Do you find that Canada's Labor Relations Board is very tough? In a surprising case, which has largely gone unreported, I was ordered to pay members of the Performing Seals Association a lump sum of no less than $150,000. This is lump-sum back pay for wages the seals claimed was owed for five years of performing in my circus on Granville Island. They should have been paid monthly at 9% compounded quarterly. How much was the monthly wage I should have paid? (And is this justice??). No decimals.they can swim for any lost cents! They'll be asking to be fed fish next!

Do you find that Canada's Labor Relations Board is very tough? In a surprising case, which has largely gone unreported, I was ordered to pay members of the Performing Seals Association a lump sum of no less than $150,000. This is lump-sum back pay for wages the seals claimed was owed for five years of performing in my circus on Granville Island. They should have been paid monthly at 9% compounded quarterly. How much was the monthly wage I should have paid? (And is this justice??). No decimals.they can swim for any lost cents! They'll be asking to be fed fish next!

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Senen, a factory laborer earns P18,000 per month, and the company pays one month salary as a bonus at the end of the year. Senen is entitled to a half month paid vacation leave. The company also pays P4,000 a year into a pension fund of the worker. All fringe benefits of factory laborer are charged to the factory overhead control account. The fringe benefits are charged to production during the 11 1/2 months the employee is at work. a. What is the estimated liability for fringe benefits? b. Determine the gross payroll. c. What is the amount charged to Worked in Process account? d. What is the amount charged to Factory Overhead?
Bert Garro is a waiter at La Bron House, where he receives a weekly wage of $75 plus tips for a 40-hour workweek. Garro's weekly tips usually range from $300 to $350. Round your answers to the nearest cent. a. Under the Fair Labor Standards Act, the minimum amount of wages that Garro must receive for a 40-hour workweek is$fill in the blank 1 b. Since La Bron House is in violation of the FLSA, the additional amount it should pay Garro each week to meet the minimum wage requirement for a tipped employee is (Hint: Employer must an additional amount to bring current gross of $75 up to minimum tipped wages.)$fill in the blank 2
Senen, a factory laborer earns P18,000 per month, and the company pays one month salary as a bonus at the end of the year. Senen is entitled to a half month paid vacation leave. The company also pays P4,000 a year into a pension fund of the worker. All fringe benefits of factory laborer are charged to the factory overhead control account. The fringe benefits are charged to production during the 11 1/2 months the employee is at work. What is the amount of estimated liability for the fringe benefits?
WHAT US THE ESTIMATED LIABILITY FOR VACATION PAY? Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week.
During the first week of January, an employee works 50 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $84 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $168.15 $1,015.85 $1,100.00 $1,268.15 $931.85
Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week. What is the amount to be charged to Manufacturing Overhead Control account? what is the estimated liability for bonus? what is the estimated liability for vacation pay?
Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week. What is the amount to be charged to Manufacturing Overhead Control account? Required: what is the estimated liability for bonus? what is the estimated liability for vacation pay?
Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is entitled to a 2-week paid vacation and a bonus equal to 4 week's wages each year. Vacation pay and bonuses are treated as indirect costs and are accrued over the 50 week work year. A provision in the union contract does not allow these employees to work in excess of 40 hours per week. What is the amount to be charged to Manufacturing Overhead Control account? SOLUTIONS MUST BE IN GOOD ACCOUNTING FORM. EXCEL FORM WILL BE ALSO GREAT
Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and employees are paid in arrears on Friday. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. Kenz Limited retains $5,000 per week to pay the Inland Revenue Department for pay-as-you-earn (PAYE) tax on behalf of the employees and $1,000 per week to pay staff medical benefits. Tax and medical benefits are paid on the following Monday and Tuesday of each week respectively. The end of the reporting period falls on a Wednesday. RequiredPrepare the accounting entries necessary to record the salary on balance day and its payments.
During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $36 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $100 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January? (Round your intermediate calculations to two decimal places.)
During the first week of January, an employee works 44 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $14 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $93 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?
Sharon is a manufacturer's representative selling office furniture directly to businesses. She receives a monthly salary of $2000 plus a 2.2% commission on sales exceeding her quota of $150,000 per month. a. What are her earnings for a month in which she has $227,000 in sales? (Round your answer to the nearest cent.) Earnings = b. If her average monthly sales are $235,000, what straight commission rate would generate the same average monthly earnings as her current basis of remuneration? (Round your answer to four decimal places.) Commission rate =

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS