Wage
Fitzgerald Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018, Fitzgerald paid wages of $112,000, 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. Prepare:
a. the entry to accrue the company’s wages at December 31, 2017. b. the entry on January 2, 2018.
Hint: $112,000 is the wage for 14 days of working.
There will be wages expense and wages liability in the journal entries.
The payroll is given every other Friday. Every other Friday means like this:
Homework Answers
a. the entry to accrue the company’s wages at December 31, 2017.
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...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned unused sick days accumulate. Additional information is as fallows. Vacation Days Used by Each Employee 2016 2017...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned unused sick days accumulate. Additional information is as fallows. Vacation Days Used by Each Employee 2016 2017...
Exercise 13-3 Sage Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are pa...
Exercise 13-3 Sage Company began operations
on January 2, 2016. It employs 8 individuals who work 8-hour days
and are paid hourly. Each employee earns 10 paid vacation days and
8 paid sick days annually. Vacation days may be taken after January
15 of the year following the year in which they are earned. Sick
days may be taken as soon as they are earned; unused sick days
accumulate. Additional information is as follows. Actual Hourly
Wage Rate Vacation Days...
Crane Company pays salaries of $10,630 every Monday for the preceding 5-day week (Monday through Friday)....
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Vaughn Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days...
Vaughn Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual HourlyVacation Days Used Wage Rate 2016 2017...
Sarasota Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days...
Sarasota Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by...
Exercise 13-3 Shamrock Company began operations on January 2, 2016. It employs 9 individuals who work...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
individuals who work 8-hour days and are paid hourly. Each employee
earns 9 paid vacation days and 6 paid sick days annually. Vacation
days may be taken after January 15 of the year following the year
in which they are earned. Sick days may be taken as soon as they
are earned; unused sick days accumulate. Additional information is
as follows.
Actual Hourly
Wage Rate
Vacation Days...
Demello & Associates records adjusting entries on an annual basis. The company has the following information...
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2017: 1. Demello has a $9,600, 6% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,200 every second Wednesday. Employees work a...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses incurred in September but not paid in September Expenses for supplies used and insurance (not included above) applicable to September 6.500 36,250 5,000 2.000 65. On January 1, Newman Company estimated its property tax to be $5,100 for the year. (a) How much should the company accrue each month for property taxes? (b) Calculate the balance in Property Tax Payable as of August 31....
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...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned unused sick days accumulate. Additional information is as fallows. Vacation Days Used by Each Employee 2016 2017...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned unused sick days accumulate. Additional information is as fallows. Vacation Days Used by Each Employee 2016 2017...
Exercise 13-3 Sage Company began operations
on January 2, 2016. It employs 8 individuals who work 8-hour days
and are paid hourly. Each employee earns 10 paid vacation days and
8 paid sick days annually. Vacation days may be taken after January
15 of the year following the year in which they are earned. Sick
days may be taken as soon as they are earned; unused sick days
accumulate. Additional information is as follows. Actual Hourly
Wage Rate Vacation Days...
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Vaughn Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual HourlyVacation Days Used Wage Rate 2016 2017...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
individuals who work 8-hour days and are paid hourly. Each employee
earns 9 paid vacation days and 6 paid sick days annually. Vacation
days may be taken after January 15 of the year following the year
in which they are earned. Sick days may be taken as soon as they
are earned; unused sick days accumulate. Additional information is
as follows.
Actual Hourly
Wage Rate
Vacation Days...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses incurred in September but not paid in September Expenses for supplies used and insurance (not included above) applicable to September 6.500 36,250 5,000 2.000 65. On January 1, Newman Company estimated its property tax to be $5,100 for the year. (a) How much should the company accrue each month for property taxes? (b) Calculate the balance in Property Tax Payable as of August 31....
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