The gross earnings of the factory workers for Waterway Company during the month of January are $86,000. The employer’s payroll taxes for the factory payroll are $9,500. The fringe benefits to be paid by the employer on this payroll are $5,300. Of the total accumulated cost of factory labor, 81% is related to direct labor and 19% is attributable to indirect labor.(a) Prepare the entry to record the factory labor costs for the month of January.(b) Prepare the entry to assign factory labor to production.

Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. 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 $450, state income tax of $80, health-care insurance premium of $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. Toren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Question Content Area A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31   - Select - - Select -     - Select - - Select -…

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned$520,000  Employee income taxes withheld 48,100  FICA taxes withheld 37,180  Unemployment taxes 3,615   Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer’s FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.

Vishnu

During the month of March, Blossom Company's employees earned wages of $83,000. Withholdings related to these wages were $6,350 for FICA, $9,727 for federal income tax, $4,020 for state income tax, and $519 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $908 for state unemployment tax. (a) (b) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that wages earned during March will be paid during April. Prepare a tabular summary to record the company's payroll tax expense. Include margin explanations for changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Mar. 31 Mar. 31 $ Assets Cash Salaries & Wages Payable 69 67 Federal Income Taxes Payable + tA FICA Taxes…

During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. (a) Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Mar. 31 Debit Credit NO

Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…

The gross earnings of factory workers for Blossom Company during the month of January are $320,000. The employer's payroll taxes for the factory payroll are $64,000. Of the total accumulated cost of factory labor, 75% is related to direct labor and 25% is attributable to indirect labor. (a) Prepare the entry to record the factory labor costs for the month of January. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Your answer has been saved. See score details after the due date. Account Titles and Explanation (b) (c) Factory Labor Payroll Liabilities Your answer has been saved. See score details after the due date. Account Titles and Explanation Work in Process Inventory Manufacturing Overhead Prepare the entry to assign factory labor to production. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit…

Warner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of factory labor costs.Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31                 (To record raw materials purchased)     31                 (To record factory labor costs)

Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was deducted for CPP, $1,125 for El, and $19,900 for income tax. Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit Credit