What is the journal entry for the following? Employees work 5 days a week, and are paid 4500 dollars every other wednesday. Month ended on a thursday, employees were last paid 2 weeks ago.
Q: (a) Determine the transaction price for this contract, assuming Brown is only able to estimate…
A: Transaction price An entity expects to receive an amount of consideration in exchange of transfer of…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Allowance for Doubtful Account Since it lowers the value of an asset in this case, the accounts…
Q: Fire company's plant manager is considering whether to buy a new welding robot to replace an old…
A:
Q: estion 5 How many days are there between November 24, 2015 to March 28, 2016? 124 days 115 days 125…
A: Calendar Days Full calendar Days refers to any day of the chronological year, including holidays,…
Q: alize the entries required for Gate City Cycles, assuming Gate City Cycles uses the direct write-off…
A: As per the guidelines, we will be solving the first question only . Please resubmit your question…
Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real…
A: The housing expense ratio, also known as the front-end ratio, is a percentage determined by dividing…
Q: Using the financial statements in the attached workbook (Walmart Macys Financials.xlsx), calculate…
A: ROA=Net IncomeTotal Assets×100 Profit Margin=Net IncomeNet Revenues×100 Asset Turnover=Net…
Q: In 2024, Sandhill Company had a break-even point of $332,000 based on a unit selling price of $5.00…
A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…
Q: Following are separate income statements for Austin, Inc., and its 80 percent-owned subsidiary, Rio…
A: SOLUTION:- Basic Earnings per share: Austin Net income = 284,000Austin preferred dividends =…
Q: What two accounts are affected when other manufacturing overhead costs incurred during the year…
A: At the time of assigning other manufacturing overhead costs to manufacturing costs. The…
Q: E8.3 (LO 1, 2) The following control procedures are used in Mendy Lang's Boutique Shoppe for cash…
A: Internal control is a process carried out by a company's board of directors, management, and other…
Q: If Sudar Products Bhd follows the residual distributions model:(ii) How much retained earnings and…
A: Residual distribution model is the method in which dividend is paid after the capital repayment has…
Q: Below are events, for each event, identify the type of risk the event entails, classify your…
A: There is some type of risks which has been there on which the company could not and are helpless to…
Q: Tax evasion is defined as a willful attempt to defraud the government. What are some examples of an…
A: Tax Evasion: It is the effort by an individual or a corporation to avoid paying the taxes that are…
Q: Carla Vista Company sells goods to Vaughn Company during 2023. It offers Vaughn the following…
A: When a percentage of the cost of the transaction is returned to the consumer, this practice is known…
Q: Comfy Recliner Chairs completed the following selected transactions: i (Click the icon to view the…
A: INTRODUCTION: Journal entries are used in the general ledger to document financial transactions. ADI…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The debt ratio indicates the rate of debt percentage in comparison to the total assets of the…
Q: Question 6 The following is the estimated unit cost of manufacturing Product A based on normal…
A: Calculation of selling price in above cases are as follows
Q: Church Company completes these transactions and events during March of the current year (terms for…
A: In this question we have to post the journals to their appropriate ledgers and complete the…
Q: Assume the $26,000 Treasury bill, 5% for 15 weeks. Calculate the effective rate of interest. Note:…
A: The effective rate of interest is 5.1% Formula for computing the effective interest rate on a…
Q: (a) H. Melinda Trail Balance as at 31 December 2020 1. 2. 3. Allowance for irrecoverable receivables…
A: The four primary financial statements are: Income statement or Statement of Profit & Loss,…
Q: data set? 4,5,9,3,10,11 show all work.
A:
Q: Presented below is information related to Splish Company. Date December 31, 2022 December 31, 2023…
A: Inventory - For a manufacturing company, inventory is a crucial current asset. The tangible stock of…
Q: View Policies Current Attempt in Progress Cullumbers Hardware Store completed the following…
A: Net Sales Revenue :— It is gross sales revenue less sales discount less sales return and allowances.…
Q: Modern Garden operates a commercial nursery where it grows plants for garden centers throughout the…
A: TARGET COST Target cost is calculated by subtracting the desired profit margin from the target…
Q: What is not considered a tax base used by government agencies to collect tax? Federal income taxes…
A: Tax is the amount which is charged by government in lieu of various services provided by government.…
Q: Locate the Treasury bond in Figure 7.5 maturing in May 2038. Assume a $10,000 par value. a. Is this…
A: The bid-ask spread for a marketable item is the distinction between the ask price and the bid price.…
Q: Depreciation Expense Change in salaries payable Gain from sale of equipment Change in common stock…
A: calculation of cash flow from operation are as follows
Q: The following are the available data of Anton Corp. for year 2025: Budgeted Fixed Overhead 1,566,000…
A: calculation of over-under applied overhead , spending variance and idle capacity variance are as…
Q: Neptune Company has developed a small inflatable toy that it is anxious to introduce to its…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following…
A: Lets understand the basics. When any sales is made to customer and various slabs are there for…
Q: Otjomuise Ltd manufactures and sells a single item of farm machinery, which is distributed through a…
A: Break Even Point (BEP) :— It is the Point at which total cost is equal to total revenue. At this…
Q: What is a factor to consider when scoping testing locations
A: Testing locations of the inventory is used by the auditors so that it can be analysed about the…
Q: What would be the answers for the adjusted entries questions?
A: This is the follow-up question and which is regarding the adjusting journal entries. Given in…
Q: Group of answer choices remain constant and simply be spread
A: Activity based costing refers to the concept of assigning the desired direct as well as indirect…
Q: Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home.…
A: Journal entries: Particulars Debit Credit Cash 19,000.00 Accounts Receivable…
Q: The following information applies to the questions displayed below.] Bailey Delivery Company,…
A: T-Accounts - T-Accounts are the Summary of ledgers in the Journal Entries. All the Journals are…
Q: On December 31, 2020, Sarasota Co. performed environmental consulting services for Hayduke Co.…
A: NOTE RECEIVABLE A Note Receivable is an asset account tied to an underlying promissory note. A…
Q: rhead costs incurred during a four-week period were:…
A: Overheads The term "overhead" describes continuing business costs that aren't directly related to…
Q: Alvis Construction Supply Company has a department that manufactures wood trusses (wood frames used…
A: Solution Fifo method is a valuation method in which the assets produced or acquired first are sold…
Q: ullumber Water Co. is a leading producer of greenhouse irrigation systems. Currently, the company…
A: In this question, we have given the data to calculate the relevant cost to make and buy the timer…
Q: a. Use the appropriate formula to find the value of the annuity b.how much of the financial goal…
A: FUTURE VALUE Future value is the value of an asset at a specific date. Future value is the…
Q: calculate the change in the net profit if sales increase by R600 000 (using the contribution ratio…
A: Break even point is a situation in which there is no profit and no loss. In other words, the cost…
Q: On July 10, 2023, Pharoah Ltd. sold GPS systems to retailers on account for a selling price of…
A: Recording of journal entry for above transaction are as follows
Q: Required information The Briggs and Stratton Commercial Division designs and manufacturers small…
A: Salvage Value - Salvage value, also known as scrap value or residual value, is an estimation of the…
Q: 2 The Brownian Motion is used to model the liquid assets (i.e. "cash") of our startup company Math…
A: Assets A resource having economic worth that a person, business, or nation possesses or controls…
Q: 1. Prepare the journal entries for the following transactions of Sun and Moon Resort for the month…
A: 1. Journal Entries - Journal Entries are the records of the transactions entered into by the…
Q: Miller Company's contribution format income statement for the most recent month is shown below: Per…
A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…
Q: When a firm redesigns a product to reduce the number of component parts, the firm is Group of answer…
A: Please see Step 2 for the required information.
What is the
Employees work 5 days a week, and are paid 4500 dollars every other wednesday. Month ended on a thursday, employees were last paid 2 weeks ago.
Step by step
Solved in 2 steps
- Employees at Rayon Enterprises earn one day a month of vacation compensation (twelve days total each year). Vacation compensation is paid at an hourly rate of $45, based on an eight-hour work day. Rayons first pay period is January. It is now April 30, how much vacation liability has accumulated if the company has four employees and no vacation compensation has been paid? A. $1,440 B. $4,320 C. $5,760 D. $7,200Connie 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...................................... _______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________
- On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?Casey Collins average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his companys perfect attendance program, he earned a bonus of 975. Determine the extra overtime pay due Collins for the first quarter. Extra overtime pay ..................................... _______Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
- Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19. Required Compute the dollar amount of the weekly payroll. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll. Will net income for the month of September be understated or overstated if Denton doesnt bother with an adjusting entry on September 30? Explain your answer.Hunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over 650 in tips. The restaurant uses the full tip credit against the minimum wage and pays Sobitson the minimum required for tipped employees. Determine his gross pay from the restaurant. a. Pay for the 40 hours_________ b. Pay for overtime hours_________Kelsey Gunn is the only employee of Arsenault Company. His pay rate is 23.00 per hour with an overtime rate of 1 times for hours over 40 in a workweek. For the week ending March 31, 20--, he worked 48 hours. Calculate his gross pay for the week using the overtime premium approach to calculate the overtime pay. Since the company holds back one week of pay, Gunn will not be paid until April 7, 20--. What adjusting entry would the company make in order to record Gunns salary in the first quarter of this year? a. Regular pay....................................................................... ________ b. Overtime premium pay..................................................... ________ c. Gross pay.......................................................................... ________ d. Adjusting entry
- Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 42 hours this week and collected over 500 in tips. The restaurant uses the full tip credit against the minimum wage and pays Hunter the minimum required for tipped employees. Determine her gross pay from the restaurant. a. Pay for the 40 hours_________ b. Pay for the overtime hours_________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.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 .....................................................................__________