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Probleml (3 points) The Hilltop Inn pays its employees on a biweekly basis. The last day...
Sheffield Corp. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in...
Sheffield Corp. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Sheffield accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/20, for the 2-week period ended 12/26/20. Overtime pay earned in the 2-week period ended 12/26/20 was $27000. Remaining work days in 2020 were December 29, 30, 31, on which days there was...
Fighting Irish Incorporated pays its employees $3,500 every two weeks ($250/day). The current two week pay...
Fighting Irish Incorporated pays its employees $3,500 every two weeks ($250/day). The current two week pay period ends on December 28, 2021, and employees are paid $3,500. The next two week pay period ends on January 11, 2022, and employees are paid $3,500. Required: 1. Record the adjusting entry on December 31, 2021. 2. Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is $0). Complete this question by entering...
Officers, sales, and office personnel are salaried employees and are paid monthly on the last day...
Officers, sales, and office personnel are salaried employees and are paid monthly on the last day of each month. The delivery truck drivers and warehouse employees are hourly wage employees and are paid biweekly. Each biweekly pay period ends Friday. On the following Monday, your 1 assistant, who maintains the payroll records, provides you with the payroll summary from which you prepare general journal entries to record the biweekly payroll and the employer’s taxes on the payroll. The biweekly employees’...
Righting Irish Incorporated pays its employees $4.480 every two weeks ($320/dayThe current two-week pay period ends...
Righting Irish Incorporated pays its employees $4.480 every two weeks ($320/dayThe current two-week pay period ends on December 28, 2021, and employees are pald $4,480. The next two-week pay period ends on January 11, 2022 and employees are paid $4.480. Required: 1. Record the adjusting entry on December 31, 2021. 2 Calculate the 2021 yearend adjusted balance of Salarles Payable (assuming the balance of Salarfes Payable before adjustment in 2021 is $0) Complete this question by entering your answers in...
Exercise#14-ACCRUED EXPENSES: Dune Corporation pays its employees $1,000 per Tive-day work week on Fridays. June 30...
Exercise#14-ACCRUED EXPENSES: Dune Corporation pays its employees $1,000 per Tive-day work week on Fridays. June 30 falls on a Thursday; financial statement will be prepared that day. Instructions: A. What is the adjusting entry for the accrual of salaries and wages for the last week of the month of June? B. What is the journal entry for the payment of salaries and wages on July 1?
a company pays its two office employees each friday at the rate of $100 per day...
a company pays its two office employees each friday at the rate of $100 per day each for a five day week that begins on monday. if the monthly accounting period ends on tuesday and the employees worked both on monday and tuesday the month end adjusting entry ro record the salaries earned but unpaid is
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
Turbine Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday,...
Turbine Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018, Turbine paid wages of $154,000, which covered the 14-day period from December 20, 2017, through January 2, 2018. Wages were earned evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $14,035, while the FICA tax withheld was $15,400. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday.
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Salaries Payable $560 and credit Salaries Expense $560. Debit Salaries Expense $560 and credit Salaries Payable $560. Debit Salaries Expense $840 and credit Salaries Payable $840 Debit...
Fighting Irish Incorporated pays its employees $3,500 every two weeks ($250/day). The current two week pay period ends on December 28, 2021, and employees are paid $3,500. The next two week pay period ends on January 11, 2022, and employees are paid $3,500. Required: 1. Record the adjusting entry on December 31, 2021. 2. Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is $0). Complete this question by entering...
Righting Irish Incorporated pays its employees $4.480 every two weeks ($320/dayThe current two-week pay period ends on December 28, 2021, and employees are pald $4,480. The next two-week pay period ends on January 11, 2022 and employees are paid $4.480. Required: 1. Record the adjusting entry on December 31, 2021. 2 Calculate the 2021 yearend adjusted balance of Salarles Payable (assuming the balance of Salarfes Payable before adjustment in 2021 is $0) Complete this question by entering your answers in...
Exercise#14-ACCRUED EXPENSES: Dune Corporation pays its employees $1,000 per Tive-day work week on Fridays. June 30 falls on a Thursday; financial statement will be prepared that day. Instructions: A. What is the adjusting entry for the accrual of salaries and wages for the last week of the month of June? B. What is the journal entry for the payment of salaries and wages on July 1?
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
Turbine Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018, Turbine paid wages of $154,000, which covered the 14-day period from December 20, 2017, through January 2, 2018. Wages were earned evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $14,035, while the FICA tax withheld was $15,400. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
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