Required:1. Post January transactions to the general ledger, and subsidiary ledgers for materials and work in process. a) Purchases on account: Material X- 20,000 units at P5.20; Material Y -24,000marketing and administrative salaries. Payroll deductions consisted of P31,000c) Payroll is to be distributed as follows: Job 101 - 10,000 direct labor hours at Pb) Payroll totaling P220,000 was paid. Of the total payroll, P40,000 was forfor withholding taxes, P7,000 for SSS premiums, P 440 for Medicare4.00, Job 102 - 16,000 direct labor hours at P5.00; Job 103 - 12,000 directlabor hours at P3.00; indirect labor - P24,000; marketing and administratived) Materials were issued on a FIFO basis as follows: Material X- 20,000 unitssalaries - P40,000. Employer's payroll taxes are: SSS Premiums 5%;146During January, 2019, these transactions were completed:units at P 3.75; indirect materials - P35,040.contributions, P 6,600 for Pag-ibig Funds.labor hours at P3.00; indirect labor - P24,000; marketing and administsalaries - P40,000. Employer's payroll taxes are:Medicare contributions - 0.2%; and Pag-ibig Funds - 3%.(charged to Job 101); Material Y- 24,000 units (charged to Job 102): MateriX- 2,000 units and Materials Y-5,000 units (charged to Job 103): (NoteTransactions are to be taken in consecutive order).amounted to P15,040.Indirect materialse) Factory overhead was applied to Jobs 101, 102, and 103 based on a rate ofP2.25 per direct labor hour.f) Jobs 101 and 102 were completed and sold on account for P240,000 andP270,000, respectively.g) After allowing a 5% cash discount, a net amount of P494,000 was collected onaccounts receivable.h) Marketing and administrative expenses (other than salaries) paid during themonth amounted to P30,000. Miscellaneous factory overhead of P21,600 waspaid. Depreciation on machinery was P4,000.i) Payments on account, other than payroll paid, amounted to P170,000.j) The over or underapplied factory overhead is to be closed. On December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:Problem 2December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:CashAccounts ReceivableFinished GoodsWork in ProcessP 94,000100,00065,000MaterialsMachineryAccounts PayableCommon StockRetained EarningsDetails of the three inventories are:Finished goods inventory:Item A - 2,000 units at P 12.50Item B - 4,000 units at P 10.0015,00044,00070,600118,750200,00069,850P 25,00040,000P.TotalWork in process inventory:65,000Job 102Job 101Direct materials:1,000 units at P 5.00 P 5,000400 units at P 3.00P 1,200Direct labor:4,0001,000 hours at P 4.00400 hours at P 5.002,000Factory overhead:Applied at P 2.00/hour 2.000TotalMaterials inventory:800PL1,000P 4,000Material X - 4,000 units at P 5.00Material Y - 8,000 units at P 3.00TotalP 20,00024,000P 44,000

Answered: 0,000 was paid. Of th istrative…

Business

Accounting

0,000 was paid. Of th istrative salaries. Payrol es, P7,000 for SSS

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 3E

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On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000
Accounting for Labor If emplovees work on a five day work week and are paid every Friday ot week, Using the calendar year method of accounting, determine the of the Pag-ibig Contribution Withholding taxes 30,000 500,000 on Wednesday. a. P16,200 b. Р27,000 The employers' taxes are as follows: Sss Contribution Philhealth Contribution Pag-ibig Contribution c. P10,800 d. P5,400 200,000 30,000 30,000 The total weekly payroll charged to work in process account is: a. P5,100 b. P8,500 c. P16,000 d. P9,600 Total accrued payroll charged to expense account is: a. P8,100 b. P11,000 c. P6,600 d. P18,500 Comead 25% to administrative and 5% to selling expenses. Compute the total amount of payroll to be charged to work in pre It is the total amount earned by the worker a. Net pay b. Gross pay c. Gross earnings less deductions d. Bonus pay 41. account a. P5,000,000 b. P2,500,000 c. P3,500,000 d. P4,340,000 How much is the total factory overhead control account? a. P2,560,000 b. P1,500,000 c.…
The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account
15. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 85,000 85,000 2,125,000 Philhealth Pag-ibig Witholding taxes Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account 16. The following data of JYD Corp. Workers idle time are as follows: Normal Idle Time Abnormal Idle time Wage Rate/hr. Mr. Gom, Factory Supervisor Mr. Bur, Factory laborer Mr. Za, Factory laborer 6 hrs 2 hrs P400 8 hrs 2 hrs 250 8 hrs 2 hrs. 250 Prepare the journal entry to record the idle time of the three workers.
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxes
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Debit Credit Payroll taxes: OASDI Payable: HI Payable: FUTA Taxes Payable: SUTA Taxes Payable:
4. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution Pbilbealth Pag-ibig Witholding taxes 425,000 85,000 85.000 2,125,000 Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account
The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000
Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.
JOURNAL ENTRIES - ACTUAL COST SYSTEM The following transactions of Lakay Manufacturers were incurred during the month of May. a. Materials purchases on account, P750,000. b. Purchase returns and allowances, P50,000. c. Payment of payroll: Total Earnings P655,000 Less: SSS premiums P17,500 Philhealth premiums 8,000 Pag-IBIG premiums 2,500 Withholding taxes 12,000 Advances to employees 65,000 Union dues 30,000 135,000 Net amount P520,000 d. Breakdown of the payroll: factory, 60% (Direct labor - 50%, Superintendence - 40%; Indirect labor - 10%); sales, 25%; and, office, 15%. e. Disbursements are made for the following: Insurance premiums - factory building and contents P2,500 Lubricants, rags, brooms and insecticide 800 Electricity bill 4,100 Water bill 900 f. Sales on account, P2,200,000. g. Sales returns and allowances, P60,000. h. The following are paid: Bond paper, pencils and other office supplies P1,500 TV and radio advertisements 6,000 Plastic bags, masking tapes and…