The payroll records of Grove Machining Co. show the following information for the week ended April 17:
Question:
Hourly workers are paid time-and-a-half for overtime.
a. Determine the net earnings of each employee.
b. Prepare the journal entries for the following:
1. Recording the payroll.
2. Paying the payroll.
3. Distributing the payroll. (Assume that the overtime premium will be distributed to all jobs worked on during the period.)
4. Recording the employers payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)
Transcribed Image Text:
Income Tax W/held S 80 84 110 100 100 240 120 Hours Production Employee Classification Worked Units) Manressa, C. Direct Dorr, M Ginty, D. Norris, D Rancifer, K. Indirect Greer, B. Holbert, R 42 48 39 40 40 50 40 Rate $18.00/hr $17.60/hr $.44/piece $.44/piece $800/wk $1,600/wk $1,400/wk Direct Direct Direct 2,000 1,800 Indirect Indirect
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
a Income Classifi Regular Overtime Total FICA Tax Net Employee cation Hours Pieces Rate Earnings Pre...View the full answer
Answered By
Umber Talat
I am providing full time mentoring and tutoring services in Business Finance, Contemporary issue in Global Economy, Quantitative Techniques, Principles of Marketing, strategic marketing, International Marketing, Organizational Behavior (OB), Consumer Behavior, Sales Force Management, Strategic Brand Management, Services Marketing, Integrated Marketing Communication (IMC), Principles of Management, General Management, Strategic Management, Small and Medium Enterprise Management, Innovation Management, Change Management, Knowledge Management, Strategic Planning, Operations Management, Supply Chain Management, Logistics Management, Inventory management, Total Quality Management (TQM), Productions Management, Project Management, Production Planning, Human Resource Management (HRM), Human Resource Development, Strategic HRM, Organizational Planning, Performance and Compensation Management, Recruitment and Selection, Organizational Development, Global Issues in Human Resource Management, Retail Marketing, Entrepreneurship, Entrepreneurial Marketing, International Business, Research Methods in Business, Business Communication, Business Ethics.
4.70+
158+ Reviews
236+ Question Solved
Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
Question Posted:
Students also viewed these Cost Accounting questions
-
The information given below was taken from the payroll records of Clegg Company (Oregon employer) for 20--. Use the information to complete the partially illustrated Form 940 shown below. Assume that...
-
The payroll records of Simplex Software show the following information about Ken LeShon, an employee, for the weekly pay period ending September 30, 2009. LeShon is single and claims one allowance....
-
The following information is taken from the payroll records of Letzelter Manufacturing on June 30. Gross PayProduction Department $18,700 General Office 5,200 23,900 Deductions: Federal income...
-
Find and draw y(t) for the system below X(t)-21tl and h(t) as below h(t)
-
The numbers (in thousands) of charter schools are described by the bar graph in Fig. 140 for various years. a. Why is the graph in Fig. 140 misleading? b. Construct a time-series plot of the data....
-
Ray loses his job as a result of a corporate downsizing. Consequently, he falls behind on the mortgage payments on his personal residence. His friend Ted would like to make the delinquent mortgage...
-
For the balance sheet for Bethesda Imaging, shown in Table 2.6, identify three financial ratios that might be of interest to an investor in the company. What do the 5 -year trends for the ratios...
-
Burns Boats wants to assemble 50 boats per 8-hour day, using a production line. Total task time for each boat is 45 minutes. a. What is the takt time? What is the theoretical mini mum number of...
-
The following information is available for Baker Industries: Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Required: Compute the cost of goods sold....
-
Standard addition. A particular CO2 compound electrode like the one in Figure 14-28 obeys the equation E = constant - [RT (ln 10)/2F] log[CO2], where R is the gas constant, T is temperature (303.15...
-
A weekly payroll summary made from labor time records shows the following data for Pima Company: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs...
-
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...
-
On April 1, 2008, a machine was purchased for 70,000. Estimated useful life of machine is three with an estimate of salvage value 15,000 at the end. If company provides depreciation as per written...
-
Should the company pursue the project at a 7.5% rate of return? Please choose the statement that best describes the facts. Yes No So long as the required rate of return is below the project's...
-
If Firm X is abating 9 units with an MACX = 0.6AX, and Firm Y is abating 11 units with an MACY = 0.9AY, then Firm Y should do less of the abating and Firm X should do more in order to lower the...
-
Scenario 13:Accountant 13 is a new staff accountant. She says I just passed the CPA exam. The clientwants to give me and my family the companies' luxury box to celebrate the all star baseballgame and...
-
Which company has the higher receivables turnover ratio? Company A Company B Average Net Accounts Receivable $2,000 $5,000 Average Inventory $4,000 $20,000 Net Sales $40,000 $100,000 Multiple choice...
-
Iron ore has the following screen analysis after crushing to minus 50.8 mm. Passing Retained Wt.% 50.8 mm 38.1 mm 41.5 38.1 mm 25.4 mm 25.2 25.4 mm 19.0 mm 15.1 19.0 mm 12.7 mm 13.1 12.7 mm 9.5 mm...
-
Just Start Tools runs a network of small hardware retail outlets across the state. All sales are made for cash or on credit card and processed through electronic tills. A wide range of goods are...
-
Write the statement to store the contents of the txtAge control in an Integer variable named intAge.
-
Problem 3.8 asked you to fit two different models to the chemical process data in Table B.5. Perform appropriate residual analyses for both models. Discuss the results of these analyses. Calculate...
-
Jones and Wang, physicians, budgeted for the following revenue and expenses for the month of September: Depreciationequipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $...
-
The partners of Harris and Whelan, attorneys-at-law, decide to implement an activity-based costing system for their firm. They identify the following three cost pools and budgeted amounts for each...
-
A client, Carolyn Goode, requires 10 partner labor hours and 25 professional associate hours from Harris and Whelan, the law firm in E9-5. Partners are paid $125 per hour, and associates make $60 per...
-
Most people believe that Ford's use of a utilitarian analysis led the company to make the wrong decision in the Pinto Case. A thorough analysis of the Pinto case that addresses questions like the...
-
Go to www.marriott.com, the website for Marriott International, Inc, an American multinational hospitality company. The company opened its first hotel in 1957 and are on a mission to "shape the...
-
Describe the Commerce Clause and discuss the reason that it is so important to our country's legal system. In November of 2022, the U.S. Supreme Court heard arguments in a lawsuit titled Texas v....
Study smarter with the SolutionInn App