QUESTIONS (answer with solutions)A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally,advances made to employees are paid back by payroll deductions.Information relating to salaries for the calendar year 2020 is as follows:31/12/201931/12/2020Employee advancesAccrued salaries payable12,000.0018,000.0015,000.00?Salaries expense during the year815,000.00Salaries paid during the year (gross)780,000.00At December 31, 2020, what amount should Popcorn company report foraccrued salaries payable?B. Face Company grants all employees two weeks paid vacation for eachfull year of employment. Unused vacation time can be accumulated andcarried forward to succeeding years, and will be paid at the salaries ineffect when vacations are taken or when employment is terminated.There was no employee turnover in 2020. Additional information relatingto the year ended December 31, 2020 is as follows:Liability for accumulated vacations at December 31, 201925,000.00Pre-2020 accrued vacations taken from January 1, 2020 to September 30,2020 (the authorized period for vacations)15,000.00Vacations earned for work in 2020 (adjusted to current rates)20,000.00Face company granted a 10% salary increase to all employees on October1, 2020, its annual salary increase date.For the year ended December 31, 2020, Face company should reportvacation pay expense of

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A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 31/12/2019 31/12/2020 Employee advances Accrued salaries payable 12,000.00 18,000.00 15,000.00 Salaries expense during the year 815,000.00 Salaries paid during the year (gross) 780,000.00 At December 31, 2020, what amount should Popcorn company report for accrued salaries payable?

A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 31/12/2019 31/12/2020 Employee advances Accrued salaries payable 12,000.00 18,000.00 15,000.00 Salaries expense during the year 815,000.00 Salaries paid during the year (gross) 780,000.00 At December 31, 2020, what amount should Popcorn company report for accrued salaries payable?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

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Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? a. P100,000 b. P94,000 c. P82,000 d. P35,000
Joe Company’s salaried employees are paid bi-weekly. Occasionally, advances made to employees are paid back bypayroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 12/31/19 12/31/20Employee advances P12,000 P18,000 Accrued salaries payable 91,000 ?Salaries expense during the year 910,000Salaries paid during the year (gross) 875,000At December 31, 2020, what amount should Joe report for accrued salaries payable?a. P126,000 b. P108,000 c. P120,000 d. P35,000
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4. The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? * December 31, 2018 December 31, 2019 Employee advances 12,000 18,000 Accrued salaries payable 65,000 Salaries expense during the year 815,000 Salaries paid during the year 780,000 a. P100,000 O b. P94,000 c. P82,000 d. P35,000
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PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=? 2. =? 3. CR.=? 4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =? 6. =? 7. CR =? 8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE
Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.