The payroll records of Linda Vista Machining Co. show the following information for the week ended April
Question:
The payroll records of Linda Vista Machining Co. show the following information for the week ended April 17:
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 employer's payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemploymenttaxes.)
Transcribed Image Text:
Income Hours Production Tax Employee Classification Worked (Units) Manressa, C. Direct Dorr, M. Ginty, D Norris, D. Direct Rancifer, K. Indirect Greer, B Holbert, R. Indirect Rate W/held S 80 84 2,000 $0.44/piece 110 1,800 $0.44/piece 100 100 240 120 42 48 39 $18.00hr $17.60hr Direct Direct 40 $800/wk $1,600/wk $1.400/wk Indirect 50
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
a Employee Classification Hours Pieces Rate Regular Overtime Total FICA Income Net Earnings Premiu...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
The payroll records of Grove Machining Co. show the following information for the week ended April 17: Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each...
-
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....
-
Q1. a)Analyse Spencers experience in terms of consumer behavior framework in your notes. What variables and processes can you identify that appear to work in this situation? Does this situation...
-
For each of the following functions, find the equation of the secant line connecting the given base point to and times t0 + t for t = 1.0, t = 0.5, t = 0.1, and t = 0.01. Sketch the function and each...
-
In his autobiography A Sort of Life, British author Graham Greene described a period of severe mental depression during which he played Russian Roulette. This games consists of putting a bullet in...
-
Drawing on recent examples, consider the extent to which strike action is likely to help trade union members achieve their various aims.
-
1. In light of the foregoing payoffs, why did Airbus go ahead with the A380 Superjumbo even though its $10.7 billion development cost required as many as 250 planes to break even by 2010? 2. In 2004,...
-
Kingbird Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Kingbird's Accounts Receivable account was $581,000 and Allowance for...
-
Mason Company uses the high-low method to predict its total overhead costs. Past records show that total overhead cost was $25,000 for 800 labour hours worked and $27,500 for 900 labour hours worked....
-
A weekly payroll summary made from labor time records shows the following data for Victory Parkway Inc.: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all...
-
Diane Vance, 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...
-
Compute the probability of event E if the odds in favor of E are 519 (A) 2 (B) 4 3 (C) 3 7 (D) 23 77
-
Tanner owns an investment that is expected to pay him 4,380 dollars per quarter forever with the next payment of 4,380 dollars expected in 3 months from today. The investment has an annual return of...
-
Sheridan Corporation recently reported an EBITDA of $32.70 million and net income of $9.7 million. The company had $6.8 million in interest expense, and it's average corporate tax rate was 35...
-
- A car's velocity in meters per second is given by the function v(t) = 2t2 3t+5. Find the car's acceleration at t = 2.
-
Reba Dixon is a fifth-grade school teacher who earned a salary of $37,760 in 2023. She is 45 years old and receives $1,200 of alimony payments each month from her former husband (divorced in 2016)....
-
You are considering purchasing a small mixed-use building. As part of your analysis, you want to project the NOI for next year (20X1). The seller provides you with the following rent roll and...
-
How much should a nation be concerned if its rate of economic growth is just 2% slower than other nations?
-
What are some of the features of the Unified Process (UP)?
-
You are working on a project to design a new order system for a distributor of auto supplies. You are developing the physical DFD, and one of the logical processes is Check Inventory in Stock. If...
-
TBA Products Company manufactures a variety of products made of plastic and aluminum components. During the winter months, substantially all of the production capacity is devoted to the production of...
-
The standard cost summary for the most popular product of Phase-Five Products Company is shown as follows, together with production and cost data for the period. Production and Cost Summary Units...
-
Suzy-Q Corporation has established the following standard cost per unit: Materials5.5 lb@$2.20 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.10 Labor1.8 hr@$6.25 per...
-
Suppose you want to move out of your apartment and buy a small house. Let s assume that your income is $ 3 9 , 6 0 0 a year, your student loans cost $ 2 5 0 per month, and your car payment is $ 3 2 5...
-
An investor purchased a corporate bond for $ 9 1 5 . The bond pays 3 . 7 5 % interest and matures this year. Calculate the current yield on the bond investment at the time of purchase. Determine the...
-
There's an old cliche that says you can't inspect quality into a product. Similarly, can assessment instruments like CEAI assess or induce innovation into organizations?" Someone wrote in regards to...
Study smarter with the SolutionInn App