Delivers each paycheck to the appropriate employee

Assignment Help Financial Accounting
Reference no: EM131258167

BIGBUCKS has five departments, each with a supervisor. The supervisor of each department triggers (initiates) the payroll process. Each department supervisor totals the hours for each employee. He notes these totals on a summary employee timesheet. He then forwards the timesheet to data processing. Data processing enters the timesheet data (employee number and hours) into the computer. The computer computes the normal hours and the overtime hours. The computer then reads the employee's withholding and pay-rate data from the Employee database (maintained on disk) and computes the gross pay, net pay, and deductions for each employee. As it is computed, the computer logs the pay data onto a temporary disk file (you can refer to it as TDF). Then, the computer prints a paycheck and payroll stub for each employee on the printer in the payroll department. At the end of the day, the computer reads the TDF and prints a summary of the payroll data on a printer in the payroll department. The payroll manager reconciles the summary with the paychecks and then stamps each paycheck with the necessary signature stamp. The payroll manager then delivers each paycheck to the appropriate employee.

Reference no: EM131258167

Questions Cloud

What is contribution margin per unit-variable expense ratio : Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): What is the contribution margin per unit? What is the contribution margin ..
Capital account immediately after the business combination : Mighty Inc. was organized to consolidate the resources of Little Co. and Sam Co. in a business combination accounted for by the acquisition method. Mighty issued 31,000 shares of its $10 par voting stock with a fair value of $15 per share, in exchang..
Ability to exercise significant influence over operations : Jackson Company owns 23% of the voting common stock of Knit Corp. Jackson does not have the ability to exercise significant influence over the operations of Knit. What method should Jackson use to account for its investment in Knit Corp.? Explain why..
What is tanyas basis : On 9/30/16 Tanya received a 92-acre farm form her brother's estate. The farm was distributed to Tanya on 9/30/16. The farm cost her brother $184,000 and had a FMV at date of death of $8,214 per acre, but had a remaining mortgage of $96,300 that Tanya..
Delivers each paycheck to the appropriate employee : BIGBUCKS has five departments, each with a supervisor. The supervisor of each department triggers (initiates) the payroll process. Each department supervisor totals the hours for each employee. He notes these totals on a summary employee timesheet. T..
Consolidated balance sheet for current assets : Candy Co. had the following transactions with affiliated parties during Year 20x1: sales of $60,000 to Denver Inc., with $20,000 gross profit. Denver had $15,000 of inventory on hand at year-end. Candy owns a 15% interest in Denver and does not exert..
What would be the book value of the asset : On January 1, 2014, Ballard Company spent $12,000 on an asset to improve its quality. The asset had been purchased on January 1, 2009 for $38,000. The asset had a $6,800 salvage value and a 6-year life. Ballard uses straight-line depreciation. What w..
Company used the straight-line depreciation method : Furst Company purchased equipment on January 1, 2012 for $46,000. The equipment is estimated to have a 5-year life and a salvage value of $3,000. The company used the straight-line depreciation method. At the beginning of 2015, Furst revised the expe..
The cost recorded for the machine : On March 1, Bunker Hill Company purchased a new stamping machine with a list price of $70,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $1,300;..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is journey entry for this transaction

The firm delivers goods with a sales price of $375,000 to customers during 2014, as contracted. This amount includes the goods ordered on 11/15/2013 ( this transaction was dr cash 45,000 and cr unearned revenue 45,000). the remaining goods were sold ..

  Stockholders equity section of the balance sheet

The stockholders’ equity section of Nilsson Corporation’s balance sheet as of December 31, 2014 is as follows: Make all necessary journal entries for Nilsson to account for the transactions affecting stockholders’ equity. Prepare the December 31, 201..

  Determine the cost equations for factory overhead

Determine the cost equations for factory overhead, advertising expense, salary & commissions, bad debt expense, sales discount, and purchasing expense by using a simple or multiple regression model and the data presented in appendices C &D.

  Finished goods inventory

Finished goods inventory is maintained at a level equal to 10 percent of the next quarter's sales. Finished goods inventory at the end of the fourth quarter budget period is estimated to be 2,000 units.

  Journal entry for capital asset purchase including trade in

Prepare the general journal entries required to record the acquisition and payment on each of the independent cases above. Round to the nearest dollar.

  Common cause of discrepancies in confirmation replies

For the risk of inaccurate recording of disbursements, what is the most likely internal control weakness? What is the most common cause of discrepancies in confirmation replies? Which audit assertion is met when testing accounts payable to related pa..

  Evaluate the financial environment at genesis energy

Genesis Energy’s newly established operations management team decided to seek outside assistance in developing a long-term operating plan that also addresses the financial issues identified. Describe and evaluate the financial environment at Genesis ..

  Journalize selling price when market rate is seven percent

Journalize the issuance at par value. Journalize the selling price of $90,000 when the market rate is 7 %. Journalize the selling price is $105,000 when the market rate is 5.5%.

  About the transactions

Here are selected 2012 transactions of Eghan Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $62,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was pu..

  Compute the unlevered market equity asset beta of equifax

Compute the unlevered market equity (asset) beta of Equifax. Compute the equity beta of Experian after the buyout with its new capital structure.

  Prepare compound journal entry to record income tax expense

Prepare a compound journal entry to record the income tax expense. Show-well labeled computations

  Determine the balance of any current and deferred tax assets

Determine the balance of any current and deferred tax assets and liabilities as at 30 June 2015, in accordance with AASB 112. Prepare the journal entries to record the current tax liability and movement in the deferred tax assets and deferred tax li..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd