Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain.
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Employees are paid every Saturday for the preceding work week. If a
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- The total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during March. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees with combined earnings this period of 3,000 have exceeded 8,000 in earnings prior to the period?The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?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 .....................................................................__________
- The totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.Employees are paid every Saturday for the preceding workweek. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30,12/31) represent? Explain.For the month of December, Jenny Company’s employees had worked and earned wages of $550,000. Jenny will pay her employees $420,000 on December 24th and the remaining $130,000 will be paid on January 7th. What amount will Jenny Company report as wages payable on their balance sheet on December 31?
- On January 25, Choo Choco Factory hired an employee who works five days a week from Monday to Friday and receives a weekly salary of $400 every Friday. Suppose January 31 falls on Wednesday, which of the following is correct on January 31? Select one: a. debit salaries expense and credit cash by $400 b. debit salaries expense and credit salaries payable by $240 c. debit salaries expense and credit cash by $240 d. debit salaries expense and credit salaries payable by $400Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $40320. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? Dr Salaries and Wages Expense $24192 Cr Salaries and Wages Payable $24192 Dr Salaries and Wages Expense $40320 Cr Salaries andWages Payable $40320 Dr Salaries and Wages Expense $24192 Cr Cash $24192 Dr Salaries and Expense $8064 Cr Salaries and Wages Payable $8064Pablo 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. 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.
- Employees of the Deco House were paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3rd. Employees work 5 days a week, Monday to Friday. The weekly payroll amounts to 3,800. The appropriate adjusting journal entry to be made on Tuesday, December 31, assuming the company's year-end is December 31, would you include a credit to Salaries Payable in tje amount ofThe wages and hours information for five employees of Somja Enterprises for the week ended April 7 is given below. Employees work a standard 40-hour workweek and are paid time and one-half for all hours over 40 in each workweek. If required, round your answers to two decimal places and use the rounded answers in subsequent computations. Round your final answers to the nearest cent. a. For each employee, compute the regular earnings, overtime rate, overtime earnings, and total gross earnings. b. Compute the total gross earnings for all employees. Employee Hours Worked Regular Hourly Wage Rate Regular Earnings Overtime Rate Overtime Earnings Total Gross EarningsWilson, H. 43 $11.90 $ $ $ $Aha, C. 42 14.20 Shoup, K. 47 13.90 Carlyn, D. 41½ 10.70 McMurray, J. 45 17.10The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which falls on aWednesday for the current year. Salaries and wages are earned evenly throughout the five-day workweek, and$10,000 will be paid on Friday, July 2.Required:1. Prepare an adjusting entry to record the accrued salaries and wages as of June 30, a reversing entry on July 1,and an entry to record the payment of salaries and wages on July 2.2. Prepare journal entries to record the accrued salaries and wages as of June 30 and the payment of salaries andwages on July 2 assuming a reversing entry is not recorded.
