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Monthly Payroll Entries
Aggie Co. sells agricultural products. Aggie pays its salespeople a salary plus a commission.
The salary is the same for each salesperson, $1,000 per month. The commission varies by length of employment and is a percentage of the company's total gross sales. Each salesperson starts with a commission of 1.0%,which is increased an additional 0.5% for each full year of employment with Aggie, to a maximum of 5.0%. The total gross sales for the month of January were $120,000. Aggie has six salespeople as follows:
Number of Years Employment
Frank
10
Sally
9
Tina
8
Barry
6
Mark
3
Lisa
075
Assume that the FICA rate is 7.65%, the FUTA rate is 6.2%, and the state unemployment rate is 5.4%. (Assume that the federal government allows the maximum credit for state unemployment tax paid.) The federal income tax withholding rate is 30%. Compute the January salaries and commissions expense, and make any necessary entries to record the payroll transactions including cash payment of all the taxes payable.
US Pumps is a multidivisional firm that manufactures and installs chemical piping and pump systems. Its valve division makes a single standardized valve. The valve division and installation division currently are involved in a transfer-pricing dis..
Assume the new testing equipment is rented and installed on December 31 - What will be the impact on this year's divisional operating profit?
outcome evaluationcost evaluation comparisons1. explain the following four levels of outcome evaluation. provide one
An often used approach to budgeting that simply derives the new year's bud get from the current year's budget is called - Which of the following steps would not usually be part of the budgeting process?
company closes any balance in the Manufacturing Overhead account directly to Cost of Goods Sold. Prepare the necessary journal entry.
Purchases will be made in 12 equal monthly amounts and paid for in the following month. Compute the budgeted cash payment for purchases of Calvos for 2010.
Prepare an income statement in comparative form, stating each item for both years as a percent of sales (vertical common-size analysis) and comment on the findings in (a).
One printing press was new, and the other was used by a business that currently filed for bankruptcy. Costs related to new printing press
Determine the potential problems that can exist when comparability of asset conditions cannot be made within an agency and with other agencies. Suggest how these problems may be minimized
the bank statement of stone supplies included a 300 nsf check that one of the stones customers had written to pay for
Center City's General Fund has the following net resources at year end: $658,800 total fund balance $100,000 rainy day fund approved by the township governing board $2,500 of supplies inventory $75,000 state grant for snow removal
How much of the total materials handling cost would be allocated to the specialty windows and what are the companys fixed expenses?
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