Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Question
Chapter 11, Problem 11.17EX
A.
To determine
Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’
To journalize: The
B.
To determine
To explain: how vacation pay is reported on the company’s
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The journal entry a company uses to record accrued (earned) vacation privileges for its employees at the end of the year is:
Group of answer choices
A. debit Vacation Pay Payable; credit Vacation Pay Expense
B. debit Vacation Pay Expense; credit Vacation Pay Payable
C. debit Salary Expense; credit Salaries Payble
D. debit Salary Expense; credit Cash
Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare
the journal entry to record a $14,000 bonus owed (but not yet paid) to its workers at calendar year-end.
View transaction list
Journal entry worksheet
<
1
Record the expected bonus costs.
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
7
Record entry
Clear entry
View general journal
The following information about the payroll for the week ended December 30 was obtained
from the records of Pharrell Co.:
Salaries:
Deductions:
$402,000
Sales salaries
Income tax withheld
$135,975
Social security tax withheld
46,620
Warehouse salaries
210,000
Office salaries
Medicare tax withheld
165,000
11,655
Retirement savings
$777,000
17,094
Group insurance
13,986
$225,330
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Chapter 11 Solutions
Accounting
Ch. 11 - Does a discounted note payable provide credit...Ch. 11 - Employees are subject to taxes withheld from their...Ch. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - To match revenues and expenses properly, should...Ch. 11 - Prob. 8DQCh. 11 - When should the liability associated with a...Ch. 11 - Prob. 10DQ
Ch. 11 - Proceeds from notes payable On May 15, Maynard Co....Ch. 11 - Proceeds from notes payable On January 26, Nyree...Ch. 11 - Prob. 11.2APECh. 11 - Prob. 11.2BPECh. 11 - Prob. 11.3APECh. 11 - Prob. 11.3BPECh. 11 - Journalize period payroll The payroll register of...Ch. 11 - Prob. 11.4BPECh. 11 - Journalize payroll tax The payroll register of...Ch. 11 - Prob. 11.5BPECh. 11 - Prob. 11.6APECh. 11 - Prob. 11.6BPECh. 11 - Prob. 11.7APECh. 11 - Estimated warranty liability Quantas Industries...Ch. 11 - Quick ratio Nabors Company reported the following...Ch. 11 - Quick ratio Adieu Company reported the following...Ch. 11 - Current liabilities Born Nebo Co. sold 25,000)...Ch. 11 - Entries for notes payable Cosimo Enterprises...Ch. 11 - Entries for discounting notes payable Ramsey...Ch. 11 - Evaluating alternative notes A borrower has two...Ch. 11 - Entries for notes payable A business issued a...Ch. 11 - Entries for discounted note payable A business...Ch. 11 - Entries for notes payable Bull City Industries is...Ch. 11 - Prob. 11.8EXCh. 11 - Calculate payroll An employee cams 25 per hour and...Ch. 11 - Calculate payroll Breakin Away Company has three...Ch. 11 - Summary payroll data In the following summary of...Ch. 11 - Payroll tax entries According to a summary of the...Ch. 11 - Prob. 11.13EXCh. 11 - Prob. 11.14EXCh. 11 - Prob. 11.15EXCh. 11 - Prob. 11.16EXCh. 11 - Prob. 11.17EXCh. 11 - Prob. 11.18EXCh. 11 - Prob. 11.19EXCh. 11 - Prob. 11.20EXCh. 11 - Accrued product warranty General Motors...Ch. 11 - Prob. 11.22EXCh. 11 - Quick ratio Gmeiner Co. had the following current...Ch. 11 - Quick ratio The current assets and current...Ch. 11 - Liability transactions The following items were...Ch. 11 - Entries for payroll and payroll taxes The...Ch. 11 - Wage and tax statement data on employer FICA tax...Ch. 11 - Prob. 11.4APRCh. 11 - Payroll accounts and year-end entries The...Ch. 11 - Prob. 11.1BPRCh. 11 - Entries for payroll and payroll taxes The...Ch. 11 - Wage and tax statement data and employer FICA tax...Ch. 11 - Prob. 11.4BPRCh. 11 - Payroll accounts and year-end entries The...Ch. 11 - Prob. 3CPPCh. 11 - Ethics in Action Tonya Latirno is a staff...Ch. 11 - Prob. 11.2CPCh. 11 - Communication WBM Motorworks is a manufacturer of...Ch. 11 - Prob. 11.6CPCh. 11 - Prob. 11.7CP
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