1 123 8 9 10 11 Exercises 4 NAME 5 Barney, R. S. 6 Fisk, M. C. 7 12 EXERCISE 8-1 Signature Company's partial payroll register for the week ended January 7 is as follows: A Hayes, W.O. Lee, L. B. Parks, S. J Tempy, E. B. C BEGINNING CUMULATIVE EARNINGS F TOTAL EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 G ENDING CUMULATIVE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 H UNEMPLOYMENT TAXABLE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 HITCHLAKIN SOCIAL SECURITY 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 J MEDICARE 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00
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- Q#8: Continue with Zeal Company above. Consider that check #2236 (*) was a payroll check. The employee earned $985, Zeal's payroll clerk was distracted and accidently wrote the check for $859, transposing two numbers. The clerk did not catch the error and, consistent with the general ledger activity shown above, the clerk recorded the payment on the company's books as: $985 Wage Expense Cash $985 Select the true answer choice below: A. Zeal should ignore this error when preparing the June reconciliation but should still contact the employee whose paycheck was written incorrectly. B. Zeal should call the bank to get this situation resolved. C. Zeal should include a negative reconciling item on the bank side of the reconciliation report in the amount of $(126). D. Zeal should include a negative reconciling item on the book side of the reconciliation report in the amount of $(126). E. Zeal should include a positive reconciling item on the book side of the reconciliation report in the…EA7. LO 4.3 Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.Concerning payroll accounting - What is the order of calculation on Quarter-hour method & Hundreth-hour method? For example: IN 8:08 OUT 11:57 IN 12:59 OUT 4:57 IN 9:04 OUT 12:17 IN 1:28 OUT 5:18 IN 7:45 OUT 11:45 IN 12:43 OUT 4:01 IN 7:57 OUT 12:04 IN 1:03 OUT 5:06 Thank you for your assistance. Jewelee Marple
- 31. Recording payroll in QuickBooks Online also updates the Employees List and payroll reports. b. Chart of Accounts List. c. W-4 information for all employees. d. employee's deductions and withholdings. 32. Activities identified as paying payroll liabilities are recorded in the a. Payroll Tax Center window. b. Employees List. c. Run Payroll window. d. Review and Submit window.hello..I forgot the letter d..on 6-13A by Beig and Toland( Payroll Accounting)..I only wrote up to letter c...sorry about that.27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data: Customer A, P3,700 with invoice # 34 dated June 7 Customer F, P6,300 with invoice # 20 dated May 3 Customer M, P2,000 with invoice # 29 dated May 28 Customer R, P10,000 with invoice # 16 dated March 31 Customer X, P11,000 with invoice # 40 dated June 17ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days. Allowance for bad debts, June 1, P1,000 How much is the net realizable amount of accounts receivable at June 30? 34,874 33,000 32,000
- E6.15 Determina correct posting amount to control account. CHAPTER 6 Accounting information systems LO9, 10, 14 Ladder Blocks Pty Ltd uses both special journals and a general journal to record transactions. Ladder Blocks also posts creditors' accounts in the accounts payable subsidiary ledger. The postings for the most recent month are included in the subsidiary T accounts below. Climbers Ltd 150 Bal. (b) Aumans Materials Ltd 87 Bal. 204 120 0 87 Brick-a-Brack Pty Ltd 90 Bal. Construct Pty Ltd 72 Bal. 90 174 72 114 102 Required (a) Determine the correct amount of the end-of-month posting from the purchases journal to the accounts payable control account. Assume that Ladder Blocks has one creditor only and does not expect there to be any other creditors in the future. Would there be any advantage to Ladder Blocks setting up an accounts payable subsidiary ledger?7. REA MODEL—CRYOGENICS’ PAYROLL SYSTEM Based on the general information about Cryogenics Inc., in Problem 6, the following describes the com- pany’s payroll procedures for the Tulsa OK, operations. Twice each month Cryogenics’ employees submit their time cards to their respective supervisor, who reviews, approves, and submits them to the payroll department. At that time, the human resources clerk also submits a personnel action form to the payroll clerk. The payroll clerk enters the information from these source documents into the employee records and then adds the employee hours to a payroll regis- ter reflecting employee pay rates, deductions, and job classification. One copy of the payroll register, along with the time cards, is filed in the payroll department, and one copy is sent to the AP depart- ment. Next, the payroll clerk prepares the employee paychecks and the payroll register and sends them to the cash disbursements department. The cash disbursement clerk signs the checks…GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company. Year 1 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Nguyen note. Dec. 16 31 Year 2 Received Nguyen's payment of principal and interest on the note dated December 16. Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Feb. 14 Mar. Co. 17 Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. Lauer dishonored her note. Lee Co. dishonored its note. Apr. 16 May 31 Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Aug. Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Received payment of principal plus interest from…
- El1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Hours Hourly Rate Income Tax Health Employee M T. W T F S Withholding Insurance L. Helton 8. 8. 9 8 10 3 $ 14 $33 $12 R. Kenseth 8 8 8 8 8 13 35 24 D. Tavaras 9. 10 8 8 9 0 15 57 23 Employees are paid 12 times the regular hourly rate for all hours worked in excess of 42 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxcs on the first $7,000 of gross carnings. Instructions a. Prepare the payroll register for the weekly payroll. b. Prepare the journal entries to record the payroll and Ramirez's payroll tax expense. Windows E Prob 1 Prob 2 Prob 3Vaughn Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton R. Kenseth D. Tavaras 9 (a) 7 7 9 10 10 Hours W T 9 7 F 10 S 2 7 7 8 5 8 8 8 0 Hourly Rate $12 14 15 Federal Income Tax Withholding $32 39 54 Health Insurance $10 27 Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) 26 Cumulative Earnings (Jan. 1- 24) $1,440 1,722 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. 1,800V5. Question 9 Any flexibility in the question is to give the students the option to choose who approach or report. Word count doesn’t matter. 1. List four main payroll deductions/ withholding. Define each deduction and what is deduction for. 2. Do you recommend outsourcing the payroll function? List factors supporting your argument for or against. 3. List one most commonly and internally generated payroll reports. Purpose, uses and the information. 4. What is technology or application used in the payroll cycle that you recommend. 5. What is the main purpose behind the new hire report (b) which government agency is concerned with new hire report.