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A: Given that: Allowances = 23% of Basic Pay Deductions = 12% of Gross Salary
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A: Interest and Taxes are deducted from the profits and Dividends are the appropriations of profits.
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A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want...
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A: Work in process (WIP) also called in-process inventory are the company’s partially finished goods wh...
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A: Current assets are those assets which can be converted into cash within one year. Current liabiliti...
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A: Relevance refers to the concept or an idea that whatever information that is provided by the framewo...
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A: Journal entries are prepared to record the financial and non financial transactions of the business ...
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A: Bonds are the debt instrument issued to the bondholders of the organisation.
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A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect...
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A: Journal is a account book that keeps the record of day to day. transactions in business.
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A: REA stands for resources, events, and agent models that provide supports to organizations planning, ...
Q: Job Cost Sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings. ...
A: What is meant by Job Cost Sheet: Job Cost sheet is the compiled data of the actual cost to complete ...
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A: An asset which has debit balance, increases with debit balance and decreases with credit balance. A ...
Q: Accounts for ABC Services at July 31, the end of the current year, are listed below. The common stoc...
A: Net Income refers to gross income of an individual or a company after deducting the expenses such as...
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A: Interest: It can be defined as the amount that is charged by the lender on the loan given to the bor...
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Q: Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consult...
A: Assets = Liabilities + Owner's equity
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A: As we know that non-liquidating distribution is a dividend to the extent of E&P, return on capit...
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A: MFRS 137 deals with the contingent assets, liabilities and provisions. Here, the term provisions mea...
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A: Future value = Present value (1+rate of interest)time
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A: Compounded interest is a method of calculating interest on debts where interest is paid on interest ...
Q: Pharoah, Inc., has net income of $15,600,000 on net sales of $400,000,000.The company has total asse...
A: Profit Margin = Net Income / Net Sales = $15,600,000 / $400,000,000 = 3.90%
Q: What is in blue and says "formula" so and so is what i need help with. Please and thank you
A: Cost of goods sold refers to cost directly related to producing goods. It does not include indirect ...
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A: Annual Depreciation (Straight line method) = (Cost of the assets - Salvage value) / Life of the asse...
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A: Manufacturing overhead rate is applied based on machine-hours.
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Q: .a) Who is the Father of Accounting? b Explain ...
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A: Every transaction affects two accounts from among revenue, expense, assets, liabilities or capital.
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A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the liabi...
Q: Jason and Peggy are married, file jointly, and have one dependent (12-year old qualifying child)...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Accounting Question
A: Closing entries means the entries which needs to be passed at the end of the year at the time of clo...
Mikoy is a firm engineer receiving a basic monthly salary of 45,000.00 and commission on al sales of 2% Compute for his gross earnings for the month if he sold 1,500,000.00
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- Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________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________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...................................... _______
- Cal DiMangino earns 2,875 each month and works 40 hours each week. Compute: a. The hourly rate________ b. The overtime rate at time and one-half_______Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.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_________
- Barbara Ripa receives 695 for a regular 40-hour week and time and one-half for overtime. For a workweek of 45 hours, compute: a. The regular earnings________ b. The overtime earnings________ c. The total earnings________Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.Peggy Nolan earns 20 per hour for up to 300 units of production per day. If she produces more than 300 units per day, she will receive an additional piece rate of .5333 per unit. Assume that her hours worked and pieces finished for the week just ended were as follows: a. Determine Nolans earnings for each day and for the week. (Round piece-rate computations to the nearest whole dollar.) b. Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead.
