Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 42 hours this week and collected over $500 n tips. The restaurant uses the full tip credit against the minimum wage and pays Hunter the minimum required for ipped employees. Determine her gross pay from the restaurant. a. Pay for the 40 hours... $ b. Pay for the overtime hours... 2$
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- SP 11 Review the February 26 and March 25 transactions for Business Solutions (SP 5) from Chapter 5. Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round…Discussion Question 2 EA14 Toren Inc. employs one person to run its solar management con $6,000. Payroll for the month of May is as follows: FICA Social Securi federal income tax of $400, state income tax of $75, health-care insur employee is responsible for covering 30% of his or her health insuranc 1. Record the journal entry to recognize employee payroll for the mon 2. Record remittance of the employee's salary with cash on June 1.LO 3.5 Sewn for You had the following transactions in its first week of business. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. Paid $2,250 to cover the first three months’ rent. Purchased $500 of sewing supplies. She paid cash for the purchase. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. Finished a job for a customer earning $180. The customer paid cash. Received a $500 down payment to make a wedding dress. Received an electric bill for $125 which is due to be paid in three weeks. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions Using the following terms or any that were left off the list Cash Accounts recievable Accounts Payable Supplies Prepaid Insurance Land Building Equipment Unearned Revenue Capital Drawing Service Revenue Rent Expense Slaray Expense
- Problem 9-3B Payroll expenses, withholdings, and taxes P2 P3 Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company’s four employees. In addition to gross pay, the company must pay 60% of the $50 per employee weekly health insurance; each employee pays the remaining 40%. The company also contributes an extra 5% of each employee’s gross pay (at no cost to employees) to a pension fund. Required Compute the following for the week ended September 30 (round amounts to the nearest cent): Employer’s FUTA taxes. (5) $2.10 Employer’s SUTA taxes. Each employee’s net (take-home) pay. (7) Total net pay, $4,565.81 Employer’s…Problem 9-26 (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare $fill in the blank 54c797fed034fc0_1 Lodging fill in the blank 54c797fed034fc0_2 Meals fill in the blank 54c797fed034fc0_3 Transportation fill in the blank 54c797fed034fc0_4 Total $fill in the blank 54c797fed034fc0_5 What amount may she deduct on her tax return?$fill in the blank 54c797fed034fc0_6 b. Would the tax treatment of Kim's deduction differ if she was…AP#6_5 On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December 31 is a Tuesday, then Karmansky Company must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay was $39,450, and the net pay was $25,640. Journalize the adjusting entry to be made on December 31 for the accrued wages. If an amount box does not require an entry, leave it blank.
- SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 anually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000.12) Refer to Scenario 7.3. Your annual economic costs areA) $110,000. B) $60,000. C) $50,000. D) $0Exercise 9-15 (Algorithmic) (LO. 4) Samantha, who is single and has MAGI of $31,050, was recently employed by an accounting firm. During the year, she spends $3,450 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,635 for tuition and $720 for books (which are not a requirement for enrollment in the course). Click here to access Concept Summary 9.2. If an amount is zero, enter "0". Assuming no reimbursement, how much of these expenses can Samantha deduct? $fill in the blank 1 8,805Questions 4 On January 12, 2018 Julie prepaid $1,600 for pet care services to be provided each Friday for 8 weeks for her Yellow Lab, Honey. Mookie The Beagle Concierge recorded the entire $1,600 as Sales. At the end of the accounting period on January 31, 3 weeks (01/12, 01/19, 01/26) of the pet care services had been provided to Honey, so 5 weeks of services or $1,000 ($1,600/8 = $200 per week) had not been earned as of the end of January. Since $1,000 had not been earned, the $1,000 is a liability because Mookie The Beagle Concierge has an obligation to provide the pet care services or return the $1,000 to the customer. So an adjusting entry is needed to bring the accounts up to date at January 31. Question 5 Interest on Mookie The Beagle COncierge's Loan Payable to CK has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period ($1,000 x 6% x 1/12 = $5.00). Interest Expense…
- 13. The salaries given to the nail specialist in #2 is considered part of a. Operating income b. Operating Expense c. General & Administrative Expense d. None of the above 14. Pepe is a Senior High School student who works as a part-time cook every week ends at a certain restaurant near their house and receives a pay of P500 which serves as his weekly allowance. On Friday night, he counted his money and found out that there's still P182.50 left from his money after a week-long class. This amount is to be treated as Gary's a. Gross Profit b. Net Income c. Operating Income d. None of the aboveRequired information Comprehensive Problem 5-88 (LO 5-1, LO 5-2, LO 5-3) (Algo) Skip to question [The following information applies to the questions displayed below.]Diana and Ryan Workman were married on January 1 of last year. Diana has an eight-year-old son, Jorge, from her previous marriage. Ryan works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,500. Diana is self-employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. Ryan earned a $96,500 salary for the year. Ryan borrowed $12,100 from DI to purchase a car. DI charged him 2 percent interest ($242) on the loan, which Ryan paid on December 31. DI would have charged Ryan $730 if interest had been calculated at the applicable federal interest rate. Assume that tax avoidance was not a motive for the loan. Diana received $2,050 in alimony and $4,600 in child support payments from her former husband. They…Question 6 6. Mr Bo, a manager at Mamu Papi earns RM10,000 salary per month. He hasbeen working in the same company for the past 20 years. As an appreciation tohis long service, he is provided with the following benefits: An unfurnished condo at 1 Persiaran Gurney. The rental of RM4,000 a permonth is paid by the employer. The employer’s portion of the Employee’s Provident Fund, 12% of his monthlysalary A new Sports Utility Vehicle (SUV) costing RM150,000 was given to him since2018. Since this car is a hybrid, the company does not provide him with anypetrol allowances. A gardener who is paid RM400 per month. A half day maid who is paid RM500 per month.1 The company paid for RM10,000 worth of airfare for Mr Bo and his family togo for a holiday in Singapore in January 2021. RM2,000 medical and dental benefitsMr Bo apart from his work receives the following additional income RM3,500 single tier dividend from Tenaga Nasional Berhad Net dividend income of RM12,750. Interest income…