Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 3, Problem 23EA
To determine
Determine the amount of salary payable that Company M would record on its
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Drew Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Drew accrues salaries expense only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows:A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021.B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000.C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime.D. The recurring biweekly salaries total P90,000
a. Assuming a five-day work week, D should record a liability at year end for accrued salaries:
S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly basis every other Friday. Overtime pay, however, is paid in the next biweekly period. S Corp. accrued salaries expenses only at its June 30 fiscal year. Data relating to salaries earned in June 20x1 were as follows:
Last payroll was paid on June 24, 20x1 for the two-week period June 24, 20x1
Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000.
The recurring biweekly salaries total P 720,000
In the remaining workdays of June, overtime pay earned amounted to P 18,000.
How much is Pink Corp.’s accrued salaries on June 30, 20x1?
A. P 288,000 P 297,000 C. P 351,000 D. P 369,000
The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay. Round your answers to nearest cent. Compute the following for the last monthly pay of the year:
a. The total wages of each part-time employee for December 20--.b. The OASDI and HI taxable wages for each employee.c. The FICA taxes withheld from each employee's wages for December.d. Totals of columns. (Totals should include both full-time and part-time employees.)e. The employer's FICA taxes for the month.
Employees
Total MonthlyPayroll
OASDI TaxableWages
OASDITax
HI TaxableWages
HI Tax
Full-Time Office:
Adaiar, Gene
$1,415.00
$fill in the blank 1
$fill in the blank 2
$fill in the blank 3
$fill in the blank 4
Crup, Jason
1,300.00
fill in the blank 5
fill in the blank 6
fill in the blank 7
fill in the blank 8
Essex, Joan
1,805.00
fill in the blank 9
fill in the blank 10
fill in the…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1YTCh. 3 - Prob. 2YTCh. 3 - Prob. 3YTCh. 3 - Prob. 4YTCh. 3 - Prob. 5YTCh. 3 - Prob. 6YTCh. 3 - Prob. 7YTCh. 3 - How does accrual basis accounting differ from cash...Ch. 3 - Prob. 2QCh. 3 - Prob. 3Q
Ch. 3 - Prob. 4QCh. 3 - What are accrued expenses?Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Name two common deferred expenses.Ch. 3 - What does it mean to recognize revenue?Ch. 3 - How does matching relate to accruals and...Ch. 3 - What is depreciation?Ch. 3 - Why is depreciation necessary?Ch. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - When prepaid insurance has been used, the...Ch. 3 - Prob. 10MCQCh. 3 - Prob. 1SEACh. 3 - Prob. 2SEACh. 3 - Account for interest expense. (LO 1, 2). UMC...Ch. 3 - Prob. 4SEACh. 3 - Account for insurance expense. (LO 1, 3). Catrina...Ch. 3 - Prob. 6SEACh. 3 - Account for unearned revenue. (LO 1, 3). Able...Ch. 3 - Prob. 8SEACh. 3 - Prob. 9SEACh. 3 - Prob. 10SEACh. 3 - Calculate profit margin on sales ratio. (LO 5)....Ch. 3 - Prob. 12SEBCh. 3 - Prob. 13SEBCh. 3 - Prob. 14SEBCh. 3 - Prob. 15SEBCh. 3 - Prob. 16SEBCh. 3 - Prob. 17SEBCh. 3 - Prob. 18SEBCh. 3 - Prob. 19SEBCh. 3 - Calculate net income. (LO I, 4). Suppose a company...Ch. 3 - Prob. 21SEBCh. 3 - Prob. 22SEBCh. 3 - Prob. 23EACh. 3 - Prob. 24EACh. 3 - Prob. 25EACh. 3 - Prob. 26EACh. 3 - Prob. 27EACh. 3 - Prob. 28EACh. 3 - Account for insurance expense. (LO 1, 3). Yodel ...Ch. 3 - Prob. 30EACh. 3 - Prob. 31EACh. 3 - Prob. 32EACh. 3 - Prob. 33EACh. 3 - Prob. 34EACh. 3 - Southeast Pest Control, Inc., was started when its...Ch. 3 - Prob. 36EACh. 3 - Prob. 37EACh. 3 - Prob. 38EACh. 3 - Prob. 39EACh. 3 - Prob. 40EBCh. 3 - Prob. 41EBCh. 3 - Prob. 42EBCh. 3 - TJs Tavern paid 10,800 on February 1, 2010, for a...Ch. 3 - Prob. 44EBCh. 3 - Prob. 45EBCh. 3 - Account for insurance expense. (LO 1, 3). All...Ch. 3 - Prob. 47EBCh. 3 - Prob. 48EBCh. 3 - Prob. 49EBCh. 3 - Prob. 50EBCh. 3 - Prob. 51EBCh. 3 - Prob. 52EBCh. 3 - From the following list of accounts (1) identify...Ch. 3 - Prob. 54EBCh. 3 - Prob. 55EBCh. 3 - Prob. 56EBCh. 3 - Prob. 57PACh. 3 - Prob. 58PACh. 3 - Prob. 59PACh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 61PACh. 3 - Record adjustments. (LO 1, 2, 3). The Gladiator...Ch. 3 - Prob. 63PACh. 3 - Transactions for Pops Company for 2011 were as...Ch. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 66PACh. 3 - Prob. 67PACh. 3 - Record adjustments and prepare income statement....Ch. 3 - Prob. 69PBCh. 3 - Prob. 70PBCh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 72PBCh. 3 - Record adjustments. (LO 1, 2, 3). Summit Climbing...Ch. 3 - Prob. 74PBCh. 3 - Prob. 75PBCh. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 77PBCh. 3 - Prob. 78PBCh. 3 - Identify and explain accruals and deferrals. (LO...Ch. 3 - Prob. 2FSACh. 3 - Prob. 3FSACh. 3 - Prob. 1CTPCh. 3 - Prob. 1IECh. 3 - Prob. 3IECh. 3 - Prob. 4IE
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