Answered: GS = $390,000 •GM = 56% •Store size:…

GS = $390,000 •GM = 56% •Store size: 20 ft x 25 ft. •2,500 transactions •5,000 units sold •Salaries 88,636 •Occupancy is $107,250 Q. what is the salary

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter14: Decentralized Operations

Section: Chapter Questions

Problem 3SEQ: Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of...

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

•COGS = $390,000

•GM = 56%

•Store size: 20 ft x 25 ft.

•2,500 transactions

•5,000 units sold

•Salaries 88,636

•Occupancy is $107,250

Q. what is the salary %?

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