ers 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. (Ass

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A: Journal entry is the primary step to record the transaction in the books of accounts. The debit and…

Q: Sunland Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

A: Working Notes: Amount of Accrued wages expense at the end of January: = Number of days Balance *…

Q: Bramble Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll…

A: Given that, Office salaries = $24,760 Sales salaries = $70,840 FICA social security rate = 6.2% FICA…

Q: A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct…

A: Adjusting journal entry is made at the end of the fiscal period to reflect the adjustment that has…

Q: Using the earnings data developed in E3-1 and assuming that this was the first week of employment…

A: Payroll accounting is basically the calculation, recording, and examination of employees’…

Q: Paradise Hills Berry Farm has 30 employees who are paid biweekly. The payroll register showed the…

A: A journal entry is being used to record a business deal in a company's accounting records. A journal…

Q: Due to payroll cut-off, the services of the employees from December 21 to 31, 2012 amounting to Php…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Fare Industries pays salaries and wages every two weeks. Salaries and wages amount to $180 a day and…

A: Accrued salaries and wages expense = Salary and wages expense per day x 7 days = $180 x 7 days =…

Q: Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and…

A: An adjusting entry is an entry made at the close of an accounting cycle in a business's accounting…

Q: The following information relates to Fanning’s Electronics on December 31, 2011. The company, which…

A: Adjusting entries (often described as end-of-year adjustments) constitute journal entries produced…

Q: PSb 3-10 Populate a Payroll Register Complete the FWT column (wage-bracket method) and SWT column of…

A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…

Q: g. Wages paid in June include the balance in the Wages Payable account at May 31 plus S36,100 of…

A: A journal entry is prepared in order to record the business transactions in the books of accounting.…

Q: Recording in the Accounting System Fulton Design pays employees on Friday of each five-day work…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A: 1. Date Account Titles and Explanation Debit Credit  June 30 Salaries and wages…

Q: paying wages Pablo Management has eight employees, each of whom earns $220 per day. They are paid on…

A: Journal entries are recording of all the business transactions in chronological order. The first…

Q: Example 3-1 The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No…

A: OASDI Tax: The OASDI (Old Age, Survivors, and Disability Insurance program) tax, often referred as…

Q: Zoey Bella Company has a payroll of $5,080 for a five-day workweek. Its employees are paid each…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Mosul Company's weekly paid to its employees on -1 Fridays, totals $12,000 after finishing work.…

A: The adjustment entries are prepared at the end of the year to adjust the revenue and expenses of the…

Q: Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that Sept. 30 falls on a…

A: Calculation of Salaries Payable    Weekly salaries = 25,200  Days in a week = 6 days Salaries are…

Q: On December 31, 20-, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Note: 1) Accrued wages is calculated on gross pay of 32,650 but not on net pay of $ 21330 2) Accrued…

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A: Any company with workers has to pay a salary, which is an indirect cost. It is compensated as…

Q: Financial Statement Impact Auto Rx provides auto repair services. Employees are paid weekly on…

A: Following are the answers to requisite questions

Q: There are 44 employees working for Segura Corporation. They are paid every second Monday for 10…

A: The journal entries are prepared to record the day to day transactions on regular basis. The…

Q: On January 9, a company pays $5,000 for salaries and wages of which $2,000 was reported as Salaries…

A: All those expense which is payable in current year but not paid, is the liability for the entity. It…

Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday…

A: INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Q: Required Information [The following information applies to the questions displayed below.] During…

A: Accrued liabilities: An accrued liability is an expense that a business has incurred but has not yet…

Q: A company has three employees, each of whom has been employed since January 1, earns $2,850 per…

A: Part 1:

Q: Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the…

A: Per day cost=Number of employees×Per day pay=65×$80=$5,200

Q: Prepare a payroll register for Thriwback Industries Inc for weeks ended Dec 7 2014

A: Payroll register is used to record the list of employees worked , their gross pay, net pay after…

Q: Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for…

A: To keep track of financial transactions, journal entries are used. You enter transaction details…

Q: A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The…

A: Definition of Accrued Expenses:Accrued Expenses is an expenses which has been incurred but not yet…

Q: During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s…

A: Solution:- Introduction:- The following basic information as follows:- Employee earned $5,000 of…

Q: Employees of the Deco House were paid on Friday, December 27 for the five days ending on December…

A: Weekly payroll includes five days pay , therefore one day pay = $3,8005 days = $760 per day

Q: Progress Sheridan Company'sgross pay for the week ended August 22 totalled73,500, from which S4,030…

A: Salary payable = Gross pay - CPP- EI- income tax =73,500-4030-1350-19710 = $48,410

Q: 0. On April 1, the company hired an attorney for April for a flat fee of $2.500. Payment for April…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Accrued salaries expense = Gross pay x no. of days accrued  / 5 day week Accrued salaries payable =…

Q: The Rollins Company has office employees and shipping employees. A summary of their earnings and…

A: Total social Security tax payable = 77.90+67.36 = 145.26

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.