Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Chapter 3, Problem 3E
Exercise 3-3 Adjusting and paying accrued wages P3
Pablo Management has five employees, each of whom earns S250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31. and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday.
a. Prepare the year-end
b. Prepare the
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b.
C.
Sam
Gross Earnings
Deductions:
Federal Income Tax
FICA Tax-SS ($1,568 x 6%)
FICA Tax-Medicare ($1,568 x 1.5%)
Total Deductions
Net Pay
Adam
Gross Earnings
Deductions:
Federal Income Tax
FICA Tax-SS ($1,200 x 6%)
FICA Tax - Medicare ($1,200 x 1.5%)
Total Deductions
Net Pay
Total Compensation Costs
Salary Expense
Payroll Tax Expense
Vacation Pay, Medical Insurance, and Pension expenses
Total Compensation Expense
$1,293.60
$930.00
$3,904.68
Problem 12-6 Preparing a Payroll Register
Hot Suds Car Wash has four employees. They are paid on a weekly basis with overtime
paid for all hours worked over 40 in a week. The overtime rate is 1⁄2 times the regular
rate of pay. The payroll information and IRS tax tables follow.
Employee
James Dumser
Gail Job
James Liptak
Bruce Stemn
Employee Rate per Marital
Status
Number
108
Single
112
Married
102
109
Hour
$7.95
$8.00
$8.00
Married
$7.80 Single
Allowances
0
0121
2
Union
Member
No
Yes
Yes
Yes
Required information
Exercise 9-13A (Static) Computation of net pay and payroll expense LO 9-5
[The following information applies to the questions displayed below]
The following information is available for the employees of Webber Packing Company for the first week of January, Year t
1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 52 hours the first
week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical
insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her.
2. Paula earns a weekly salary of $1,600, Paula's federal income tax withholding is 18 percent of her gross pay. Webber
pays medical insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her.
3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for
Paula.
Assume the Social Security…
Chapter 3 Solutions
Fundamental Accounting Principles
Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Review the balance sheet of Apple in Appendix À....Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Exercise 3.2 Classifying adjusting entries C3 In...Ch. 3 - Exercise 3-3 Adjusting and paying accrued wages P3...Ch. 3 - Prob. 4ECh. 3 - Exercise 3-5 Adjusting and paying accrued expenses...Ch. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Exercise 3-7 Preparing adjusting entries P1 P3 P4...Ch. 3 - Exercise 3-8 Analyzing and preparing adjusting...Ch. 3 - Prob. 9ECh. 3 - Preparing financial statements from a trial...Ch. 3 - Prob. 11ECh. 3 - Exercise 3-11 Adjusting for prepaid recorded as...Ch. 3 - Prob. 13ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-4A Interpreting unadjusted and adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1BPSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Prolme 3-4B Interpreting unadjusted and adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTNCh. 3 - BTN 3-5 Access EDGAR online (SEC.gov) and locate...Ch. 3 - Prob. 6BTN
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