review of the ledger of Maliwanag Corporation at December 31, 2020 reveals the following…
A: Current assets are those assets that will be realized in cash within 12 months. These are short-term…
Q: Draw up a marginal cost statement on the basis that 12,000 units will be sold and calculate the net…
A: 1. Breakeven point is the point where there is no profit and loss. At this point the company has…
Q: Debit Balances Credit Balances 11 Cash 10,990 12 Accounts Receivable
A: The entries have been mentioned below.
Q: Belen Corporation makes and sells a single product called a Cute. The company is in the process of…
A: The selling and administrative costs include the costs incurred to sell the products to the final…
Q: The Abel Company provided the following information from its financial records: Net income…
A: The earnings per share is calculated as net income available to common shareholders divided by…
Q: Two checks verified to have been recorded in 2021 cash disbursements book amounting to P22,000…
A: Here discuss about the details of the adjustment entry which are involved with this as well. The…
Q: An asset for drilling was purchased and placed in service by a petroleum production company. Its…
A: The decreasing balance technique appears to be an accelerated depreciation method, recording greater…
Q: average net profits expected in future by Khalifa and Co. are OMR 30,000 per year. The average…
A: 1) super profit method = super profit* number of year purchased Super profit= (actual average…
Q: 4. John McDonald is employed by Lee & Sterling. He is married, claims two withholding allowances,…
A: Hourly rate for standard time: $16.97 Hourly rate for overtime : $16.97 x 1.50 = $25.46 Standard…
Q: how do i calculate the goodwill and the charitable contribution?
A: Charitable contribution is the contribution which has been made by the company during the year and…
Q: On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of…
A: given that, Selling price of goods = P45,000 Shippment cost = P4,500 Goods received by buyer = 2…
Q: ing pro lance Sheet showed the following position at the date of dissolution : Liabilities Assets…
A: When the Dissolution of a Partnership firm takes place all the assets are sold, all the liabilities…
Q: P46,200 P27,720 Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal…
A: The correct answer for the above mentioned question is given in the following steps for your…
Step by step
Solved in 2 steps
- R. Herbert of Crestview Manufacturing Co. is paid at the rate of 20 an hour for an eight-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, five days a week. At the end of a week, the labor time record shows the following: Because jobs are randomly scheduled for the overtime period, any overtime premium is charged to Factory Overhead. a. Compute Herberts total earnings for the week. b. Present the journal entry to distribute Herberts total earnings. (Note: These single journal entries here and in E3-2, E3-3, E3-4, E3-8 and E3-9 are for the purpose of illustrating the principle involved. Normally, the entries would be made for the total factory payroll plus the administrative and sales payroll.)Casey Collins average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his companys perfect attendance program, he earned a bonus of 975. Determine the extra overtime pay due Collins for the first quarter. Extra overtime pay ..................................... _______Employees at Rayon Enterprises earn one day a month of vacation compensation (twelve days total each year). Vacation compensation is paid at an hourly rate of $45, based on an eight-hour work day. Rayons first pay period is January. It is now April 30, how much vacation liability has accumulated if the company has four employees and no vacation compensation has been paid? A. $1,440 B. $4,320 C. $5,760 D. $7,200
- Connie Gibbs collected a 2,000 bonus for her departments safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due Gibbs for that year. Extra overtime pay...................................... _______Kelsey Gunn is the only employee of Arsenault Company. His pay rate is 23.00 per hour with an overtime rate of 1 times for hours over 40 in a workweek. For the week ending March 31, 20--, he worked 48 hours. Calculate his gross pay for the week using the overtime premium approach to calculate the overtime pay. Since the company holds back one week of pay, Gunn will not be paid until April 7, 20--. What adjusting entry would the company make in order to record Gunns salary in the first quarter of this year? a. Regular pay....................................................................... ________ b. Overtime premium pay..................................................... ________ c. Gross pay.......................................................................... ________ d. Adjusting entryWages 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.
- Kyle Forman worked 47 hours during the week for Erickson Company at two different jobs. His pay rate was 14.00 for the first 40 hours, and his pay rate was 11.80 for the other 7 hours. Determine his gross pay for that week if the company uses the one-half average rate method. a. Gross pay__________ b. If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be________Potts, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime continuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card on the following page. Sue Ellen Boggs is part of the Group B employees whose regular workweek is Tuesday through Friday. The working hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours ..........................................................................___________ b. The total hours for the week ...............................................................___________ c. The regular weekly earnings ................................................................___________ d. The overtime earnings (company rounds O.T. rate to 3 decimal places)___________ e. The total weekly earnings .....................................................................__________Costa, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime continuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card on the following page. Barbara Bansta is part of the Group B employees whose regular workweek is Tuesday through Friday. The working hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours ..........................................................................___________ b. The total hours for the week ...............................................................___________ c. The regular weekly earnings ................................................................___________ d. The overtime earnings (company rounds O.T. rate to 3 decimal places)___________ e. The total weekly earnings .....................................................................__________
- Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.Jody Baush is a salaried employee who normally works a 35-hour week and is paid a weekly salary of 735.00. The agreement that he has with his employer states that his salary is to cover all hours worked up to and including 40. This week, Baush worked 42 hours. Calculate his gross pay. Gross pay_________Carl La Duca earns 3,875 each month and works 40 hours each week. Compute: a. The hourly rate________ b. The overtime rate at time and one-half________